A well-run condominium or co-op requires that it is getting its supplies and services smoothly and at the best price, which is why a board of directors or management company needs to stay on top of its vendors and its contracts with them.
“Great vendor relationships can truly be strategic partnerships for us. We look to expand our capabilities with a team of vendors that complement our in-house offerings and expand the capabilities we offer to our end clients,” says Diane White, senior vice president of condominium management for The Habitat Company, based in Chicago. “We are a company that feels strongly about maintaining high service levels and we look for vendors that operate under that same mentality.”
Building good relationships with vendors is an important component of any board’s financial and physical maintenance and maintaining solid, long-lasting connections will benefit everyone involved.
“A good relationship is essentially based on current and past performance, price and ability to service and accommodate the client and fulfill their expectations,” says Dale Nusbaum, vice president of Hillcrest Property Management in Lombard, Illinois.
When it’s time to make decisions regarding vendor choices and service bids, it’s usually a combination of the manager and the board to have a say in the matter.