Regularly reviewing your contractor bidding and procurement process can bring you significant cost savings and reduce the admin time your Alberta condo board spends setting up contractors each year.
It also helps make sure your condo gets the highest quality service.
At Fort Management, being on top of the bid process is an important part of our long-term plan. Here are the top 6 things we do to ensure our condo clients get the most value from the bid process.
1. Be clear in your bid opportunity.
Clearly define your needs and requirements up front. Be specific about the scope of work in your bid opportunity. Negotiate clear contracts with scopes, costs, timelines, and quality expectations.
2. Negotiate contracts strategically to maximize your investment.
Look for ways to create long-term cost-savings, multi-year agreements, and other ways to maximize your investment of time and money.
3. Take time to find the best fit.
Interview top candidates to assess their expertise, communication, and fit. Think in terms of creating a positive long-term relationship.
4. Do your due diligence.
Require your contractors to be licensed, insured, and have WCB insurance in good standing.
5. Evaluate and keep track.
Use scorecards and systems to evaluate on factors like safety, quality, responsiveness and cost. Keep it fair and clear.
6. Review performance.
Establish clear accountability measures that your contractor are aware of — like regular inspections, required warranties, and performance reviews.
When to review your condo corporation’s bidding strategy
Use our top tips below and consider reviewing your contract procurement strategy at these key times:
✅ At the beginning of your fiscal or calendar year, when planning maintenance budgets and contracts for the upcoming period
✅ Whenever existing contracts are coming up for renewal, to ensure best value is still being received
✅ After any contractor performance issues arise, to see whether stronger accountability measures would help
✅ If your property is facing significant repair/replacement projects, to make sure a long-term strategic process is in place
✅ When you onboard new property managers, to make sure you’re aligned on on how contracts will be managed
✅ At least every 3-5 years, to stay up-to-date on industry best practices and changing regulatory requirements.
Over time, by managing contracts well, you’ll see the savings add up!
Sean brings a wealth of business management expertise and hands-on experience taking care of properties. In November 2023, Sean left an 18-year career with Syncrude in finance, logistics and leadership to lead Fort Management and the Hearn Group of Companies. Sean’s experience and credentials include being a long-term local real estate investor, Certified Condo Manager and Licensed Realtor. Sean and his family chose Fort McMurray as their home more than 20 years ago.