Top 6 Things to Consider when Choosing Contractors for your Condo Corporation

Regularly reviewing your bidding and procurement process can help deliver significant cost-savings and reduce the admin time you spend setting up contractors each year. It also ensures the highest quality service through clear accountability.

Taking a fresh look at your processes now is a small investment that can pay off in the long term.

Here are the top 6 things we do at Fort Management, 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.

Bidding - be clear

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.

Be strategic

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.

Find the best fit with contractors

4. Do your due diligence.

Require your contractors to be licensed, insured, and have WCB insurance in good standing.

Be organized and due diligence

5. Evaluate and keep track.

Use scorecards and systems to evaluate on factors like safety, quality, responsiveness and cost. Keep it fair and clear.

Measure and evaluate to keep track

6. Review performance.

Establish clear accountability measures that your contractor are aware of — like regular inspections, required warranties, and performance reviews.

Review performance and keep contractors accountable with good communication

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!

 

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