RFPs are one of the most loathed processes in commercial real estate. Understandably so. It’s typically a manual, time-intensive process to get an RFP out the door to vendors, receive their bids, evaluate vendors, and choose the right one.
In fact, the RFP process is so time-consuming it typically takes anywhere from 6-14 hours per property manager per RFP. That means, across the industry, property managers waste $1.3B per year simply collecting, reviewing, and managing vendors and vendor projects for their buildings.
Let’s face it. No one likes RFPs. Why?
- Every step is manual and incredibly inefficient
- It’s extremely time-consuming and filled with headaches
- There is no transparency and is difficult to know why certain vendors were chosen for projects
- Not confidence-inspiring, leaving property managers with the thought, “Did I get the best vendor for the job or project?”
Managing RFPs Manually can Take 6-14 Hours Per RFP
RFPs are known as being cumbersome and time-consuming because they are typically managed with manual processes. From creating RFPs to sourcing vendors, compiling responses and selecting a vendor for the job. Does your RFP process look something like this?
- Create an RFP in Excel or Word
- Search online for vendors and hope they are the most qualified for the job
- Email or call all vendors and ask them to bid on your RFP
- Continually follow up with vendors via email asking for updates on the status of their proposal
- Gather responses and proposals via email from vendors
- Manipulate proposals in Excel or Word docs to compare results
- Email the vendor you want to work with
Besides the number of steps this process takes to complete, there are many steps in this process that gives property managers headaches. First, searching for vendors and continually reaching out to them for updates it extremely time-consuming.
The most cumbersome part of the RFP process tends to come at the end – manipulating responses to easily compare them. Many times, responses and bids from vendors are received in many different formats, Word Docs, Excel, etc. Not to mention, it is common that vendors answer different questions so that it is nearly impossible to have a true apples to apples comparison of bids.
Automating the RFP process, removes all those manual, tedious tasks and can slash the time spend on them by up to 95%.
RFPs in 60 Seconds
Automating the competitive bid process starts by digitally managing the end to end process. Once you can manage your RFPs and bids entirely digitally you can manage the process in just three steps.
- Choose and RFP template and tweak based on your needs
- Issue RFP and wait for the requested number of responses
- Easily compare responses and select a vendor in just a few clicks
Stop wasting time on vendor bids. Learn how to remove headaches and save time by automating RFPs.
Our Bid Management solution is a well-loved solution to a much-hated problem in property management. Learn more about bid management here.