Capital projects are typically larger expenditures planned in advance by management teams in the multi-family industry. Without needed organizational systems in place for bidding projects, along with a comprehensive understanding of scopes required to complete the repair, comparing bids from various vendors can be a painful and time-consuming task. In this edition of our focus on Budget Season, we will discuss an example of how the Bidders Access bid solicitation platform is utilized at a property for a very large elevator modernization project.
Create and Solicit Bids to Vendors
One of the elevators on “XYZ” property has gone down a couple of times throughout the year, and it is getting more challenging to find parts to bring it back into operation. Since it’s the only elevator in the building, it is important that the management company get the elevator to a more dependable level. In addition, the scopes of work given on bids must also quite often coincide with a clearly defined plan of repair set forth by a city or county inspector, or other permit requirements. This could mean replacement of the entire elevator, modernization, or continuing to repair as needed. Any which way, the owners and managers of the property will want bids, detailed pictures, and clearly defined scopes of work. They will not want to pay for anything additional that is not imperative resulting in a dependable and functioning elevator. So how can Bidders Access help?
Bids come Quickly and Easily
Within 15 minutes a Property Manager can log into the Bidders Access system, a cloud-based work flow and document management bid solicitation platform and set up a new standardized RFQ/RFP (Request for Quote/Request for proposal). Once an RFQ/RFP has been initiated by the Property Manager, vendors immediately accept or decline the opportunity to bid on the project. This allows the Property Manager to know right away whether they need to request additional bids, or not. Once accepted, all details of the bid will be available to bidders in the same format. Bidders will be required to fill in line item detailed costs, answer questions created specific to the project, and to upload any necessary documents, like pictures warranties, insurance, etc. This saves the Property Manager and vendor substantial time and effort, standardizes process, provides for document management in one location, and organizes all communications by job and vendor. Nothing gets lost!
It is an industry best practice to obtain 3 bids for capital projects or repairs more than $5,000.00. Bidders Access makes the scheduling, bidding, and communication easy, and clearly defines the awarded vendor with the click of a button. This cloud-based bid solicitation platform keeps things organized and where you need them and when you need them, so you always have your bidding information at your fingertips. It provides for email alerts between all parties for an invitation or intent to bid, for bid updates or changes and for responses to bid requests, making everyone’s job easier.
By standardizing the scope information requested, Bidders Access ensures that information submitted back from the vendors can be easily reviewed, and is apples to apples. When collecting bids, the scope of work is critical in supporting the decision process, and ultimately the results. Typically, scopes and pricing can largely change if not well defined. Bidders Access makes it easy for vendors to reference what areas of the project they must supply pricing and detailed information, as well as questions relative to the defined scope of work to be completed. Upon completion of the bids, the Bidders Access system provides the capability for side by side comparison of every line item, as well as all required questions, and communications.
Simplicity in Awarding
Finally, once all information is gathered for the elevator modernization project, there will be multiple bids in the system for you to consider side by side. By going through each element, one can use the seamless design of the Bidders Access platform to compare, present, weigh in, and decide on a winning bid. With the click of a button a bid can be awarded, and the other bidders notified that their bid was not selected.
Based on the above it’s easy to see that Bidders Access system can add value to every on-site management team’s bidding process. By having everything organized and in one place on a cloud-based system you are always organized, and have immediate access to all your bid information, anywhere, anytime. No longer will you have to search and access information from multiple locations, numerous email attachments or hard copies. Have everything for your capital projects easily accessible, well organized, and ready to present with the Bidders Access program.
If you are interested in learning more about Bidders Access or any other components of the Buyers Access suite of services offered, please reach out to our team by calling 303-991-5550 or email us at firstname.lastname@example.org. We know you will be glad you did.