CRE Industry Insights: Quote Tracking

Tired of playing the guessing game when it comes to requesting quotes?

Traditional CRE procurement processes have been in desperate need of an update for a long time. The standard practices are resoundingly static and leave the property manager & client with little to no insight into or control over the request they have issued. 

This lack of insight and control means relative uncertainty in regards to both; the number of quotes they are going to receive and when they will receive them, making any sort of forecasting extremely difficult. Furthermore, receiving an insufficient number of quotes to receive approval from a client is one of the single most aggravating aspects of a technical manager’s role and one we would all like to avoid. 

Before we explore how to solve these pain points in more detail, let’s first take a look at the key differences between the old and new ways of procuring for maintenance and capex works.

Through implementing new technology and digitising these workflows, it’s now possible to track much more information when it comes to the companies providing quotes for your projects. Technical managers know how many quotes they will receive ahead of time and if necessary, they can invite additional parties to reach their desired number of bids. 

Additionally, Procurement & Project Management (PPM) systems of this kind enable landlords and their project teams to monitor which of the invited service providers have read all relevant project documents, agreed to the bidding requirements and taken account of all information in the Q&A. All of which assists the technical managers in determining which contractor is the most diligent and making a more informed decision on who to instruct.

By collaborating with preferred suppliers through one centralised system CRE professionals are harvesting significant new data points surrounding contractor performance, speed and pricing which will prove extremely useful over the coming years.