August 2015 — Property Management Quarterly —
Page 17
A
fter working in the service-
based industry since 1979, I
have seen plenty of economic
swings, and watched certain
companies thrive while oth-
ers go out of business. Riding the wave
tends to be a challenge for most com-
panies.
The Denver commercial and indus-
trial markets are booming.There are a
lot of factors involved with this, but it
really boils down to the fact that Den-
ver is a popular place to live and work.
The population boommeans more
business opportunities for vendors, but
it’s important for us vendors to keep
our eye on our clients. Developing and
growing relationships is key to having
a great business.
As companies grow, it is even more
important to be engaged with clients
and industry associations.There is
truth to the popular adage that people
do business with people who they
know and trust.This is because it is
easier to make a decision based on a
referral from a friend or family mem-
ber than a stranger. Howmany times
has someone asked if you know a par-
ticular service provider? Are you going
to recommend someone that you
never used or had a bad experience
with? Heck no!
As a vender in the commercial real
estate industry, it is important to treat
our clients – the property owners,
managers and engineers – like they
are a part of our family. Our clients are
why we are in business. As property
managers, it’s important to recognize
how your vendors treat you and expect
greatness.
Developing and maintaining rela-
tionships isn’t easy. It takes work.
Great relationship-building opportuni-
ties include joining associations and
attending industry events.When times
are busy, like they are today, a com-
pany may think that it has so much
work it doesn’t need to belong to any
association. But what happens when
things slow down? Trust me, they will
slow down. It happens all the time.
Being a member of the Building
Owners and Managers Association for
the last 10 years, I have watched allied
(vendor) members come and go.When
times are good, they tend to drop out
of associations, and when times are
tough, they tend to join.This is really
backward thinking. Property managers
should recognize who puts in the time
– both when things are going well and
when things are slow.
Joining an association doesn’t guar-
antee new business. It simply gives an
entry to access new possibilities. How-
ever, if a business joins but doesn’t par-
ticipate, it will be a waste of time and
money. Participating isn’t just going
to a lunch once a month; it includes
being active in other
events and com-
mittees in order to
foster new relation-
ships.This is why
property managers
should pay attention
to association mem-
bership. It’s a great
way to meet and
work with vendors
who take the rela-
tionship aspect of
the job seriously.
If a business isn’t
taking care of its
customers and isn’t developing new
customers when times are good, the
business likely will not have them
when times get tough. Instead these
businesses will be scrambling for
whatever crumbs are left.
As a manager, ask yourself how
much time does it take for a vendor
to truly earn my respect, trust and
business? Then ask howmuch time it
takes to end a vendor relationship? I
can tell you from personal experience,
it has taken months, if not years, to
develop strong relationships. I have
lost a few clients too, due to poor
decision-making as well as discounting
the relationship. It sometimes can be
as simple as not responding to a need
quickly.
My observation is that the service
providers lose track during good times,
and they forget about or assume
that their existing clients are happy.
Vendors never should take their rela-
tionships with property managers
for granted, and property managers
should be vigilant to make sure they
aren’t neglected.The minute you feel
discounted often is the second you
start looking elsewhere.
In order to maintain this relation-
ship, communication is key.The big-
gest complaint that I have heard is not
about price but, instead, is about lack
of communication. Although we have
many ways to communicate today, we
tend to avoid true verbal conversation.
Never assume that someone got that
email or text. If you’re unhappy with
a vendor’s communication skills, let
him know. It is then up to the vendor
to recognize he needs to change to
ensure he doesn’t open the door of
opportunity to his competition.
In order to be content with your ven-
dors, property managers should expect
vendors to be constantly engaged, edu-
cate you on new products, trends and
savings, and anticipate your needs.
Great businesses should believe in
not only themselves, but also in their
product and their people.This is real-
ized through constant communication.
If you feel unhappy with one of your
vendors, pick up that phone and let
him know. If the vendor is unreceptive,
it might be time to look elsewhere. A
vendor’s success depends on how he
gives you what you need.
s
Paul G. Miller
Vice president,
Piper Electric
Company Inc.,
Arvada
Management
Vendors never
should take their
relationships with
property managers for
granted, and property
managers should be
vigilant to make sure
they aren’t neglected.
