Treat your vendors like the precious gems they are. Nurture those connections with a sprinkle of kindness and a dash of respect. After all, who doesn’t like to be appreciated? A strong rapport can make them more eager to offer you a discount just to keep you around.

In order to achieve this you will have to start by having a strong relationship with your vendors - treat them like partners, and ensure they know that both of your success is tied to one another. From there, you can start discussing opportunities to expand their own business, if they are able to help cut your costs - explain how those savings will help you grow & how that growth can build their own business. Lastly, vendors are business owners, so make sure it is easy to do business with your company - great communication, quick payment, clear expectations. If your relationship with the vendor is built on mutual success & trust, then you may be able to realize savings.

Renegotiating with vendors is a vital strategy in property management, as it not only helps reduce costs but also fosters long-term relationships that can lead to better service and reliability. To effectively negotiate, property managers should conduct thorough market research to understand competitive pricing and leverage this information during discussions. Additionally, establishing clear performance metrics can incentivize vendors to provide better rates in exchange for guaranteed business. Regularly reviewing vendor contracts and performance ensures that property managers can adapt to changing market conditions and maintain quality service while optimizing expenses.

En mi opinion también puedes mejorar este puntos con la planificacion estrategica de los servicios y despachos, no siempre el pagar menos es mejor ya que como cliente y proveedor tenemos que trabajar en equipo Bajo la modalidad Ganar Ganar.

In my experience, you get what you pay for. With quality comes a heftier price tag. Especially when it comes to property repairs and ongoing maintenance. What I have found helpful is learning to complete small to medium sized tasks myself, eliminating the need to call my service provider(s) and facilitate repairs. Not only does this save money, but often times the tasks can be completed immediately if not within 24-48 hours of the request. You will be seen as an asset by your clients and tenants, and you eliminate tedious (possibly mundane) tasks that cause your providers added stress due to making so many trips to the property.