A real estate RFP is a procurement document created to help businesses or government bodies find vendors related to various real estate services including property management services, real estate agency listings, commercial office leases, and more. The creation of a real estate RFP, which will benefit you and your business, can be a daunting task when you consider the amount of information that is likely to be included. Finding the right vendor; however, is not impossible and some tools can make the process easier.
There are always going to be requirements of your real estate RFP that aren’t really negotiable. Deal breakers that will help you separate the proverbial wheat from the chaff. The main skeleton of an RFP tends to remain similar across industries, with tweaks and extras based on specific requirements. There is a range of tips and strategies that will help make your RFP more efficient and get you the vendor that you’re looking for.
Let’s look at the sections vital to a successful RFP:
An overview of your current situation, tenant details, information, and specifics about the property and lease agreement. Discuss briefly some of your key requirements and what you are hoping to achieve with this RFP. End with a link to more information about your business.
Ideally, you are looking for a vendor who can provide integrated real estate services from start to finish. You will require strategic planning and needs analysis with the following details:
As a side note, you will need to develop your assessment criteria. This can be one of the harder aspects of the RFP process. However, the use of procurement software will make this task much less of a headache. By pre-determining answers via drop-down selection and weighted questions, the vendor responses will be easily comparable and measurable.
Most commercial real estate requires project management. It is safe to assume any vendor who already provides this service will do well across most essential tasks, but you should include them all the same. Consider pre-lease services, project initiation and planning, LEED certification, IT and technical requirements, and pricing. You may also include design and procurement elements within the scope of requirements.
As mentioned earlier, the world of real estate is a big one. Once you have simplified the process of RFP creation and deployment, it can be used to attain a range of vendors and services including:
The answer to this is very easy. In fact, software like DirectRFP® can turn the real estate RFP process from a hindrance to a benefit very quickly. DirectRFP® simplifies not only the creation of an RFP but the review process as well. This saves you time and finds the vendor that is best for you.
Making the RFP process easier for you as a buyer is only half the equation. By putting out an RFP that is easy to complete and clear with its requirements means that more qualified vendors will submit their bids, making your selection process more competitive.
The following features of the software assist the review process making it easier to find the right vendor:
Your real estate RFPs, while addressing different areas of your business, will start to become repetitive. Use existing questions to build out subsequent RFPs from a library of questions. Save more time as you run more RFPs.
The major benefits during the creation process include:
Automated RFP software is a must-have tool to elicit the right responses, and help you find the right vendor for your real estate RFP needs. Contact DirectRFP® today and start saving time and money in your RFP process today.