Vendor Management Specialist

What is a Vendor Management Specialist?

A Vendor Management Specialist is responsible for managing vendor relationships and ensuring high-quality service delivery for real estate operations. They oversee the vendor lifecycle, including identification, selection, performance evaluation, and relationship management, to support the seamless operation and maintenance of properties.

This role involves contract negotiation, performance monitoring, and developing vendor scorecards to optimize partnerships and ensure compliance with agreements while aligning with the company's goals.

Average Monthly Employment Cost (with Benefits)

Average Annual Employment Cost (with Benefits)

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Vendor Management Specialist Job Description

We are seeking a proactive Vendor Management Specialist to streamline vendor relationships and optimize service delivery for our real estate operations. In this role, you will identify and evaluate vendors, negotiate contracts, and monitor performance to ensure services meet cost, quality, and timeline expectations.

Key responsibilities include maintaining vendor scorecards, resolving issues promptly, and fostering long-term partnerships to support operational efficiency and property value. This position offers the opportunity to work collaboratively with cross-functional teams and contribute to the strategic success of our real estate portfolio.

In this role, you will: 

• Vendor Identification and Selection: Identify and evaluate potential vendors, such as contractors and property management companies, ensuring alignment with service level agreements, cost efficiency, and quality standards.
• Contract Negotiation: Develop and negotiate favorable contract terms, including pricing structures, performance metrics, and service deliverables.
• Vendor Performance Management: Regularly assess vendor performance through audits and feedback, addressing issues promptly and ensuring adherence to agreements.
• Vendor Relationship Management: Build and sustain strong relationships with vendors, fostering collaboration and ensuring consistent, high-quality service delivery.
• Vendor Performance Reporting: Create and manage vendor scorecards and performance reports, tracking metrics and identifying opportunities for improvement.
• Process Optimization: Identify areas to streamline procurement and vendor management processes, enhancing efficiency and reducing costs.

Essential Skills & Qualifications:

• Professional Experience: Proven experience in vendor management, procurement, or a related role within the real estate industry.
• Procurement Knowledge: Strong understanding of procurement strategies, principles, and best practices.
• Negotiation Skills: Demonstrated ability to negotiate contracts and resolve disputes effectively.
• Problem-Solving Skills: Strong analytical abilities to identify challenges and implement practical solutions.
• Attention to Detail: High accuracy in contract documentation, performance tracking, and reporting.
• Technical Proficiency: Familiarity with vendor management software and tools for efficient tracking and evaluation.
• Educational Background: Bachelor’s degree in Business Administration, Supply Chain Management, Real Estate, or a related field.

Preferred Qualifications:

• Experience managing a diverse portfolio of vendors across multiple properties.
• Familiarity with compliance standards and risk mitigation strategies in real estate operations.
• Proficiency in identifying cost-saving opportunities within vendor contracts.
• Strong organizational skills to manage multiple vendors and projects effectively.
• Certification in procurement or supply chain management (e.g., CPSM, CIPS) is an advantage.