To begin we need to review what vendor management actually is. Vendor management is the procedures and policies that a property manager uses to manage their service providers, contractors, and suppliers. Vendor management is used to find the right vendors, negotiate contracts, reduce risks related to those vendors, ensure service delivery, and control costs. The amount and type of vendors you have will of course depend on the type of property you manage, with things getting more complicated the more vendors you have. But whether you have one vendor or 500, having solid vendor management policies is non-negotiable.