Everyone asks me “how long should it take to negotiate an agreement?” There is no clear cut answer as there are too many factors including, but not limited to:

  • Do you have someone dedicated to this process of negotiating an agreement?
    • Does this person have other duties that will pull them away from focusing on this endeavor?
  • Is the person overseeing this agreement a “subject matter” expert?
    • If not, they may need time to become one, otherwise it may have a long term impact on your properties.
  • What are you looking for?
    • Generate or save revenue?
    • Gain a competitive edge?
    • Excellent customer service?
    • Reduce expenses for residents?
  • How many providers are you aware of that can provide the product/service?
    • The more providers, the longer the RFP/evaluation process will be.
  • Do you have a legal expert who is knowledgeable with the type of agreement you are working on that can assist with drafting/reviewing/marking up a contract? Or, are you working off an already approved (from both sides) agreement form?

NOTE: Remember to think about how a service and its corresponding agreement will impact a property, its residents and staff, now and in the future.