Request for Quotation (RFQ)

A Request for Quotation (RFQ) is a formal document used to ask vendors for prices on specific goods or services with clearly defined requirements. It is best suited when the scope is already known and the main goal is to compare quoted costs and service details. In multifamily operations, an RFQ helps standardize how teams collect and review bids for recurring or project-based property work.

A regional maintenance director needs snow removal service for 12 apartment communities. The team sends an RFQ that lists each property, required service dates, response expectations, insurance requirements, and pricing format so vendors can submit comparable quotes.

RFQs help operations leaders create a more consistent and transparent purchasing process. When requirements are clear, teams can compare vendor pricing, scope, and readiness more easily, which supports faster award decisions and better cost control across a portfolio.