Property managers are skilled professionals, balancing multiple priorities with ease. Some jobs, however, are not in their wheelhouse.
A leaky faucet. A broken window. A boiler malfunction.
Who are you going to call when something in your building needs fixing outside of your skillset?
Securing and maintaining relationships with reliable vendors, such as electricians and plumbers, is a crucial tool in successful property management.
Whether a job is part of annual maintenance, or a problem that requires an immediate fix, having someone reliable that you trust gives you the confidence that the job will be done right the first time. However, finding well-credentialed vendors to add to your network is a complex process that takes time and effort.
Follow our checklist to find suitable vendor partners for your properties:
Seek Referrals
When looking for new vendors, seek referrals from your network. Reach out to your colleagues, insurance carrier, and other local businesses to ask if they have any vendor recommendations.
Word of mouth is one of the top ways that vendors gain status among property managers, for good reason.
Knowing that someone you trust is backing the professional you're hiring provides a sense of security in the decision-making process and a vote of confidence in who you’re trusting to get the job done.
Read Reviews
Online reviews are an excellent way to determine the reliability and quality of the workmanship a vendor provides before you take the leap to hire them. Any reputable company will have a Google listing that customers can leave reviews on. If they don’t, consider it a red flag.
Scan online reviews with a critical eye, and seek them out in third-party forums like Google, Yelp, and Foursquare. In doing so, you’ll be more likely to find accurate reviews that haven’t been vetted or edited by the vendor, as opposed to the ones you might see on their website.
While negative reviews can help you make an informed decision about a vendor, they can also be a great conversation starter.
If the majority of reviews you read about a vendor are positive, be open to having discussions with them directly about the odd critique. Ask them how they corrected the issue mentioned, or how they changed their processes after the negative client experience. Taking these steps can provide insight into how you can expect them to do business with you.
Verify their Credentials
You’ve just had a great conversation with a vendor and you’re thinking about working with them. Fantastic! Doing your due diligence by researching who you’re employing is a proactive way to ensure every vendor you work with is top tier.
Follow up with them and ask for copies or confirmation of their vendor license status and insurance coverage. If the vendor doesn’t have general liability or property insurance, reconsider your choice to hire them. Any reputable contractor will always insure their team to protect their business against liability and injury.
Team up with Tech
The future of property management is tech-enabled. As a property management software vendor ourselves, Propra understands how PropTech supports property managers in maintaining an excellent standard of living for the residents of buildings they run.
Built by and for Canadians, Propra’s suite of tools streamlines communication and invoicing between property managers and the vendors they count on. Vendor communications flow seamlessly into our maintenance request system, enabling all members of the property management team to stay in the loop on maintenance tasks.
This streamlined communication between vendors and property managers leads to happy residents, which means low vacancy rates, a higher NOI, and of course, happy property owners.
At the end of the day, developing strong relations with your vendors is a worthwhile use of resources to ensure an elevated tenant and landlord experience. Book a demo today!
