HOW PROPERTY MANAGERS HELP AVOID PITFALLS OF HIRING VENDORS
The term “investment property” does not describe any one type of house, condo, townhouse, duplex, apartment building, etc. And the term “vendor” does not describe any one person or company that may be hired to do work in or around a property.
In fact, just like properties, vendors come in all shapes and sizes, and all serve certain ends. A weekend toilet backup or HVAC emergency in mid-July will need to be addressed quickly, requiring vendors that are able to provide expedited service. Conversely, a job may be ongoing like landscaping or pool maintenance, or something elective like new flooring or countertop replacement, thus allowing owners or property managers to shop the job.
So, what goes into selecting vendors?
1. LICENSED AND INSURED
Accidents happen. They are an inevitable part of life, whether it’s when we are driving our cars, enjoying recreational activities or, yes, working on our properties. That’s why it is of the highest importance to only use vendors that are properly licensed and insured. Doing so protects your property in case damages or accidents occur while the vendor is working at the property and assures that you are not liable for the costs associated with any such damages or accidents.
Vendors need to be available when a job needs to be done. Landscapers typically will be hired to provide regular service on a weekly or bi-weekly basis, depending on the property’s need for upkeep, and a property management company may hire one company in order to have scheduling priority for the multiple properties or communities it manages. Plumbers and HVAC techs may be needed on an emergency basis, and a property manager may rely on multiple trusted vendors who can be available when needed.
It’s the oldest and best form of advertising – reputation, or word of mouth. No matter the online search engine or social media algorithms that lead to a vendor’s online presence, hearing from a trusted source that a vendor is reliable and does good work is more important than any SEO metric or slick website. The best vendors protect their reputations every day by simply doing the jobs they are hired to do and being competent in their area of expertise. This truth can be seen daily on neighborhood Facebook and Nextdoor groups when homeowners ask their neighbors for recommendations for nearby trusted and experienced electricians, roofers, or landscapers. A simple “Looking for someone to come fix my leaky sink,” post generates several responses, a lot of times within minutes of posting.
Like with any other purchase, the price of a vendor’s service comes into play when selecting who or what company to use for work at your property. In an emergency situation, a higher-priced vendor who can perform the work in a timely fashion may be preferred, whereas vendors for a renovation or other non-rush work may need to provide bids to win the job. Professional property managers will have vetted vendors on the ready to perform whatever work their owners and their properties need to have done and will know what to expect when it comes to pricing, having either pre-negotiated rates with vendors or, through experience, knowing what vendors tend to charge for their services.
Having a professional property management company manage your property/properties takes the guesswork and concerns out of the process of finding and hiring vendors. Sweyer Property Management works with scores of vendors throughout the Cape Fear region, and we have many in-house or otherwise exclusive vendors to service our clients’ properties. Our long-standing vendor relationships give our company – and thus, our clients - priority so jobs are done properly, on budget, and on time.
Give us a call today and let us lend our experience and expertise to you when making the decisions to best maximize and protect your rental properties.
If you have investment properties and do not use a professional management company, we hope you will consider doing so. The experts at Sweyer Property Management will be happy to provide you with a free rental analysis or, if you prefer, give us a call at 910-256-3031.
Sweyer Property Management is a full-service professional property management company that specializes in all aspects of rental management. If you’re an investor or property owner looking to learn more about our services and what a professional property manager can do for you, reach out to us today at 910.256.3031 or via our website. Sweyer Property Management has exhibited continuous growth throughout the Wilmington, Leland and Hampstead areas while maintaining an excellent Google+ rating for customer service.
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