HOW PROPERTY MANAGERS

. 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. 2. AVAILABILITY 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.