The Importance of Vendor Credentialing for A Property Manager
Real estate investors love hiring property management companies because these companies come with maintenance crews and built-in vendor relationships that make property maintenance easy and convenient. When a property manager does the proper credentialing on their vendors, they can reduce risk and save a lot of time and hassle.
A property manager needs to be able to verify the criminal history of employees of the vendors, ensure the vendors are properly insured, as well as their quality of work and a financial estimate for their services. When vendors don’t carry the proper credentials or cannot answer your questions, you run the risk of poor workmanship, improper repair work, and fraud among other things.
What to Keep in Mind When Verifying Vendor Credentials
A property manager needs to verify vendor credentials before they hire a company to complete any work. You should also do yearly reviews on all of your vendors to ensure their quality standards are still the same, their rates are still competitive, and they’ve kept up with their licensing and insurance. You’ll also want to get updated rosters on employees, especially those who will be working on your properties. The vendors you work with should be honest and willing to tell you if anyone on their team has offenses on their criminal record that are not conducive to providing services for a property manager.
Following Up with Vendor Services
A great property manager will follow up with tenants after vendors’ services to ensure that the work was completed in a timely manner, that the vendors were courteous and respectful, and that the job was actually completed. You can learn a lot about your vendors by talking to your tenants and getting their honest reviews of the services provided. At the end of the day, it’s great if the vendor makes you happy, but what a property manager really needs is for the tenants to be happy and satisfied.
If you are looking for a great property manager in Charleston who works with the best vendors in the area, call Scott Properties – 843-212-9672.