The real estate business is picking up the heat. What came off as something simple less than a decade ago has developed into a complex and competitive sector. Vendor jobs/ subcontractor jobs are nothing like what they used to be and becoming the preferred vendor can make all the difference today.
Perks of Being a Preferred Vendor for Property Management Companies
Credibility
As soon as you become a preferred vendor, the credibility factor comes with it, ensuring that you get better contacts without much effort.
Improved Gigs
This goes without saying. If you become a vendor for property management as their first preference, naturally more opportunities will come knocking since everyone likes to hire someone who can deliver right on time.
How to Become the First Choice Vendor for Property Management Companies?
Insured and Licensed
Licensed vendors have every right to offer or sell any particular service or goods. Licenses are issued to show that a vendor is perfectly qualified to be in the business that they are in. They are usually issued by the state government or a particular organization after the completion of the training.
Any vendor who is covered has insurance against cases of sorts, be it for injuries or third parties. This also goes for the injuries that are caused by the service of the vendor to the property of the buyer. In case a casualty occurs when the vendor is working on a property, the licensed and insured company will be held accountable for the casualty in question.
This is one of the major reasons why subcontractor jobs offered by property managers are only open to vendors that are insured and licensed. If they don't continue to do so, chances are that they might have to take responsibility for every vendor accident.
Hiring a licensed vendor can get you high-quality work. They are equipped with the right set of skills to get the job done and leave the rental property in great condition.
Reputation
Property management firms are always on the lookout for positive reviews before they hire a vendor for their clients and may even ask other firms for referrals. In some cases, vendors work for years with a particular property management company to work on their client's property. If the client feels satisfied with the work done, they may retain the vendor for future work.
Money
It is a common notion that community owners expect property management companies to reduce fees. This is exactly why most property management companies are on the hunt for vendors that can get quality work done at an affordable price. Although, out of the four, money is the least noticeable factor. But hiring a vendor just for the sake of cheap prices might cause you more harm than good.
Availability
There are vendors that work with different companies, which can account for their lack of availability. Think of it like this. If a management company wants to hire a vendor to lead the plumbing work for all of their properties, chances are that you might be occupied for more than a week, which makes availability an important factor.
Policies for Working with Property Management Companies
∙ To begin with, vendors will have to submit their Federal Tax ID Number (TIN).
∙ A list of documents of their license as a vendor to be submitted is mentioned below.
∙ A copy of their General Liability Insurance.
∙ Submit a copy of the firm's workers' compensation insurance or any other kind of policies from their business sector deemed necessary.
∙ Make sure that the vendors are reachable via phone or email.
∙ Approval from the property manager for the vendor to access the home with the use of the lockbox key. It is mandatory to keep the lockbox key safe and for it to be returned before leaving the property.
∙ It is necessary for vendors to give a proper breakdown of permits, taxes, materials, and craft, not to mention that every invoice should come with a valid order number.
∙ Different evidence such as estimates and pictures will be required for any type of work that is costlier than the fee offered in regulation.
∙ A warranty should come forward from the vendors regarding the material and the labor for a total of three months after completion. Further, vendors have to agree to repair or swap any labor fault or material without additional costs.
∙ Agreeing and ensuring that work details are only shared in the work order that is to be executed, along with before and after pictures of work done get uploaded to the maintenance system.
∙ If there are any preventative measures that seem like a necessity, be it water leaks, roof issues, etc., make sure to notify the property manager about the same. Also, ensure that no damage was inflicted by the tenant.
Conclusion
Becoming the first preference of any property management company can be a tough task by all means. As a vendor, you have to tend to everything and all the intricate details that come with a project to ensure that nothing goes wrong.
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