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Vetted Vendor Network

Vetted Vendor Network

Scoring a contract with a property management company as a vendor can mean long-term work and solid community relationships. When you provide stellar work and your projects run smoothly, you’re more likely to build customer loyalty and enjoy the benefits of steady work.

Here are nine factors that Times Real Estate considers when hiring vendors:

1. Insurance

A property manager will almost always make sure you have the right insurance so that they won’t be held liable should an issue arise. Your insurance should cover damages or injuries and needs to be updated regularly. You generally need to have workers’ compensation and liability insurance as a vendor.

2. Licensure

Whether you are a one-person business or have a few employees, you need to be fully licensed for property managers to hire you. Check your local and state guidelines, but you generally need to have up-to-date professional or business licenses that apply to your industry. These licenses show property managers that you are legitimate.

3. Reviews and testimonials

One major consideration a property manager has when deciding to hire you will be your experience and success stories. This is where it may help you to create a section for reviews or testimonials on your website and/or make sure you have a Facebook, Yelp, or Google profile where people can leave reviews. Ask clients who were very happy with your work to share their experience publicly. These positive reviews will show property managers that you are experienced and have left past customers happy.

4. Communication

Most property managers juggle many different responsibilities and are thus looking for vendors who are easy to work with. If you are hard to reach or use outdated meeting and communication strategies they may pass and look elsewhere for easier services. Be prompt in returning emails and phone calls and consider implementing technology like virtual meeting software or business texting so you can stay in touch in a convenient format. 

5. Reliability

On a similar note, you need to make sure you are reliable. Beyond staying communicative, this means your team should always show up on time and finish tasks as agreed upon in the contract. If a property manager is interested in hiring you never try to cut corners and always do what you say you’re going to do. This starts early on this process with deadlines for returning documents and being prompt for meetings and interviews.

6. Honesty

Property managers deal with a lot of vendors, businesses, and residents daily, and they are probably used to dealing with conflict. They may be extra wary of sketchy business practices or vendors trying to cheat. Make sure that you are always honest about things like past negative reviews or if your business cannot perform a certain task. It’s always better to be upfront and open than have to explain later why you failed to meet a contractual obligation.

7. Quality work samples

Be prepared to show work samples or photographs of previous work depending on the type of services you provide. If you do landscaping work, for example, drive a potential client by an outdoor space you recently completed. Always have something ready to show for the work that you to instill the confidence that you can provide high-quality work.  

8. Location and accessibility

Another factor that property managers may look for is how close in proximity you are to their property. They will want to know that if an issue arises suddenly you can be there fast. Discuss how transportation works for your company and always be honest about how long your team will take to arrive onsite. 

9. Cost

Cost is an important consideration for property managers. The right price point is a balance of charging what you’re worthwhile staying competitive. But property managers also may look closely at payment structure. When will they be required to pay? What if something goes wrong on a project? What are your invoice payment terms? 

Making the right choices here may require some openness to working with what they need but you should also research what your competitors are doing so you know what you’re up against and can learn how to stand out. Try to stay flexible during negotiations and find a solution that works for both parties.