You need a new paint job since your property is looking rather sad. You’re in need of an expert opinion with your sprinkler system that you want to update but you don’t know how. As of last week, your tenant has been complaining about a leaky toilet bowl and the last plumber you hired didn’t complete the job.
Above are all real scenarios that rental owners have to deal with. When you don’t have the know-how, time, the expertise, or the equipment to get the job done, hiring a vendor is usually your best option. Outsourcing repair and maintenance needs allow you to spend time on what you really want to do whether it’s going fishing or grabbing lunch with former roommates. While all of that sounds great in theory and it’ll allow you to live the dream, how do you go about finding vendors to handle your maintenance and repair needs? How do you make sure that your rental property is in good hands? Below are a handful of factors to consider when choosing a vendor or two.
Asking people you trust for vendor referrals is often a great way to go. You’re highly likely to hire someone who has done a great job for a family member or close friend. Vendors who come by way of referral are also motivated to perform because they understand that you heard great things about them and are always eager for repeat business. To help you be sure that a particular maintenance service or repair professional is the right fit for you, do more research and talk them in-person. By taking extra time to assess referrals from friends and family, you can get the best vendor for the job you to be completed.
Licensed and Insured
Choosing a vendor who is licensed and insured often means you are choosing a vendor who has credibility and trust. A licensed service business such as a plumbing company or HVAC company means that they are regularly up to date with state-approved skill requirements and best practices. You increase your chances of hiring a business that cares enough to stay on top of all rules and regulations specific to its industry.
Insured vendors make sure that they cover any and all needs that occur in the event of an accident. Accidents such as technicians falling off of rooftops do happen so it’s important that you don’t have a claim filed against your insurance. Insured businesses make it so all of their claims get filed with their own insurance. It helps reduce risk on your end as the rental owner.
When talking to a potential vendor, don’t be afraid to ask questions that will help you understand if they’re the best fit for you. For example, here are some questions you can ask if you are looking for a plumber who can help you upgrade your rental property:
- How long have you been in business?
- Do you specialize in one area of plumbing such as installing bathtubs or are you more of a generalist?
- When was the last time you gutted and replaced water pipes in a house? May I talk to the client you did the job for?
- Do you mostly work on single-family homes or apartments?
- Are there any types of jobs that you’ve turned down in the past?
- What about guarantees on your work? Do you have warranties on your repairs?
Taking time to ask detailed questions will give you a better idea of a vendor’s level of expertise and personality type. There’s a good chance that you know which personality types are easy for you to work with so avoid any vendors who make you feel uncomfortable. Never hesitate to pick up the phone or meet a potential vendor in person. It’ll save you time and money in the long run.
Now that you’ve read these tips on how to find the right vendor for your rental property, it’s time to pull the trigger! It’s better to research and find the vendors you want to work with when everything is going than when your tenant calls you at 3 am saying there’s a leak in the roof.
If you have any questions about property management and how to protect your investment, leave a question in the comments below or send us an email at email@example.com.