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The big screen
Qualifying contractors can save you money and time.
Property managers must respond quickly when tenants call with a problem. Screening service providers ahead of time establishes relationships with contractors and provides you with good options should you require their services.
Getting the right service provider helps you obtain high-quality work, reduces potential problems, and, most important, controls costs. If your property needs a new roof, you know which companies to call and–if you’ve screened them correctly–should have confidence they will fix it right.
Implement a program to qualify service contractors that includes the following points:
Find the best. Use advertisements, solicitations, and referrals from friends and colleagues to generate a file of possible vendors. Send to each entry on your list a questionnaire that asks for information like how long they’ve been in business, examples of past jobs, references, and insurance and bonding. If a service contractor wants your business, he’ll gladly answer your questions. From the responses, make a list of qualified professionals who meet your requirements.
Make a bid for specifics. When you need work done on a property, select service professionals from your list of qualified professionals. Send them an invitation to bid on your project and include detailed specifications and goals. Define the work that needs to be done, set a specific time line, and outline your expectations.
Know what you want. While you wait for a response to your bid invitations, decide what your selection criteria are. Do price and reputation matter most, or will a contractor’s resources and ability to start right away influence your decision? Answer these questions before the bids arrive.
Communicate. Once you’ve selected a service contractor, sit down and define your roles. Write down who is responsible for the day-to-day operations of the contract and whom to contact (on both sides) in case of an emergency. Decide on the frequency of updates from the service professional and how those updates will be communicated. If you want to inspect the work at certain stages before completion, let the service professional know.
Make your job as a property manager easier by establishing a good rapport with skilled service contractors. This process can reduce operating costs as well as headaches.
Photos © Rubberball Productions and PhotoDisc.
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