As a landlord, you'll learn soon enough that property management also means that you'll need to conduct maintenance and repairs on your rental property, whether it's for general upkeep or tenant requests. You will need a reliable vendor network if you want quality services for your rental property business, without having to spend a fortune for the work.
5 Tips for Finding Professional Vendors
Sourcing Locally
It’s easy enough to find local vendors in your area, but even better if they’re located closer to your rental. This will be an advantage since they’ll be easily accessible when you need immediate property maintenance or repairs. With an urban location like Indianapolis, property owners can easily find multiple vendors that can do the job well while being close at hand.
Looking Online
With so many businesses building online presences, it's a lot easier to find vendors for your rental property online whether it's through their websites or social media pages. The company will likely provide valuable insights about the maintenance and repair services they have without having to call them, although you are still advised to have a consultation to set expectations with them prior to hiring.
Reading Reviews
Online reviews are one of the most reliable ways to determine whether you're working with trustworthy vendors. Other landlords will leave comments or ratings based on vendor performance and work quality. If you're hiring someone locally, you can ask other property owners in your network to learn about the vendor's reputation.
Asking for Credentials
Before hiring a potential vendor, ensure that they have the necessary licenses and pass industry standards. In the state of Indiana, for instance, pest control companies are required to be licensed vendors. This verifies that they are reliable professionals in their field and will provide quality rental property maintenance.
Basing on Experience
While a new vendor can be as effective as one that's been in business for years, you'll still have better chances with the latter. Just like property management companies, vendors with years of experience are more likely to provide you with quality work and good service. Keep in mind that vendors can only stay in the business if the company's reputation is good.
What Kind of Vendors Do I Need?
HVAC Repair Services
Your heating and cooling system may be more complex than you think, and DIY repairs could cause more damage. It would be better to hire professionals when it comes to repairs and cleaning as they will have the right equipment for it. Doing this right can contribute to reducing energy bills as the room temperature will be efficiently regulated.
Electricians
Similar to your HVAC system, the electrical system in your rental property is not something you should take lightly. It powers your building and mishandled wiring can cause an electrical fire. Not only will this potentially harm you and your tenants, but you’ll also end up paying for costly repairs.
Pest Control Services
As much as you try to maintain your rental property and keep it clean, pest infestations can sometimes be unavoidable, depending on the area your building is in. You can fix minor infestations yourself, but major ones like termites can weaken the structure of your property and should be handled by professionals.
Landscaping Services
Landscaping services help improve your rental property's curb appeal. Many landlords perform this task themselves when it comes to minor landscaping like trimming bushes and trees. However, hiring someone with expertise is recommended when installing structures like walkways or managing the terrain.
Construction Services
There are some upgrades you can perform yourself, but significant changes to your building's structure will require materials, equipment, and expertise. Hiring someone to do the labor will ensure it’s done right and in line with local and state regulations. Construction without the right knowledge can result in unreliable outcomes, which can be dangerous for anyone in the rental property.
Cleaning Services
Your tenants are tasked to maintain and clean their rental units, but many parts of the property are still your responsibility as the landlord. As such, you can hire cleaning services for a more thorough service. They will have the right tools to do so such as power washing, carpet cleaning, polishing, and even disinfection. This is especially recommended when a tenant moves out; it makes a much better impression on your new tenants.
Rental Property Management Vendor FAQs
Am I Required to Follow These Tips?
No, but you'll have a better chance of building a vendor network that benefits your business positively if you do. Property managers and owners go through a screening process among different vendors that fit their business goals, as it is considered good property management practice.
How Can I Manage My Vendor Network?
Vendor management is easy enough with the right property management software. You can track work orders, keep contacts to maintain vendor relationships, and more. You can always monitor your vendor network without the use of vendor management platforms, but it'll be easier for you when you do.
Who Can I Ask for Options?
People in the real estate industry will likely have their own vendors. Landlords, real estate agents, contractors, and property managers are among the many people you can ask before hiring vendors for your rental property.
Do I Need Vendors for Routine Maintenance?
Keeping a well-maintained rental property can be done by landlords themselves, but having someone with expertise do the job is likely better. They can do it efficiently and on time, which prevents prolonged disruptions for your rental property and tenants.
How a Property Manager Can Help You
Between finding vendors and screening them one by one, it can be tedious to find the right professionals to do the jobs you need for your rental business. Hiring a property management company like CRM Properties can let you skip that process since we already have a network of vendors you can access.
We have long-term relationships with licensed and insured vendors, all of which provide the best pricing to ensure a better return on investment for the work they do. To learn more, head on over to our maintenance page to explore our services and get your free rental analysis for your property.