How To Choose the Best Vendors for Your Community’s Needs
As a community association, choosing the right vendors is a crucial aspect of maintaining the overall well-being of your community. Whether it’s landscaping, amenity maintenance, or anything in between, making the right vendor selection can make all the difference in the long run.
If you choose the wrong vendor, you could be left with poor workmanship, sky-high bills, or even a legal headache. If you’re in need of reliable and quality vendors that you can rely on for all of your HOA’s maintenance and repair needs, make sure that you follow these steps and consult your HOA management company.
Check Your Governing Documents
Before you start the selection process, it’s important to review your community’s governing documents. These documents outline the rules and regulations that your board must follow when hiring new vendors for your community.
Your governing documents will generally outline the board’s responsibilities as well as the authority it has to find, select, and pay for a vendor. Every community’s guidelines for this are different, so it’s important to carefully review your governing documents to ensure that you’re always in compliance with your HOA’s regulations.
Determine Your Budget
Once you have a good understanding of the rules and regulations set by your community, it’s time to determine your budget. Board members have a fiduciary duty to their residents, so you need to ensure that you’re doing your due diligence and achieving the best price for your community’s financial well-being.
Knowing how much you can allocate for various services will help narrow down your options for vendors. Make sure to consider the long-term costs as well, as some vendors may offer a lower initial price, but the quality of their work may require more maintenance and, therefore, expenses in the future.
Get Quotes From Multiple Vendors
Once you’ve identified the services your community needs and have a budget in mind, you’ll need to collect quotes from potential vendors to assess their prices. It’s important to get quotes from multiple vendors — ideally three or more — to compare their prices, services, and reputation.
Keep in mind that the cheapest option may not always be the best. Look for vendors who offer a fair price for quality work and good customer service. Having a reliable vendor that can be a trusted partner in the long term is often of more value than a dirt-cheap option that doesn’t offer the quality of work promised.
Check Their References
Before finalizing your decision, make sure to check the references of the vendors you’re considering. Ask for a list of satisfied clients and reach out to them to get a better idea of the vendor’s work ethic, quality of work, and overall commitment to satisfaction. This will also give you a chance to see if the vendor has experience working with an HOA and if they have a good reputation within the industry.
It’s also a good idea to check third-party reviews from unbiased online review sites like Google and Yelp. References provided by the vendor will almost always be positive, so checking their general online reputation can give you a better picture of their overall customer satisfaction rating.
Verify Credentials, Licenses, and Insurance
Once you’ve chosen your preferred vendor, it’s crucial to verify the credentials, licenses, and insurance of any vendor you’re considering. This is especially important when working with vendors who provide services that require specialized training or qualifications.
Make sure that your vendor is appropriately insured for their services, as this will protect you from any liability in case of an accident or damage. It’s always better to be safe than sorry, so don’t hesitate to ask for proof of these important documents. Any reputable service provider will be happy to share them.
Ask Your HOA Management Company
If you want to streamline the process of hiring vendors for your community association, ask your HOA management company for their trusted partners. The Management Trust’s Trusted Partners program was created with this in mind, offering a reliable source for high-quality vendors that are assured to get the job done well.
Our better vetting process only accepts vendors who deliver high-quality services, in a cooperative manner, and for a fair price. We provide a $2,500 client satisfaction guarantee for work performed by our enrolled vendors, and we have full contractor liability insurance coverage. Bringing together great vendors and HOAs that need their services is essential in fulfilling our mission to provide the best community management services in the country.
With more than 30 years in the industry and over 1,500 communities successfully managed, we have the expertise to guide you in all aspects of community association management, including vendor sourcing. To find out more about our comprehensive community management services or our Trusted Partners program, contact The Management Trust today. We look forward to working with you!
