Owning a business, especially having a rental property, may require you to have to use outside vendors. It is important to find quality vendors who are trusted. The vendor relationships you choose to cultivate to serve your tenants are a reflection of you as a landlord. If you choose vendors who have a reputation for poor service, tenants will assume that you as the landlord stand for the exact same values of poor service. If your core values are honesty, customer service, reliable, and being trustworthy you want to work with vendors who also believe in the same values.
When working with a vendor it’s always key to have strong communication between you, the tenant and the vendor. Especially when working with a 3rd party to address a tenant’s concern, maintenance request, or provide a service it is incredibly important to set expectations upfront with the tenant about what that vendor, will, or will not be doing, and the timeline in which things will take place. With strong communication skills you can avoid any misunderstandings and be able to address any issues in a timely matter. With expectations in place, and great communication the tenant is bound to have a much more pleasant experience, and feel taken care of, which in turn means they appreciate you as a landlord and will likely stay longer in your property!
Sometimes really awful things happen to rental properties, and sometimes of no fault of the tenant, mother nature has a way of causing unexpected severe damage, as well as neighboring properties who may have tress overgrown, or fences not in the best of shape. When working together as a team with your preferred vendors it creates synergy between the two. Working as a team with those vendor relationships can apply individual perspectives, solve complex problems, and creating new solutions and ideas. Teamwork can enhance the performance of work. This can to lead to projects getting done in a timely matter and have tenants. be satisfied with the work that was done.
It’s incredibly important for you to build lasting great vendor relationships with a select few vendors. Having a long term relationship with one vendor means you will have consistency, you know what to expect from them. It also means they are more likely to place you higher on the priority list if you work with them frequently – which can mean all the difference during an emergency. While it may seem kind of obvious, paying your vendors in a timely manner goes a long way, even if they operate on a net 30 basis, prompt payment again helps build a great relationship. There is also a potential for discounts or savings when you choose to build a relationship with a vendor and not just call the first one on Goggle each time. Don’t underestimate the value of a referral either! You probably know quite a few other landlords yourself, or friends of family doing house projects, if you have a vendor that you love, send them business! We are always looking to work with the best vendors, especially those that have values in line with ours, and can help provide outstanding service to our tenants!
When you have a good vendor relationship everyone wins. Projects will get done on time, tenants are happy, expectations are met, and you’re both making a good profit. You’ll remain a positive relationship with them and have a reliable vendor you use and can recommend to others.
Make it a win-win!
When it comes to vendors always do your research on the companies you are thinking about using. Customer reviews are always a great way to start and sites like Angie’s List, or Thumbtack, help you sort out the good from the bad. If word of mouth isn’t your things go to the company talk to the manager/owner and their employees get to know who they are as a person and as a company. Your vendors are an extension of your business so take the time to choose wisely and build some great new relationships. Having those strong positive vendor relationships will be your saving grace during times of emergency, and for those times that you personally cannot tend to your rental property!