Vetting & Hiring New Vendors: How-To Guide for Community Association Managers
January 9, 2024
Vetting and hiring a new vendor for your community can be a daunting task if you don’t know where to look or what skills to looks for. It is also important to maintain a good relationship with your vendor to make sure all projects and transactions go smoothly to minimize any impact or disruption for your community residents. The following how-to guide provides Community Association Managers tips and tricks on what to look for to find the best possible vendor-fit for your community.
Do Not Just Settle on the Price
When selecting a vendor, a lot of people will just choose the cheapest option, but the cheapest option is not always the best value. It is important to read all details and see what each bid is really offering within their contract.
Experience
One thing that is very important to consider when looking for an HOA vendor is their level of experience. This not only includes how long they have been in business, but it also encompasses what types of projects they have completed in the past and how they performed. It may be safer to go with a company that has already completed projects that were a similar size and required level of skill.
Reputation
The reputation of a vendor is another aspect that needs to be considered when making such a choice. The best way to determine whether the vendor has a good or bad reputation is to ask past clients to see whether or not they were satisfied with the service they were provided.
Transparency
Make sure the vendor is transparent with you by asking them to provide their licensing and qualification. Before engaging in a contract, it is a good idea to have an attorney look over the contract to make sure you are getting what you want out of it.
Not only does the vendor have to be transparent with you, but you also need to be transparent with your residents. Keep them updated on the hiring process and let them give feedback as to which option they like or not.
Contract Specifics
Going along with the importance of transparency, it is extremely important to read and understand the specifics of the contract before you sign an agreement. As previously mentioned, it is good practice to have an attorney read over the contract before any deal is officially made. This will ensure that you are not hit with any surprise expenses when it comes time to pay. The contract should specify things such as, what services to expect, how often to expect them, how much they will cost and how often payment should be made/received.
Compliance
Make sure that your vendor has the proper compliances. These compliances may include general liability, workers compensation, and commercial auto and vehicle liability insurance. These compliances protect you from liability in the case of an accident that results in injury or other damage to property.
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