One of the most important relationships your community board will establish is with your vendors. Vendors are the individuals and companies that provide the services and goods your community needs. All common interest communities will need to engage service providers to fulfill their responsibilities. Some common services provided to homeowners associations include:
Landscaping
Maintenance and repairs
Security
Waste management
Insurance
Technology and IT
These service providers are essential for maintaining the appearance, functionality, and overall well-being of your community. According to this Austin property management company, you must have effective vendor management and clear expectations to ensure that these services meet the needs and expectations of your homeowners. In the rest of this article, we will provide our top tips for creating a successful partnership with your vendors.
Tips for Creating Successful Vendor Partnerships
Without its service contractors, a community would not run smoothly. A contentious relationship with your vendors can also cause a lot of strife and discord in your community. To ensure your HOA, condominium association, townhome association, or planned unit development runs efficiently, you need to foster a successful partnership with your vendors. Here’s how.
1) Create a thorough vendor selection process.
Having an effective vendor partnership begins with the selection process. You need to ensure the vendors you choose align with your community’s values and goals. You will need to carefully vet potential vendors to ensure they are reputable, experienced, and capable of meeting your HOA’s needs. To do this, try the following.
Seek and more importantly then check references.
Check their track record with other HOAs or similar clients.
Verify their insurance and licensing.
The more information you have, the easier it will be to find the right vendor for your community.
2) Communicate regularly and transparently.
Communication is extremely important in any relationship. That fact is especially true for vendor partnerships. It helps build trust and ensures that your community association and the vendors are on the same page. Below, we list the best ways to ensure healthy communication with your vendors.
Establish clear lines of communication
Schedule periodic meetings.
Request vendors provide consistent reports where appropriate.
Encourage feedback.
Communicate with your homeowners to learn about their experiences with the vendors.
The more everyone in the relationship—vendors, Board, and homeowners—are on the same page, the more successful the partnership.
3) Establish and monitor key performance indicators (KPIs) carefully.
Establish key performance indicators (KPIs) to measure vendor performance. KPIs could include the following.
Response times
Completion of work within deadlines
Quality of work (frequency of call backs)
Homeowner satisfaction
Regularly assess and document these KPIs to hold vendors accountable for their performance.
4) Contact a qualified and professional property management company.
Finally, to ensure your vendor partnership remains open and healthy, you should consider hiring a property management company.
Property managers often have a list of the best vendors in an area, cutting down on the time and effort you will need to find the right vendor for your community. Plus, they are experts in vendor management and are well-suited to acting in your community’s best interests.
At Wise Property Solutions, we are East Tennessee’s only Accredited Association Management Company. From townhomes to HOAs, we provide the services your community association needs to thrive. Contact us today to learn more.