Property Management Blog

There are certain facts that landlords/property owners must be aware of when it comes to the relationship between their property management Portsmouth company and the vendors that they hire for maintenance and repairs. For one; owners should be aware that vendors often reward management companies for their business. These rewards should only be in the form of discounts that benefit the landlords and not in the form of referral bonuses which go in the pockets of the management companies. Of course; there are certain exceptions to this rule- sometimes, vendors pay a small fee to the management company in order to get paid regularly for the work done on the property irrespective of whether the owner has sufficient funds in his account. Additionally, management companies need to have strict policies in place as far as the entry and exit of the maintenance personnel on the property grounds are concerned. Such situations have potential for trouble and need to be handled effectively before things escalate out of control. Last but definitely not the least; the contractors hired for performing repairs and maintenance must also be insured, bonded and licensed. The management company must oversee their work not just for quality compliance but also for cost effectiveness. Many owners opt to research vendors themselves to see to it that there are no outstanding complaints or red flags against them.