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Management companies are hired to oversee the affairs of various communities. The challenges facing the management company range from the mundane to the highly complex. Engaging vendors is just one of the many daily facets of managing property. The client expectation is that the management firm takes the time to fully vet a vendor to ensure proper insurance and many other facets of qualification prior to a vendor sets foot on the property. However, this reality is often not met, let’s take a look:
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Screening vendors requires having a proper set of requirements and having a competent party validating the vendor’s information compared to the requirements. So, do management companies have an established set list of requirements for vendors to be qualified? Who within the management firm, who is responsible to verify if a vendor meets the requirements? Let’s take a look at the results:
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Once a vendor is setup and approved, the process to track insurance is an ongoing hardship for the management firm. Policies expire and need updating annually. Policies can be cancelled mid-term and notices need to be managed to be made aware if coverage is no longer in place. Is there a system to track all of this information? How is it managed? Let’s take a look at the results.
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