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Do Management Companies Verify Vendors?

Do Management Companies Verify Vendors?

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:

Verify prior to VIVE?

  • 93% of Management Companies reported that they had set insurance requirements for vendors to meet prior to VIVE

Ok, so Management companies typically have requirements on hand prior to VIVE, however, did the requirements get set by risk professionals?  

The Reality

  • Of the 93% reporting having set requirements, only 11% reported taking advisement from a 3rd party risk consultant and only 13% of the management companies requiring the terms be bound with a written contract. 

In Conclusion

So, while most management companies state they have on hand requirements, very few took professional guidance on setting the list of requirements and even fewer bound the terms with a written contract.  

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