Anyone who has ever rented out a property in Indianapolis knows that it can often be a challenge to find great vendors. This is especially true now, as maintenance costs are increasing and many good vendors and contractors are busy serving their current clients and all the new construction projects happening around the region.
This is one of the best reasons to work with a professional Indianapolis property management company.
Things are going to need to be repaired and replaced at your investment property. That’s a simple fact. When you work with a team of preferred vendors, you can count on reliable work, careful attention to detail that helps with preventative concerns, and cost-effective pricing that doesn’t put you way over budget.
Preferred Vendors are Well-Screened
Some of the repairs your property will need can be managed by a handyman. You don’t need to pay a professional plumber to go over and reset the garbage disposal. Other work, however, will require a licensed and insured vendor. You want to make sure you’re working with professionals who have the insurance necessary to cover any property damage, injuries, or potential lawsuits.
When you’re putting together a list of preferred vendors, make sure you’re screening them thoroughly. You want to know that they’ll be accessible and responsive, even if you have an emergency repair. You also want to know they’ll be able to get to your rental property quickly and that they have the capacity and the staff to respond to your needs in a timely manner.
Do some digging. Ask about their experience and what kind of work they prefer to do. Read online reviews and testimonials.
After you’ve screened vendors and added them to your preferred network, make sure they understand how much you appreciate their partnership. As property managers, we have the buying power and the volume of work that plumbers, electricians, and HVAC technicians appreciate. If you’re an independent landlord, you may not need them every week. Make sure you keep the relationship strong, however, so they’ll be available to you when you need them.
Preferred Vendors Improve Efficiency and Quality of Maintenance
When you’re working with the same team of vendors and contractors, they get to know your Indianapolis rental property. This gives them an advantage when they’re called out to manage a repair. You can expect that they’ll be better prepared and knowledgeable about how your property functions.
You’ll also find you won’t have to wait as long for return phone calls, appointments, and emergency responses. When you have preferred vendors, you’ll often be a priority. This helps when there’s no heat in the middle of a cold winter or a water heater is leaking over a holiday weekend.
With a preferred network, you can expect improved quality and efficiency. They’ll get to know you and your tenants and your properties.
Discount Pricing with Preferred Vendor Relationships
Perhaps the best benefit of a preferred vendor list is that you can expect their best rates.
You may have noticed that maintenance costs are going up. The best way to protect your ROI is to lock in some preferred rates with your vendors. They may be willing to offer discounts, especially if you sign up for a preventative maintenance and inspection plan or a similar service.
We have lots of ideas on how to keep maintenance costs down and responsiveness up. If you’d like to talk about our preferred vendor list and how it protects your Indianapolis rental property, please contact us at Red Door Property Management.
