Issue link: https://hub.associaonline.com/i/1314217
ADDITIONAL SERVICE PROVIDERS In addition to the partnerships with your management company and professional advisors, you'll work with service providers to maintain and enhance your community. While needs vary, most associations employ service providers for: • Landscaping • Pool Services • Maintenance & Repairs • Fire Prevention • Restoration & Construction 8 Tips for Choosing the Right Vendors for Your HOA Here are our top tips for picking vendors to keep your community running smoothly: 1. Start with your governing documents. Governing documents are the starting point for every new vendor relationship. Each community is unique, and you must understand the board's authority to find, select, and pay for a vendor. 2. Choose between an employee and an independent contractor. You may need to choose between hiring an association employee or using an independent contractor. Each has advantages and disadvantages. Weigh your options or seek guidance from your advisors. 3. Determine your budget and stick to it. Smart money management is crucial for board members. When something needs outside help, you must allocate funds to get it done. Set a budget, stick to it, and get all approvals before finalizing. 4. Interview and get quotes from multiple vendors. It's a good idea to avoid going with the first bid you receive. Interview multiple people and obtain several quotes so that you have all the information necessary to make the right call. 5. Check references. Before jumping into a relationship, ask for references. Contact past and current clients to ensure what they say they can do matches their track record. You may also want to explore online ratings. 6. Verify credentials, licenses, and insurance. Most states require vendors to be licensed. Without the appropriate license, vendors can't acquire insurance. Without the proper paperwork, your association may be liable for accidents, injuries, or property damage. Only work with pre-approved vendors and always verify credentials. 7. Consider more than just the price. It's tempting to pick a vendor based on the lowest bid; however, this could end up costing you. Licenses and other business fees are expensive; if a quote sounds too good to be true, it might be. 8. Review your contracts. Typically, the final step will be signing a vendor contract or agreement. Protect your community by reading through the contract with your lawyer before inking the deal.