Why You Need to Use Quality Vendors for Your HOA
When choosing a vendor for your HOA, you may be tempted to go with the cheapest option. It is important to remember though that going with the cheapest option is rarely a good idea. When you select your next vendor, make sure you consider long-term value over short-term costs. Sure, a cheap contractor will cost you less money in the short run, but they could very well take shortcuts that will cost you big time in the long-term.
To get the best long-term value for your HOA, you should be willing to spend a bit more money for a quality vendor that cares about your community’s success. It will also protect your community from potential liabilities and risks. Below, we will explain in-depth why you need to use quality vendors for your HOA.
A Quality Vendor Presents Less Risk
Whenever you hire a vendor to work for your community, there is always risk involved. But going with a known, quality contractor eliminates a lot of potential risks. A respected, large company that operates either nationally or regionally will have the necessary resources to take your community to the next level. Large companies also tend to have comprehensive training programs, which ensure that their employees bring essential skills and experience to the table. Plus, large companies usually have plenty of public reviews which you can use as a reference when making your decision. Most small, lesser-known companies don’t have a ton of public references, so it can often be tough to gauge their credibility. To get rid of a lot of the risk, go with a quality, well-known vendor with a proven track record.
A Quality Vendor Will Uphold Their Reputation
For most quality vendors, their reputation is everything. Good companies can only grow their business if they have proof that their services work, so positive referrals of current and former clients are very important. If a company has a proven track record of delivering results and has positive testimonials from communities like yours, this is a sign they will do great work for your association.
A Quality Vendor Will Fulfill Your Fiduciary Duties
Remember, when choosing a vendor it is important to choose long-term value over short-term cost. A cheap, cut-rate one will possibly use substandard materials or employ a poorly trained crew. This means there will be substandard work that will cost your association an arm and a leg in the long run. You will be left to repair the shoddy work they should’ve been done right the first time. Avoid this headache, and go with a quality vendor from the outset. It’s your fiduciary duty to make sure your community’s assets are taken care of, so do your research to make sure all of them have the proper reputation and training.
A Quality Vendor Will Protect You from Liability
Many HOAs don’t pay attention to the possible risks associated with vendors. Maintenance personnel can slip and fall and pest control specialists and lawn professionals can be exposed to dangerous chemicals. Accidents happen, which is why a quality vendor will make sure their coverage is comprehensive enough and up to date. Plus, without the right kind of coverage, your association could be liable for costly lawsuits that stem from a workplace injury. To avoid these lawsuits, ensure that both you and all your vendors have adequate insurance. A quality vendor will possibly ask about your insurance to make sure that you are squared away.
A Quality Vendor Will be Bonded, Licensed and State Registered
Just as a quality vendor will have adequate, up to date insurance, they will also be properly licensed, bondable and maintain active state registration. They will know what it takes to meet the standards of professionalism and trustworthiness that come with being a trusted vendor in the industry. When a company is properly bonded, licensed, and registered by the state, both you and the vendor are provided with important protections. If a prospective vendor doesn’t have all these elements, they are not worthy of your business.
Searching for a Quality Vendor? Look No Further!
Searching for a quality vendor can be very frustrating, especially if you are new to the process. At Clark Simson Miller, it is our mission to cut the stress out of the process and make your life as easy as possible. We offer remote management, accounting, and financial services for community associations of all sizes within the United States. To learn more about how CSM can improve your community, contact us online, or give us a call at (865) 315-7505.