When was the Last Time you Evaluated Vendors?

Your rental property is meant to provide income throughout the years. In order to maximize your bottom line you need to invest efficiently in your vendors. As a property owner it's a good habit to periodically evaluate those vendors. It can be money going down the drain if they're not providing the best quality service for their cost. 

Below are four things to consider when evaluating your vendors to help you make the best decision for your Long Beach rental property.

Insurance

When was the last time you shopped for landlord insurance?

For insurance companies it's a good idea to check with them every year. In many cases your current coverage agreement may still be satisfactory however, it's generally a good idea to check with your insurance provider yearly for any changes in policies that may affect you. Especially if you have made recent upgrades to the property.

Items to consider when evaluating your insurance company is if they are providing proper coverage. Is your current insurance company’s price competitive? Do they offer umbrella insurance to protect you beyond the limits and coverages of other policies? 

Property Management

A property management company needs to be able take care of your property, and increase your revenue. They are typically hired to oversee the day-to-day operations of your Long Beach rental property, deal with the concerns of your tenants. Including providing you with monthly property reports of the condition of your property. 

When evaluating your property management company it’s important to consider the following questions:

• Is it easy to communicate with them?
• Are they available when you need them?
• Are your vacancies filled in a timely manner?
• Are repairs and maintenance done in a timely manner?
• Are they adhering to the changing laws?
• Do you trust them?

Replacing a property management company can make many property owners hesitate, but may be necessary in the long term.

Landscaping

Well maintained landscaping is incredibly important for the aesthetic of your Long Beach rental property. The building may look beautiful, but a poorly maintained yard or unkept trees and bushes can be detrimental for curb appeal.

Your landscaping company should be able to properly maintain your property’s lawn, shrubs, trees and plants. They should be aware of local watering ordanced and should be able to offer solutions like water efficient landscaping if you notice the weather affecting the plant life. Ideally they should keep maintenance costs at a minimum while keeping tenants happy with great looking landscaping.

Trades

Trades include electricians, plumbers, and other repairmen. Although you may want to choose the cheapest workers, this can be costly as typically the lowest bidder uses the cheapest materials to do their work. 

When evaluating trade companies, pay attention to their online presence and customer reviews. It's important for trade companies to prove they can provide quality work in properties similar to yours. Pay attention to your tenants as well, as they have first hand experience when repairmen go into their home to work. Their availability and communication is important as emergency repairs may be needed at any time of the day or night. It's a good idea to have multiple trade company's phone number for this reason. Most importantly be sure they can continue to provide a trade license when asked.

It's important to make sure your vendors provide quality work, and it’s a difficult decision if you need to replace vendors you’ve worked with in the past.  If you need help finding reliable tradesmen to do maintenance or if you are unsure your vendors are doing a good job feel free to call us at (562) 888-0247 or feel free to fill out our free rental analysis to see what your rental could yield today.