Owning a rental property in Salt Lake City requires you to work with outside vendors. As a key part of your property’s success, vendors can make or break your business. In fact, the vendors you choose will help a resident decide whether or not they want to lease with you. Therefore, it’s important to have a healthy and successful relationship with your vendors. Here’s how.
Vendor Relationship Management
In many ways, your vendor relationship is a business partnership. Without proper communication, business relationships can wither and die, just like any other kind of relationship. Deadlines may get missed, misunderstandings could happen, and your residents may feel neglected. We recommend weekly or monthly check-ins to ensure your expectations are being met. Hands-on communication with your vendor will help give your tenant a positive experience, which means they’ll appreciate and respect you as a landlord.
It’s critical to have an ongoing dialogue that sets expectations for how your relationship will exist and operate successfully. Regularly scheduled conference calls and in-person meetings are highly recommended to keep both parties on the same page. If your expectations aren’t being met, reiterate the terms of your contract and address the issue immediately to avoid future problems.
Work as a Team
Working as a team can enhance work performance and create a successful and seamless relationship. If you come across an unexpected problem, contact your preferred vendor to help you find a quick and effective solution. Remember, they are experts in their area, so their expertise can help you gain a competitive edge. Not only will your projects get completed quickly, but your tenants will also be more satisfied.
Pay On Time
As a business owner/landlord, you understand how frustrating it is when your customers/tenants don’t pay you on time. Vendors have the right to be paid in a timely manner for their services provided. Always pay on time to help build trust and respect. Your vendor will most likely place you higher on their priority list.
Build Partnerships for the Long Term
Building long-term relationships offers numerous benefits, including trust and preferential treatment. Constantly changing vendors in order to save a penny here or there will end up costing more money in the long run. It’s likely your quality will suffer as well, which can lead to a high tenant turnover.
Having successful vendor relationships is beneficial for all parties involved. Projects will be completed on time and your tenants will be pleased. Remember, your vendors are an extension of your business, so take the time to choose correctly and build successful new relationships.
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