Vendor management

It covers collecting tax forms and insurance certificates, agreeing rates, assigning service areas and trades, dispatching work orders, approving invoices and tracking performance on response time, quality and cost.

Reliable vendors are what make maintenance SLAs achievable, especially for scattered-site portfolios. Good records also support 1099 reporting at year-end. Keeping a backup vendor for each trade and area avoids delays when the primary vendor is busy. Reviewing vendor costs by property each quarter also helps spot overbilling.