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Vendor Compliance – Protect Your NOI From Vendor Mistakes

August 11, 2022

Vendor Compliance - Protect Your NOI From Vendor Mistakes

By Accounting Team. For more information, contact Robert Parmar

Every building comes with expected maintenance expenses, but what about the cost of unexpected vendor mistakes?

Like when the Assistant Community Manager’s buddy from high school, Jimbo, gets hired to replace the carpet in a unit because you need a quick turn, and your usual carpet guy is on vacation.

But… Jimbo doesn’t tie the carpet down correctly and it rolls off the top of his van and breaks the side mirror on one of your resident’s vehicles.

Who is going to pay for that?

Is it you? Is it Jimbo?

Well, it depends on the processes you have in place for hiring vendors.

To limit the liability of our clients, Summerfield uses a third-party service, NetVendor.

Basically, NetVendor does the legwork to shield you from unnecessary liability if something goes wrong with the job.

If Jimbo is approved in NetVendor, he’s insured. If not, our system does not allow a work order to be assigned to him and it will not allow him to be paid until he is NetVendor approved. 

Humans are known to overlook paperwork when it comes to hiring, the right software system does not.  It’s just better business to have systems in place that improves your coverage.

When you’re ready for a better Property Management experience, give us a call.

 

Robert Parmar

Southeast Region

rparmar@smfield.com

770-920-3055

 

 

 

 

 

 

Trevor Manning

Northwest Region

tmanning@smfield.com

503-867-5214

 

 

 

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Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.

If you would like to discuss additional specifics of our management program, please reach out to our Managing Director, Robert Parmar at rparmar@smfield.com or call 770-628-5943.

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