Today we’re talking about vendors and the qualifications they should have before you allow them to do work on your rental property. As a landlord, you’re going to need plumbers, electricians and landscapers, as well as general handymen and contractors. You need to make sure you’re working with professionals who are licensed and insured, because risk needs to be managed as diligently as costs.
Timeline of Repairs
Oregon law requires timely repairs at an occupied rental property. When your tenant reports that the oven isn’t working, you are required to respond right away because the tenant’s rent covers the use of a working oven. When you’re looking for vendors, evaluate response time. If they can’t get to your repair in a timely manner, you don’t want to use them on a regular basis.
License and Insurance
Every vendor you hire for repair work needs to be properly licensed. This will protect you if the vendor’s work is incorrect or results in a bigger problem. You’ll have recourse to get the job done right. You also want to make sure your vendors have liability insurance as well as workers compensation insurance if they have others working for them.
Our clients are always asking about the cost of repairs. It’s important to find vendors who are affordable, but the responsiveness and customer service you receive is equally as important. You want professional experts who will stand behind their work. You will find that licensed, insured vendors who have been in their field for many years will not often be the least expensive workers you can find. However, you’ll save money in the long run and protect your property by having the best vendors taking care of your investment.
Remember these three things when you’re hiring vendors to work on your rental property: timely responses so there is no legitimate complaint from your tenant about whether you addressed the problem immediately; high quality workmanship with a guarantee; and, competitive pricing that will protect your bottom line as well as the value of your investment.