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How do you select vendors when dealing with Property Management?
When selecting your vendors, if the price question is one of the first three items you bring up during the conversation
Studies show that price is actually much futher down on the list of factors when selecting a vendor. When considering a vendor of much more importance is; commitment to quality, reptuation/trust, accuracy, and turnaround time.
Arguments can even be made which factors fall in order after this, but in general if you have figured out these factors you can then start considering price and value. Often times you can find someone who may be able to provide a service “Cheaper” but history has proven that you will get what you pay for.
One of our favorite quotes at Inventive Property Managemetn comes from John Rushkin and is as follows….
“There is hardly anything in the world that someone cannot make a little worse and sell a little cheaper, and the people who consider price alone are that person’s lawful prey. It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much, you lose a little money — that is all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot — it can’t be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better”
Take a second to think about how you are choosing who you do business with…
Read the rest of this blog at http://www.inventivepm.com/