“Trust but verify” was a phrase made famous by U.S. President Ronald Reagan. He frequently used this adage to discuss relationship transparency between U.S. and the Soviet Union. Today, the phrase often describes relationships between companies and stakeholders. It’s a good reminder of the due diligence that homeowner association Boards need to do when selecting HOA vendors.
Vetting should be mandatory for any vendor doing work for your association. This includes professional services such as CPAs and attorneys. Landscapers, pool service technicians, painters and other seasonal maintenance workers require vetting. To avoid putting your association at risk, your Board should evaluate vendors at least annually.
While references are a first step in vetting, you need to go beyond those. In today’s Internet world, it’s easier than ever to find information. Here are some common requests and questions for vetting HOA vendors:
Performing due diligence takes a little more time, but the time is well spent. It helps protect the interests of your association and the homeowners. Regardless of how much faith you have in your vendors, following the adage “trust but verify” adds an extra layer of protection for your HOA.
Wise Property Solutions is a property management company serving East Tennessee with offices in Knoxville, TN and the Tri-Cities, TN. Specializing in Condominium Association Management, Home Owners Association Management, HOA Management and Gated Community Association Management. The firm is East Tennessee’s only Accredited Association Management Company (AAMC®).
Knoxville, TN: 865-643-8989
Tri-Cities, TN: 423-926-7373