How to Ensure Vetted and Quality Vendors for Your Condominium Projects: A Comprehensive Guide

Managing a condominium is no small task, and when undertaking projects—whether they involve maintenance, renovations, or major infrastructure improvements—the choice of vendors can make or break the success of these initiatives. While it may be tempting to cut corners and save money by selecting the lowest bidder or a quick-fix solution, choosing vetted and quality vendors is crucial for maintaining the property's integrity, safety, and long-term value.

Let’s find out why selecting the right vendor is important and learn more about Bloom & Co.’s commitment to vendor compliance through our partnership with VendorPM!

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Ensuring Compliance with Regulations

Condominiums are governed by a complex set of rules and regulations that must be adhered to, including local building codes, safety standards, and possibly even environmental regulations. Vetted and experienced vendors are familiar with these requirements and will ensure that the project complies with all legal and regulatory standards. Hiring unvetted vendors who are unaware of or ignore these rules can lead to fines, legal issues, and safety hazards that could cost far more than the savings initially gained.

Safeguarding Property Value

Condominium properties are significant investments, and maintaining their value is a top priority for property managers and residents. Subpar work or the use of low-quality materials can have a detrimental effect on property value, leading to costly repairs, dissatisfied residents, and potential issues when it comes to resale. On the other hand, working with high-quality vendors ensures that projects are completed to a high standard, using durable materials and workmanship that will stand the test of time.

Protecting the Safety and Well-Being of Residents

Safety is of paramount importance in any residential property, particularly in condominiums where shared spaces, infrastructure, and utilities are involved. Vetted vendors are more likely to follow safety protocols, carry the proper insurance, and employ trained professionals who understand the importance of delivering a safe and secure project. In contrast, poorly qualified or inexperienced vendors may cut corners, compromising the safety of the building’s residents.

Minimizing Project Delays and Cost Overruns

Poorly executed work often leads to delays, rework, and cost overruns, which can cause frustration among residents and disrupt the daily operations of the condominium. Quality vendors bring expertise, project management skills, and reliable timelines to the table, ensuring that the job is done right the first time. Their experience also allows them to anticipate potential issues and address them proactively, keeping the project on track and within budget.

Accountability and Warranties

Vetted vendors typically stand behind their work and provide warranties or guarantees on the services they offer. This level of accountability means that if something goes wrong after the project is completed, the vendor will be responsible for making it right, without additional cost to the condominium association. Unvetted vendors may not offer this level of assurance, leaving the association vulnerable to unexpected costs and repairs.

Enhancing Resident Satisfaction

Condominium residents expect their management team to maintain the property at a high standard. When residents see that quality vendors have been selected, it reassures them that their investment is being well taken care of. Conversely, visible issues such as faulty workmanship or ongoing delays can lead to dissatisfaction, complaints, and even disputes with the condominium board. Choosing trusted, quality vendors can help enhance resident satisfaction and foster a positive community atmosphere.

Long-Term Savings

While choosing high-quality, vetted vendors may involve higher upfront costs, it can lead to significant savings in the long term. Durable materials, skilled workmanship, and projects completed on time and within budget, all contribute to fewer future repairs, maintenance costs, and interruptions. In contrast, poorly completed work can lead to frequent breakdowns and expensive fixes, eroding the financial health of the condominium association.

Reputation Management

A condominium’s reputation can be impacted by the quality of work done on its projects. Poor quality or unsafe work can damage the reputation of the property, reducing its appeal to potential buyers or renters. On the other hand, a well-maintained property that has undergone quality upgrades or renovations adds to its prestige and attractiveness. Working with vetted vendors helps to protect the reputation of the condominium, ensuring it remains a desirable place to live.

At Bloom & Co., we’ve partnered with VendorPM to ensure our condominium corporations get the most competitive quotes from reliable, vetted vendors. Dylan Sher from VendorPM gives a sneak peek into VendorPM’s process and commitment to quality:

“When we started VendorPM, helping property managers pick the right vendor was core to our mission. It became evident to us very quickly that not all vendors offer the same level of quality and choosing the wrong vendor can lead to costly mistakes that come directly at the expense of property management or the board members themselves. One of the most highly demanded features we have today is our vendor management and compliance product. As property management has continued to evolve and progress, it became abundantly clear to our property management partners that there are much better ways of ensuring vendors have the correct compliance information compared to the unchecked paper processes that existed in the past. Now, in one workflow, vendor insurance expiry dates, coverage amounts, WSIB status and any other custom compliance requirements are now all tracked in real-time and factored directly into the quoting process when hiring vendors. Whether working with new or existing vendors, for many property managers, the idea of working outside of VendorPM is now viewed as the Stone Age and the risks and costs of doing things the “old-fashioned way” are simply too high to entertain. Bloom and Co recognized this gap and was one of the early adopters of VendorPM to solve this problem for their clients.” 

Understanding Section 89 of the Condominium Act: A Key to Vendor Selection

When it comes to managing condominium projects, it's not just about selecting vetted and quality vendors—boards and owners must also be aware of their legal obligations under the Condominium Act. In particular, Section 89 of the Act, which addresses repairs and maintenance responsibilities, is crucial.

Section 89 states that a condominium corporation is responsible for maintaining and repairing common elements, ensuring that these areas are kept in a good state of repair. This legal requirement means that condominium boards must prioritize selecting vendors who are not only qualified but also fully compliant with all regulatory standards. Failing to do so could result in legal liabilities for the board and financial consequences for the owners.

By selecting vendors who understand and comply with the legal standards outlined in the Act, boards can avoid costly mistakes and ensure that their maintenance obligations are met in a way that protects the property and the interests of all residents. 

In short, when choosing vendors, condominium boards and property managers should review and understand their responsibilities under Section 89 of the Condominium Act to ensure that the chosen vendor can deliver on both quality and legal compliance.

At Bloom & Co., choosing vetted and quality vendors is not just good practice; it’s essential for the long-term success of condominium projects. From ensuring compliance with regulations and protecting property values to safeguarding the safety of residents and minimizing costs, working with the right vendors brings peace of mind and lasting results. Condominium associations and management teams should prioritize due diligence in selecting vendors, recognizing that quality workmanship is an investment that pays dividends for years to come.