Property Management Vendor and Contract Management Checklist
Effective vendor management protects property owners from liability and ensures service quality. This annual review checklist covers insurance verification, contract management, and performance evaluation for all property service vendors.
- Industry: Real Estate
- Frequency: Annual Review / Per New Vendor
- Estimated Time: 30-45 minutes
- Role: Property Manager / Operations Manager
- Total Items: 31
- Compliance: BOMA International Property Management Standards, State Contractor Licensing Requirements, OSHA Multi-Employer Worksite Doctrine (29 CFR 1910/1926), IRS Form 1099-NEC Independent Contractor Requirements
Vendor Insurance Verification
Verify all vendor insurance is current.
- Current Certificate of Insurance on file (not expired)?
- General liability coverage meets minimum requirements (typically $1-2M per occurrence)?
- Workers compensation insurance current for all employees?
- Auto liability coverage if vendor operates vehicles on property?
- Property owner named as additional insured on vendor's policy?
Contract Status and Renewals
Review contract terms and renewal dates.
- Written contract or service agreement on file for all regular vendors?
- Contract renewal or expiration dates tracked with advance notification?
- Contract pricing reviewed against market rates at renewal?
- Scope of work in contract current and matching actual services performed?
- Indemnification and hold harmless provisions protecting property owner in contract?
Vendor Performance Evaluation
Evaluate vendor performance.
- Vendor service quality meeting contractual standards?
- Emergency response time meeting service level agreement?
- Tenant or resident complaints about vendor services resolved promptly?
- No safety incidents caused by vendor personnel in past year?
- Vendor invoices accurate and matching contracted scope?
Licensing and Regulatory Compliance
Verify vendor licensing.
- Vendor holds required state contractor license for their trade?
- Required specialty certifications current (elevator, HVAC, fire alarm, etc.)?
- Vendor business license current in jurisdiction?
- Background checks required and performed for vendors accessing occupied spaces?
- Vendor personnel have required OSHA safety training for their work type?
Financial Controls
Verify financial management for vendors.
- W-9 on file for all vendors receiving $600+ annually (1099-NEC)?
- Invoice approval process requiring authorized signature before payment?
- Conditional and unconditional lien waivers collected from contractors per project completion?
- No unauthorized work performed without prior written approval?
- Competitive bid process followed for major contracts per owner policy?
Documentation
Maintain vendor records.
- Complete vendor file with contract, COI, license, and W9 current?
- Approved vendor list updated with current qualification status?
- Vendor performance history documented for contract renewal decisions?
- No conflict of interest between property manager and vendors (no undisclosed relationships)?
- Annual vendor review documented for all active vendors?
- Vendor management summary reported to property owner annually?
Related Real Estate Checklists
- Commercial Property Market Rent Analysis Checklist
- Property Management Move-In Condition Report Checklist
- Property Management Move-Out Inspection Checklist
- Real Estate Property Showing Preparation Checklist
- Commercial Property Insurance Program Review Checklist
- Commercial Lease Compliance Audit Checklist
- Property ADA Accessibility Compliance Checklist
- Eviction Notice and Lease Termination Compliance Checklist
Related Property Management Checklists
- Property Management Move-In Condition Report Checklist - FREE Download
- Property Management Move-Out Inspection Checklist - FREE Download
- Real Estate Property Showing Preparation Checklist - FREE Download
- New Property Management Onboarding Inspection Checklist - FREE Download
- Commercial Lease Abstract and Review Checklist - FREE Download
- Commercial Tenant Onboarding Checklist - FREE Download
- Commercial Property Market Rent Analysis Checklist - FREE Download
Why Use This Property Management Vendor and Contract Management Checklist?
This property management vendor and contract management checklist helps real estate teams maintain compliance and operational excellence. Designed for property manager / operations manager professionals, this checklist covers 31 critical inspection points across 6 sections. Recommended frequency: annual review / per new vendor.
Ensures compliance with BOMA International Property Management Standards, State Contractor Licensing Requirements, OSHA Multi-Employer Worksite Doctrine (29 CFR 1910/1926), IRS Form 1099-NEC Independent Contractor Requirements. Regulatory-aligned for audit readiness and inspection documentation.
Frequently Asked Questions
What does the Property Management Vendor and Contract Management Checklist cover?
This checklist covers 31 inspection items across 6 sections: Vendor Insurance Verification, Contract Status and Renewals, Vendor Performance Evaluation, Licensing and Regulatory Compliance, Financial Controls, Documentation. It is designed for real estate operations and compliance.
How often should this checklist be completed?
This checklist should be completed annual review / per new vendor. Each completion takes approximately 30-45 minutes.
Who should use this Property Management Vendor and Contract Management Checklist?
This checklist is designed for Property Manager / Operations Manager professionals in the real estate industry. It can be used for self-assessments, team audits, and regulatory compliance documentation.
Can I download this checklist as a PDF?
Yes, this checklist is available as a free PDF download. You can also use it digitally in the POPProbe mobile app for real-time data capture, photo documentation, and automatic reporting.