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Why Are Vendors Becoming Scarce?

Commercial Real Estate Vendors - Milbrook Properties - FL, NY, NJ, PA, MD, DE

If you have recently tried hiring property maintenance vendors for plumbing, HVAC, electrical, decorating, and carpentry services, chances are it was challenging. Because property maintenance requires knowledge, experience, and skills, finding high-quality vendors is like searching for a needle in a haystack. Keep reading to learn why property management vendors are becoming scarce and what can be done to reverse or mitigate this.

Shortage of Vendors

Based on the data collected from two Agni surveys and one ACS (American Community Survey), 77% of people reported a labor shortage in the skilled trades sector. The report also showed a massive 53%, 29%, and 22% hirer income of general contractors, electricians, and plumbers compared to the general population. The two major reasons were job satisfaction and entrepreneurship opportunities, as people are now eager to build a business rather than work as contractors or fix repairs.

What Can Be Done to Reserve the Property Maintenance Tech or Property Management Vendors?

Here are some ideas to help overcome the vendor shortage in the property management and property maintenance industry.

Provide Education

According to an article by Paul F.P. Pogue, eliminating vocational classes from the high school curriculum is one of the biggest factors that caused a shortage of tradespeople. Shop and mechanical classes provided the first hands-on experience to students, and developed an interest in property management and maintenance. Taking these classes out of the education system created a major gap as no student had the chance to explore the field.

Adopt Technology

Like other industries, COVID-19 enforced the adoption of technology in the home service sector as well. A report by Angi stated that 21% of vendors adopted third-party financing tools, 47% incorporated digital payment solutions, 42% adopted digital tools for planning, 3% added virtual meeting tools, and 39% adopted online tools to generate quotes. This has made property management easier and improved the vendor and manager relationship.

For example, centralized communication has made it possible to keep a record of all the services and get in touch with the vendors in one click. Moreover, AI-based tools can be used as virtual assistance that takes in requests from the residents and schedules a booking with the vendors.

Create Employment Opportunities

Look for people searching for employment opportunities, teach them the skills, and give them work. This is an excellent way to get more staff. Furthermore, if there are military retirees in your community, you can also train them for the job.

Property Managers In FL, PA, NY, DE, NJ, MD

Since its establishment in the early 1930s, Milbrook Properties Ltd. has helped in maintaining and managing more than 1500 residential and commercial real estate properties. Milbrook Properties Ltd. provides property management solutions tailored to your unique needs. To schedule an appointment, give us a call today!


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