The practice of preferred vendors is something that is common in the Insurance Industry. However, there are NO kickbacks to the insurer to be on that list. The insurers do that so that they can ensure that the vendors they recommend are competent, competitive and have solid business practices. Personally, I would not be in favor of any kickbacks to the property manager.
Selecting the right property manager is a difficult job at the best of times. I own several condo units and have served on boards as well. Having read many property management contracts, I find that you really need to check not only the monthly fee but what other fees are for additional services. The property manager we uses does NOT accept kickbacks. The do have a number of contractors they recommend but only because those contractors have proven themselves to be worthy!
Heather C on August 08 2018 at 10:46 AM