Property management Co. wants $65 annually

[Jim Nazarian]

A property management Co. that we do some work for has contracted with a company called Registry Monitoring to track insurance coverage for all vendors that work on their properties, there will be an annual fee of $65.00 which will be used to pay for this service...anyone experience anything like this? its not a big deal & will help keep out competitors from low balling becuase they don't have insurance but it feels more like a nice way for the PM to collect a pretty good amount of money annually from scores of vendors.

http://www.registrymonitoring.com

 

[Farenheit251]

$65 sounds pretty reasonable. From what I hear some of the apartments here are turning over the whole accounts payable to outside companies who charge a much higher fee and take a percentage-that I would have a problem with.

 

[John Watson]

but it feels more like a nice way for the PM to collect a pretty good amount of money annually from scores of vendors.
Bingo, Give this guy a cigar, think you got it or a nice way to add a little vasoline before bending you over. Funny thing is they probably don't get any part of the $65, Man that sounds like a money maker for very little work and it is renewable every year.

For free you can have them listed on your ins and or bond and they are notified of any changes...

 

[Dolly Llama]

For free you can have them listed on your ins and or bond and they are notified of any changes...
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exactly.
My agent sends several out every year to different accounts

That's the first I've heard of something they're trying


..L.T.A.

 

[cu]

a few pm companys are doing the same here in ca...

 

[DRScrivner]

There is a setting in Quickbooks (07 and newer at least) that allows you to set an expiration date on your contractors insurance and then it autmaically reminds you to get updated copies.

The company is probably using an Enterprise Version of QB's- entering the info- 30 seconds of work, and making a phone call when they get the expiration notice on their QB's. Talk about a great dollar per hour return!

 

[windmarkbob]

More and more property investment groups are moving to third party companies to track compliance when it comes to insurance. In addition to this many are now requiring you add them to your policy as an "additional insured" which adds about $30/year to our cost. It'll only get more and more prevalent as it's a way to shift liability away from themselves.

Mr. Coffee