Being a real estate investor teaches you that renovations and restoration projects are a big undertaking. When coupled with a wrong contractor, the frustration and hassle can turn into more than you bargained for.
However, on the flip side, finding the right contractors for the job produce excellent work, punctuality within the promised time frame, and a fair price for the completed jobs.
Follow the tips below to cut out a lot of unnecessary frustration and hassle when searching for your quality contractor:
Get the answers to the important questions.
Do not sign any agreements before knowing the answers to these important questions:
- Are the contractors properly licensed and insured?
- Will they be taking care of all areas of the permit process for each part of the job?
- How is payment scheduled?
- How do they handle changes in the orders?
Add any other questions that are areas of concern to you. Make certain that you know the answers to all the important questions before being locked into a contract. If the contractors hesitate to provide you with the answers to your questions, you may want to hold off on hiring them.
Ask for References
Talk to others who have used the contractors you are considering. The internet offers several places to learn more about the contractors. Social media, search engines and forums can give you input from others who will share honest opinions, which may look a little different from the ones given to you by the contractor.
Talking to your local investment groups will probably include others who have worked with the contractor you are considering. Your local real estate and investment groups can also introduce you to many other quality contractors you may not know of yet.
Find out their reputation online.
Websites to check your contractor’s reputation are the BBB, your state’s licensing board, Facebook and Google. There are some people that cannot be pleased, which will be part of most businesses’ reviews, but only let that deter you if there are several other negative reviews. Angie’s List, Home Advisor and cash home buyers are sites that specialize in home and construction services.
Consider more than just the price.
Everyone wants to save money and cut expenses, but some of the cheaper bids also included cheap materials and poor workmanship. Trying to save a few dollars sometimes ends up costing quite a bit more than you thought it would.
Pay attention to the smaller details.
While a timely return phone call may seem like a small deal, it may be an indicator of a contractor’s work ethic and bigger concerns if the smaller details are not handled properly. Professionalism is important when hiring a contractor. You are looking for high quality work, which includes the small details too.
Taking the time to learn about who you are hiring to do your work is an important step in finding a good contractor. You don’t want to lose your profits due to bad repair work, which is a problem investors see more often than they should.