Hiring qualified, dependable contractors for property improvements and repairs can be one of the most onerous facets of Moody single-family rental properties investment. Few investors have the time or finances to waste on a subcontractor who cannot deliver high-quality work. But in actuality, there are people out there who will try to con you out of your money and then abandon you. Fortunately, finding the trustworthy, fairly priced contractors you require for work is achievable if you are aware of a few basic tips and methods as well as what to avoid.
Ask for Referrals
For the job to be finished, you as a property owner need contractors you can trust. It’s a good idea to look for industry experts you want to work for you again and again. The time and money you save will be substantial. However, you need to first carry out research to locate contractors that you can create a long-term business relationship with. Requesting connections from trustworthy real estate agents, Moody property managers, as well as other property owners is a smart place to start. Also, you can look up prospective contractors online. Lots of sites try their best to help in the screening of contractors by using customer reviews or expert suggestions.
Ask for References
Asking for recommendations is another wonderful technique for choosing a quality contractor (or two). A good contractor will be happy to give you the names of one or more former customers who can comment on their satisfaction. Have specific inquiries about the contractor’s dependability, pricing, responsiveness, and adaptability after you have a contractor’s name. Did they charge the agreed-upon amount? How successfully did they handle your requests for modifications and concerns? Keep looking if you have any lingering concerns about the replies you get.
Research Your Top Picks
It’s essential to thoroughly research a candidate’s credentials and internet reviews before deciding to hire them. Look up the name of your contractor in local court records and with your state’s licensing board. Using unlicensed contractors exposes you to significant liabilities concerning your rental property. Several reports or lawsuits are an ominous sign. The same is true if you have a struggle getting the contractor to pick up the phone or return your messages. Although a few missed phone calls are not always a sign of something amiss, if more than 24 hours have passed without a response, you should move on.
Several other warning signals should be observed during the bidding process. For example, be on the lookout for poor online reviews or suspiciously cheap costs; if you find either, avoid the business. Also, it’s recommended to steer clear of any contractor who requests a sizable upfront deposit. Anything above 15% is a reason for alarm. The same holds true if the contractor indicates that they will require limitless resources (time and supplies) or makes sweeping claims about how much they can accomplish in a short amount of time. It’s important to select someone who is regularly realistic about project expenses and completion dates even though you do need someone who can work efficiently.
Focus on Quality
Request bids from possible contractors after you’ve screened a few of them. The bid will outline how each contractor determines their prices and give you an idea of what you may anticipate to pay for the work. Avoid choosing the lowest bid, even if it is very tempting and far less than the others. Very cheap bids may occasionally be an indication that the contractor is attempting to get your business by offering a low price only to tack on extra fees later. Also, they might be a sign that the contractor has no intention of getting the required work licenses. The labor of your contractor should not be overpaid for, however. Consider accepting the midway offer; it will probably be the most reasonable.
It can take some time at first to find the correct contractors for your investment property’s repairs and improvements. But once you know whom you can trust to do the work, that part of your property management strategy can turn into a simple and swift process. By getting in touch with Real Property Management Victory, who has connections all around Moody, you may save time. For additional details right away, contact us at 205-793-0700. We’ll be glad to answer any of your questions.
Originally Published on March 27, 2020
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