To be successful in real estate investing, it's important to develop and maintain a trusted network that can help you get the job done. Unless you're a seasoned pro at home renovations, one of the most valuable players in your business will be a contractor. They are vital to ensuring your project is completed to the highest standards and within a timely manner. A good contractor understands the local market and is reliable. So how do you find a trustworthy contractor? Here are some tips:
Ask family and friends about contractors they’ve worked with in the past. If they’ve had a bad experience, they’ll tell you. But, if they had a good experience, it can often lead to the best finds.
You can also refer to the National Association of Remodeling Industry, an organization dedicated to providing high-quality remodeling professionals.
Talk to them on the phone, meet with them in person
Once you’ve received recommendations or you’ve done some research and identified a potential contractor, it’s important for you to do a phone interview and meet them in person. You must feel comfortable with the person you are working with, and you both must understand each other’s expectations and terms of the project. If your gut tells you this isn’t the right person after speaking with him or her, you should consider other candidates.
Get multiple bids
Sometimes you just know when someone is the right fit, but it would benefit you to do your due diligence and consider multiple contractors. Ask them to provide you a detailed quote for your project - so you can compare.
More expensive does not mean high-quality. It’s important you look at their experience overall.
Also, having multiple bids can help negotiations.
Be sure they are bonded, licensed and insured
Contractors have risky jobs. They work in dangerous environments with hazardous materials and tools. It’s important when you hire a contractor they have all the proper legal documents they need to protect themselves, as well as you and your project.
Get your contract in writing
Don’t start your project until you have all the terms and conditions in writing. It contract should outline the details of the project from start to finish, include price and payment schedule, the timeline of the project, whether additional personnel will be hired, the materials and costs of materials, and any changes made along the way. A written and signed contract will protect both you and the contractor from any misunderstandings that could arise.
At the end of the day, having a good, trustworthy contractor on your team can save you a lot of time, money and effort.
Have questions or need recommendations for trustworthy contractors for your next home renovation or fix and flip project? Contact Us Today.