As a property owner, it would serve you well to get in touch with competent contractors who will keep their end of the bargain. Many industry professionals are capable of doing good work for you. All you need to do is hire them! By doing this, you’re able to mitigate your costs by sparing yourself unnecessary expenses. But to find contractors you can build long-term business relationships with, you first need to do your research. One way you can be thorough and safe is by being advised by trusted real estate agents, property managers, and even other property owners. You can also research potential contractors online. Vetting contractors through customer reviews or even professional recommendations are easily accessible on the internet. You can use this to your advantage.
Need help looking for great contractors? Ask other people — referrals are quite helpful. Quality contractors will be transparent about their service. One way you can verify this is by asking them for a name or two of previous clients who can vouch for them. Once you get a name, be sure to ask specific questions about the contractor’s reliability, cost, responsiveness, and flexibility. Was the agreed price followed? Regarding any concerns and changes, did they take it well? Should you still have doubts, it would be wise to continue the search for a good contractor who can offer you the details you are looking for.
Once you have several potential contractors vetted, ask them to give you a bid. The bid will provide you with a glimpse into the usual rates of what to pay for work, as well as how these contractors might calculate the expenses of their services. However tempting the lowest bid might be, it would be wise not to dive right into it, especially when it’s significantly lower than the others. Be wary of very low bids. This might be the doing of a contractor who is trying to hook a deal for low prices, to charge additional expenses later. It could even be that this contractor is trying to find ways to obtain work without the required permits. It’s also just as important that you don’t end up overpaying for your contractor’s work. Aim for the middle bid, which will likely be the most realistic.
In your search for good contractors, be aware of potential warning signs. This can come in the form of bad reviews or suspicious pricing. Check with your state licensing board and search local court records for your contractor’s name. At all costs, avoid contractors who don’t have a license. This will expose your rental property to serious liability. A large number of complaints or lawsuits is an automatic red flag. Another red flag is when the contractor rarely answers the phone or responds to messages. While a few missed phone calls are not a sure sign of trouble, if more than 24 hours pass without a response, move on.
Be on the lookout for other warning signs during the bidding process. As an example, don’t deal with a contractor who asks for a large deposit upfront. Anything more than 15% should be cause for concern. You should suspect any contractor who makes big promises about how much they can do within a specific timeframe, or when they demand unlimited time. In setting your goals, work with a contractor who can realistically estimate projected costs and completion times with common sense.
In your search for the right contractors for your investment property improvements and repairs, you will spend time and money in the beginning. But when you do find a trustworthy contractor who can get the job done, you can expect your property management to become less difficult and demanding. We can understand if this may come as something of a daunting task. We’re here to help. At Real Property Management Longhorn, we make your life just a little bit less complicated. If you want to know more about what we can do to serve you, don’t hesitate to contact us online or call us at 512-580-3099.
