The procurement of experienced, reliable contractors for your property renovations and repairs might be one of the most difficult aspects of investing in Fruita single-family rental properties. Few investors are willing to spend time or money on a contractor that delivers low-quality work. Yet in actuality, there are con artists and other people who will try to rob you of your money and then leave you. However, if you know a few easy tips and methods – and what to avoid – it is feasible to discover the trustworthy, fairly priced contractors you require for every project.
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. By doing this, you can save a bunch of time and money. But you must first conduct research in order to choose contractors you may develop enduring business ties with. Looking for suggestions from reliable real estate agents, Fruita property managers, and other property owners is a great way to begin. Online research is another option for finding a contractor. Some websites attempt to assist users in vetting contractors via customer evaluations or professional advice.
Ask for References
Searching for references is yet another tip for discovering a great 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. Once you have the contractor’s name, ask detailed questions about their reliability, price, availability, and flexibility. Has the agreed-upon price been honored? How did they handle your worries and changes? Keep looking if you have any lingering concerns about the replies you get.
Research Your Top Picks
Before deciding on a candidate, it is crucial to verify their credentials and web reputation. With the name of your contractor, contact the state licensing board and look it up in the local court records. It is not advisable to engage unlicensed contractors because doing so could put your rental property in serious trouble. 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 while a few missed calls might not necessarily imply danger, if more than 24 hours go by without a response, 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. In addition, it is recommended that you refrain from hiring any contractor who requests a high price upfront. Concern should be made if the number surpasses 15%. The same stands true if the contractor states that they will require an endless amount of time and supplies, or if they make bold claims about how much they can perform within a certain time frame. While efficiency is important, it’s as important to hire someone who continually keeps project expenses and completion dates in perspective.
Focus on Quality
Once you have evaluated a number of prospective contractors, get bids from them. The quote will give you an idea of the cost of the job as well as the methodology used by each contractor to determine their rates. 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. These can also be an indication that the contractor won’t be getting the necessary work licenses. Yet, it’s crucial to avoid paying too much for your contractor’s services. Aim for the middle offer, which is likely to be the most reasonable.
It can take some effort at first to find the perfect contractors for the modifications and repairs you need to make to your investment property. But once you choose whom you can trust to complete the task, this component of your property management plan can become streamlined and effective. Reaching Real Property Management Now, who has formed connections throughout Fruita, will save you time. Contact 970-314-7123 for more information today.
Originally Published on March 27, 2020
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.