It’s easy to hire a contractor, but hiring the right contractor takes a little legwork. If you just want to hire a contractor, Google local contractors in your area and the list will be endless. How do you choose?
If you can’t do the work yourself it’s important to your real estate investing business in building relationships with reliable professionals you can trust to be there when you need them and deliver on their promises.
There are swarms of people who’ve had bad experiences with contractors and their stories are many. Some pay hefty deposits and schedule the work and then never hear back. The contractor is MIA. So is their money.
Other contractors collect the deposit, begin the work and then disappear. Not good for business. You can bet they don’t get referrals from clients they’ve ripped off.
Instead of playing point-and-click with Google, ask friends and family for referrals when hiring a contractor. Coworkers are also a good resource. Your local chamber of commerce may also be able to provide a list.
You’re investing a lot in your real estate investment business. Your time and money are valuable. Spend the time upfront and you won’t be spending unnecessary cash on the back end.
There are many reputable professionals out there. You may also want to check Yelp for both positive and negative reviews. Don’t take everything at face value. Do your research!
Another resource will be your local homebuilders’ association. Contact them for a list of members and contact each one. Be sure to ask for a list of references if available.
Check to see if contractors belong to other trade associations and if there is a code of ethics they are required to abide by. Ask if there is a minimum number of satisfactory work hours completed. Are there trade exams required? Call The Better Business Bureau to see if any complaints have been filed.
It’s always best to gather information and build your team before you require services. The last minute or emergency transaction might force you to make hasty decisions and ones you might later regret. Take time to interview and select contractors before the need arrives. Put yourself in the position to choose. Not every contractor is right for every job.
You’re investing a lot in your real estate investment business. Your time and money are valuable. Spend the time upfront and you won’t be spending unnecessary cash on the back end. In our next article, we’ll address red flags.