The hiring of competent, trustworthy contractors to make upgrades and repairs to your home can be one of the most difficult aspects of investing in Bixby single-family rental properties. Few investors have the time or resources to squander hiring a contractor who does subpar work. But, the truth is that there are con artists and other people out there who will try to rob you of your money and then abandon you. Fortunately, it is possible to discover the reliable, reasonably-priced contractors you seek for every project if you know a few simple tips and methods — and what to avoid.
Ask for Referrals
You want dependable contractors to wrap up the job when you’re a property owner. It’s a smart idea to look for pros in the field you want to work for you regularly. By doing this, you can save a bunch of time and money. But, in seeking out contractors who might cultivate long-term business partnerships, you must first carry out research. Ask for referrals from reputable real estate agents, Bixby property managers, and certain other property owners as a good starting point. Online research is another option for finding a contractor. Various websites aim to help with the screening of contractors by utilizing customer reviews and professional recommendations.
Ask for References
Getting references is an extra tip for selecting a quality contractor (or two). Top-notch contractors will be delighted to provide you with the names of one or more former customers who may share their insights. 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? It is in your best interests to keep searching if you have qualms about the answers you receive.
Research Your Top Picks
It’s crucial to properly investigate a hire’s credentials and internet reviews before making a decision. 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. A significant number of accusations or lawsuits is a bad indicator. The same holds true if you are having trouble getting the contractor to pick up the phone or return your calls. A few missed calls here and there may not be a sure sign of difficulty, but if more than 24 hours go by with no reply, it’s time to go elsewhere.
As the bid process is underway, there are a few other danger signs to look out for. Consider keeping an eye out for things like bad internet reviews or eerily low costs, and avoid them if you find them. Also, it is advised to avoid hiring any contractor who requests a substantial deposit upfront. Anything above 15% should raise red flags. The same is true if the contractor makes bold claims about how much work they can complete in a certain amount of time or indicates that they would require unlimited time and supplies. Finding someone who is continuously realistic about project expenses and completion dates is as important as finding someone who can work efficiently.
Focus on Quality
After vetting several possible contractors, seek 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. Although it may be tempting, you should not accept the lowest offer, especially if it is much cheaper than the others. Very low bids could indicate that the contractor is trying to entice you with a low price only to tack on extra costs later. These can also be an indication that the contractor won’t be getting the necessary work licenses. At the same time, it is crucial not to overpay for a contractor’s services. Target a middle bid, which will generally 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, if you decide whom you can rely on to carry out the job, this element of your property management approach can become simplified and profitable. Notifying Real Property Management Tulsa can help you save time because they have connections all around Bixby. Contact us at 918-532-7020 today.
Originally Published on March 27, 2020
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