Appointing equipped, reliable contractors for property improvements and repairs can be one of the most onerous aspects of Plano single-family rental properties investment. Few investors have the time or finances to waste on a subcontractor who cannot deliver high-quality work. But the truth is that there are con artists and others who will attempt to defraud you of your money and abandon you. However, finding reliable, moderately priced contractors is achievable if you are aware of a few straightforward strategies and ideas as well as what to avoid.
Ask for Referrals
As a property owner, you seek trustworthy contractors to finish the job. It is a worthwhile endeavor to seek out industry pros that you will want to employ frequently. This will save you a great deal of time and money. However, you need to first carry out research to locate contractors that you can create a long-term business relationship with. Ask for referrals from reputable real estate agents, Plano property managers, and certain other property owners as a good starting point. Also, you can look up prospective contractors online. 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. Have specific inquiries about the contractor’s dependability, pricing, responsiveness, and adaptability after you have a contractor’s name. Did they charge the agreed-upon amount? How did they take your issues and changes? It is in your best interest to keep looking if you have concerns about the responses you receive.
Research Your Top Picks
It is vital to properly research licenses and online reviews of potential hires before selecting one. Consult your state’s licensing board and local court documents for your contractor’s name. Using unlicensed contractors exposes you to significant liabilities concerning your rental property. Many complaints or lawsuits are a negative indicator. The same appears to be true if you cannot get the contractor to respond to your calls or return your messages. Although a few missed phone calls are not always a sign of something amiss, if more than 24 hours have passed without a response, you should move on.
During the bidding process, there are additional caution signs to watch out for. For example, examine for unfavorable online reviews and suspiciously cheap costs, and if you discover them, steer clear. Beware of any contractor who wants a hefty advance deposit as well. Anywhere above 15% should be cause for caution. The same holds true if the contractor states that they will require a limitless amount of time and supplies, or if they make extravagant claims about how much they can accomplish within a certain time frame. It’s important to select someone who is regularly realistic about project expenses and completion dates even though you do need someone who can work efficiently.
Focus on Quality
Once you’ve screened a few possible contractors, get bids from them. Your understanding of the cost of the work and the technique used by each contractor will be based on the quote. Do not accept the lowest offer, particularly if it is much cheaper than the others. Very cheap bids may indicate that the contractor intends to tack on additional fees later on. They may also suggest that the contractor has no intention of acquiring the necessary work permits. The labor of your contractor should not be overpaid for, however. Target a middle bid, which will generally be the most reasonable.
It can take some time at first to find the correct contractors for your investment property’s repairs and improvements. 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. By getting in touch with Real Property Management Focus, who has connections all around Plano, you may save time. Contact us at 469-820-0088 for more information today.
Originally Published on March 27, 2020
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