Hiring qualified, dependable contractors for your property improvements and fixes can be one of the most difficult aspects of investing in Palatine single-family rental properties. Few investors have the time or resources to hire a contractor who isn’t able to produce a good quality job. 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. It is fortunately easy to find the dependable, reasonably priced contractors you require for every job by being aware of a few basic tips, methods, and things to avoid.
Ask for Referrals
You need reputable contractors to complete the work if you’re a property owner. Finding industry experts you want to work for you time and time again is a fantastic idea. The time and money you save will be substantial. But, you must first do research in order to discover contractors with whom you can establish a long-term business relationship. Asking for referrals from reliable real estate brokers, Palatine property managers, and other property owners is a wonderful place to start. Potential contractors might also be researched online. Many websites try to help clients in vetting contractors through client reviews or expert referrals.
Ask for References
Asking for references is another technique for choosing a fantastic contractor (or two). A contractor of high caliber will gladly give you the names of one or more former customers who can testify to their experience. Once you have a contractor’s name, inquire about their price, reliability responsiveness, and adaptability. Did they honor the agreed-upon price? How did they manage the changes and your doubts? It’s best to keep looking if you have any reservations about the answers you hear.
Research Your Top Picks
It’s crucial to properly investigate a hire’s credentials and internet reviews before making a decision. Verify with the state licensing board and local court records for the identity of your contractor. You should not use unlicensed contractors, as doing so could expose you to severe liabilities regarding your rental property. A significant number of accusations or lawsuits is a bad indicator. The same applies if you have problems getting the contractor to take your call or attend to your messages. While a few unanswered phone calls are not always indicative of problems, if more than 24 hours pass without an answer, you should move on.
Throughout the bidding process, there are a few extra bad signs to look out for. For instance, keep an eye out for negative internet reviews or suspiciously low costs, and avoid the business if you discover either. A contractor who requests a large advance deposit should also be avoided. Anything above 15% is a reason for alarm. This is additionally true if the contractor mentions that they will require unlimited time and supplies or makes significant guarantees about how much they can achieve in the time frame specified. It is crucial to select someone who is continuously realistic regarding project prices and completion deadlines, in addition to someone who can work efficiently.
Focus on Quality
Get potential contractors to submit bids after you’ve screened a few of them. The bid will outline how each contractor determines their prices and give you an idea of what you may anticipate to pay for the work. Don’t accept the lowest offer, even though it could be alluring, especially if it is substantially less than the others. Extremely low bids can indicate that the contractor is trying to get your business by offering a low price only to tack on extra fees later. Also, they might be a sign that the contractor has no intention of getting the required work licenses. Also, keep in mind not to overpay for your contractor’s work. Strive for the middle offer because it will probably be the most reasonable.
It may take a little while to start looking for the best contractors for your investment property’s repairs and upgrades. That part of your property management strategy, however, may become a quick and easy operation once you know whom you can count on to finish the task. Notifying Real Property Management Northwest Chicago Suburbs can help you save time because they have connections all around Palatine. Contact us at 847-892-4040 for more information today.
Originally Published on March 27, 2020
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