An issue that you might encounter when investing in Oviedo single-family rental properties can be hiring capable, reliable contractors for your property improvements and repairs. High-quality work contractors are what investors are looking to hire. An investor would want nothing less than that. Thankfully, you can avoid low-quality contractors and find the best ones. How? Here are a few simple tips and tricks.
As a property owner, getting good contractors is essential to getting good work done. Industry professionals are available to be hired to do work for you. It’s wise to tap into their resources to serve your purpose. By doing this, you’re able to mitigate your costs by sparing yourself unnecessary expenses. But to find contractors you can build long-term business relationships with, you first need to do your research. One way you can be thorough and safe is by being advised by trusted real estate agents, property managers, and even other property owners. You can also research potential contractors online. There are countless ways people vet contractors on the internet. They do this with customer reviews or even professional recommendations.
One way to get in touch with great contractors is through referrals. One mark of a quality contractor is transparency. They will typically give you names of previous clients they’ve worked with, in case you might want to verify their capability to deliver service. Once you get a name, be sure to ask specific questions about the contractor’s reliability, cost, responsiveness, and flexibility. Did the agreed price satisfy both parties? Were they professional in dealing with any concerns and changes? Have all the answers you’re looking for? Good! If not, don’t stop looking.
Once you have several potential contractors vetted, ask them to give you a bid. The bid will provide you with a blueprint of how contractors usually calculate their rates, as well as how much you can expect to pay for the work. However tempting the lowest bid might be, it would be wise not to dive right into it, especially when it’s significantly lower than the others. Some contractors bait clients into going for very low bids at a low price, only to surprise them with additional charges later on. It’s also possible that the contractor doesn’t want to have to obtain the required work permits. It’s also just as important that you don’t end up overpaying for your contractor’s work. Aim for the middle bid, which will likely be the most realistic.
In keeping with due diligence, make it a point to be aware of potential warning signs that could spare you from getting into potentially troublesome transactions. Check with your state licensing board and search local court records for your contractor’s name. Make certain that your contractors are licensed. Otherwise, they bring with them a serious liability to your rental property. A large number of complaints or lawsuits are troublesome. Also, a difficult contractor can cause you serious issues, like when they don’t take time to answer the phone or respond to your messages. While a few missed phone calls are not a sure sign of trouble, if more than 24 hours pass without a response, move on.
Be on the lookout for other warning signs during the bidding process. Contractors who demand a large deposit upfront can be problematic. Anything more than 15% should be cause for concern. Also suspicious is when a contractor demands unlimited time and materials or makes big promises about how much they can do within a specific timeframe. In your search for a contractor who is both effective and efficient, don’t forget to set your project costs and completion times realistically.
Searching for the right contractors for your investment property improvements and repairs will be time-consuming. But when you do find a trustworthy contractor who can get the job done, you can expect your property management to become less difficult and demanding. We can understand if this may come as something of a daunting task. We’re here to help. At Real Property Management Verita, we make your life just a little bit less complicated. If you want to know more about what we can do to serve you, don’t hesitate to contact us online or call us at 321-972-6823.
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