The hiring of competent, dependable contractors to handle your property improvements and repairs can be one of the most difficult aspects of investing in Midwest City single-family rental homes. Few investors have the time or resources to squander on a contractor who would blatantly produce subpar work. In actuality, however, there are con artists and others who will attempt to defraud you of your money and leave you stranded. Fortunately, if you’re familiar with a few simple tips and tricks – and what to avoid – it is possible to find the trustworthy, reasonably priced contractors you require for every project.
Ask for Referrals
You need reputable contractors who can finish the job if you’re a property owner. It’s a good idea to hunt for industry experts you’ll want to work with on a regular basis. This will save you a great deal of time and money. But you need to begin with research in order to select contractors with whom you can build lasting business relationships. Requesting referrals from respectable real estate agents, property managers, and other property owners is an excellent location to begin. Additionally, you can look up prospective contractors online. Many websites make an effort to assist in vetting contractors through client evaluations or even expert suggestions.
Ask for References
Asking for references is another trick for finding a fantastic contractor (or two). A quality contractor will gladly provide you with a list of references who can testify to their experience. Once you have a contractor’s name, be sure to find out about their dependability, expense, responsiveness, and flexibility. Has the deal agreed upon been honored? How well did they address your concerns and implement your changes? If you have doubts about the answers you receive, you should continue searching.
Research Your Top Picks
It’s crucial to conduct a comprehensive investigation of licenses and online reviews before making a hiring decision. Look for the name of your contractor by consulting your state’s licensing board and local court records. Using unlicensed contractors could expose your rental property to considerable liability, therefore you should avoid doing so. A huge number of grievances or lawsuits is a very dangerous indicator. In the same way, if you are having trouble getting the contractor to pick up the phone or return your messages, it is their responsibility to do so in a timely manner. Even while a few missed calls might not necessarily indicate danger, if more than 24 hours go by without a response, move on.
During the bidding procedure, there are additional red flags to watch out for. For instance, keep a look out for poor internet reviews or suspiciously cheap prices and avoid the site if you discover them. Additionally, it’s recommended to steer clear of any contractor who requests a sizable upfront deposit. Concern should be expressed if the percentage exceeds 15%. The same holds true if the contractor says that they are going to need an unlimited amount of time and materials, or if they make exorbitant assertions about how much they can do within a specific time frame. It’s important to select someone who is realistic about project expenses and completion dates even though you do need someone who can work efficiently.
Focus on Quality
Ask for a proposal from each potential contractor after you’ve vetted a few of them. The quote will give you an idea of how much you may expect to pay for the service and how each provider determines their rates. Even while it could be tempting, resist the urge to accept the lowest offer, especially if it is much less than the others. Very 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. Additionally, they can indicate that the contractor does not intend to secure the necessary work permits. At the same time, it’s crucial to avoid paying too much for your contractor’s services. Aim for the realistic average bid.
It can take some time at first to find the correct contractors for your investment property’s repairs and improvements. That part of your property management strategy, however, may become a quick and easy procedure once you know who you can count on to complete the work. You can save yourself time by contacting Real Property Management Elevate, who has established contacts throughout Midwest City. Call us at 405-876-7611 for more information today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
