It is no secret that every good real estate investor needs a reliable contractor. Whether your business is built on flipping houses or buying investment properties, a quality contractor is essential. A high-quality contractor will produce top-notch work and cut off potential problems before they get out of hand. In fact, they are the key to having a solid real estate business whether it is for simple maintenance or full customization.
The demand for quality contractors is high and this may result in scarcity and difficulty in finding a keeper. You may go through half a dozen before you find the right fit. The key is never to settle for an average contractor and when you find one you mesh with, do everything in your power to keep them. The contactors you keep, is a reflection of you and your business.
Here are few tips on how to find quality contractors:
- Use Your Network: There are several ways to find a contractor. However, just like any other business you are almost always better off starting with your personal contacts. You never know who may be able to supply a quality contractor referral. You should also keep your ears open at local networking events and real estate investment groups. Referrals are usually great since most times the contractors already have a relationship with your network and would not want to lose any good relationships.
- Be Fair: It is human nature to always try to get the best possible deal. Anytime we are faced with a purchase, whether it’s buying a house, car, or phone there is the instinct to negotiate. However, you need to know when to pick and choose your battles. You often get what you pay for in business. Instead of looking for the contractor that can give you the best quote or undercut the competition you are looking to find the right fit. You need to balance quality of work with availability and price. High quality contractors should be rewarded accordingly.
- References/Referrals: You should treat finding a contractor almost like interviewing someone for an important job. Be sure to ask for references and follow up with those references. Perhaps you can also look at past projects that were completed by the contractor through references provided. This may go a long way.
- Small Projects: You may use a contractor on a small project before contracting a rehab project. You would be able to see how well they work on the smaller projects and then proceed to bigger ones. Some things to consider include:
How well do they communicate on what they are going to do and how they will do it?
Are there any last-minute issues that make you think twice?
Do they want more work and are confident they can handle bigger tasks?
This opportunity should be treated like an internship before offering the position. There are plenty of quality contractors in every market. Although it is not easy to find one or a few, it is in fact possible. Use these tips to assist you in finding the right contractor for your home renovations or your business.