One of the most difficult aspects of investing in Dr. Phillips single-family rental properties can be locating competent and dependable contractors for property maintenance and renovations. Few investors have the time or resources to waste on employing a contractor who would blatantly produce subpar work. However, 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 possible to identify the trustworthy, fairly priced contractors you require for every work by being aware of a few basic tips, methods, and things to avoid.
Ask for Referrals
You need trustworthy contractors to complete the work if you’re a property owner. It is a good notion to seek out industry experts whom you intend on employing on a consistent basis. This will help you save a ton 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 recommendations from reputable real estate agents, property managers, and other property owners is an excellent starting point. Online research is another option for finding a contractor. Numerous websites make an effort to aid in the screening of contractors using client reviews or even expert advice.
Ask for References
Asking for references is yet another tip for locating a top contractor (or two). A good contractor will be pleased to give you the names of one or more former customers who can comment on their experience. Once you have a contractor’s name, be sure to find out about their dependability, expense, responsiveness, and flexibility. Did they honor the agreed upon price? How did they handle your worries and changes? It is in your best interest to continue searching if you have doubts about the answers you receive.
Research Your Top Picks
Before deciding on a candidate, it is essential to examine their credentials and online reviews thoroughly. Check with the state licensing board and local court records for the name of your contractor. You should avoid using unlicensed contractors because doing so could expose your rental property to significant liabilities. A high volume of grievances or legal actions is very negative news. The same applies if you can’t get the contractor to pick up the phone or return your messages. While a few missed phone calls are not necessarily indicative of trouble, if more than twenty-four hours pass without a response, you should move on.
Other red flags to look out for throughout the bidding process include the following. Consider keeping an eye out for things like negative internet reviews or eerily low costs, and avoid them if you find them. Also, it is recommended to avoid employing any contractor who requires a large deposit up front. Concerns should be made for anything above 15%. The same holds true if the contractor indicates that they will require limitless resources (time and supplies) or make broad declarations about how much they can accomplish in a short amount of time. Finding someone who is continuously realistic about project expenses and completion dates is as important to finding someone who can work efficiently.
Focus on Quality
Once you have evaluated several potential contractors, request bids from 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. Although it may be tempting, you should not accept the lowest offer, particularly if it is significantly lower than the others. Extremely low quotes may indicate that the contractor is attempting to entice you with a low price before tacking on additional fees. This may also indicate that the contractor has no intention of obtaining the necessary work permits. At the same time, it’s crucial to avoid paying too much for your contractor’s services. Target the median bid, which will likely be the most reasonable.
It can take some effort at first to find the perfect contractors for the upgrades and repairs you need to make to your investment property. But once you know who you can trust to do the work, that part of your property management strategy can turn into a quick and easy procedure. You can save yourself time by contacting Real Property Management South Orlando, who has established contacts throughout Dr. Phillips. Call us at 407-982-2000 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.