Truth from Scott McGillivray on Contractors?

Question

Hey Everyone - I saw this on BI this morning. Has this been your experience with contractors?

Link: http://www.businessinsider.com/contractors-dirty-l...

I tried to embed but didn't work.

Tatiana R. · Answer

Hi Carlos,

I think that he calls it a "secret" because most homeowners simply don't know that they should educate themselves. It's no secret. Contractors are in the business of making a profit... as all investors are! Contractors front the money for work, labor, and supply costs and expect a profit for the service and safety they ensure.

That said, there are absolutely contractors out there that will take advantage of customers that do not understand what they want or how much it generally costs. Always check your contractor's license number first and foremost. They must be insured to maintain that license which means that the customer (and the contractor!) are protected if and when something might go wrong.

On the flip side, as a contractor, my guy LOVES working with rehab/flippers that know what they want. If the contractor is honest and trustworthy, it is actually most difficult to work with clients that don't know what they want. These customers are most likely to not like what they get, change their minds, and are miffed that re-doing something will cost extra.

When preparing to meet with contractors, it is helpful to at least have a sketch of what you want, price out some of the features that you want (i.e. retro light fixures, tile, the fancy sink, etc.), or at the very least show your contractor magazine photos of the type of interior design you like! Get several price quotes to choose from and remember that the cheapest bid is not always the best. Contractors are not offended when they all meet at the same time to quote an estimate on your job either.

~Hope this helps. Happy investing!