Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
Do you give bonuses to your contractors?
If they go above and beyond?
If they finish on time or ahead of time?
For exceptional quality or service?
So you stay at the top of their list for future work?
For working through the weekend or at night?
What else?
How much money do you bonus?
Do you let them know in advance you will bonus if they _______?
J Scott, where does one find these great contractors in the Baltimore area? I need one for a small city rehab.
Jason S
Hey Jason,
I've only been back in the area for about 6 months now, so I haven't had the opportunity to build up a strong contractor network in the Baltimore area yet (it can literally take years to do). But, I've done 5 projects and do have a few recommendations for some subs that have worked out well so far. Shoot me an email with the types of subs you're looking for and maybe I can make some recommendations...
you and I work in two different worlds I assure you. I never expect anything for free nor want it. friends are friends and business is business. That way "bonus" never happens. what i make/ don't make shouldn't be any of the workers concerns, they get paid regardless.
That's the way it should be. I don't care what you make. I give a quote. You agree or don't. If you do. I do job, you pay timely. I don't bother you and you call me when/if a next job. I don't want to hang out with my customers. Because then the line gets blurred as you said between friend and business.
Real Estate Investor · New York City, NY · Member since 2014 · 121 posts · 47 votes
12y
I absolutely have provided bonuses for contractors and do believe that in markets where contractors are in demand it does help in building a relationship. Having said that, if I provide a bonus, I usually also have a penalty clause if the work takes much longer than expected. This usually minimizes contractors going to other jobs when they should be finishing what they promised at mine.
Investor · Jackson, MS · Member since 2013 · 56 posts · 42 votes
8y
@ J Scott
I see this thread is several years old, but I had a similar question. I've been investing in Iowa for about 8 years. In the next few years, I see myself moving down South. Currently, my sister works with me at property manager and assists with managing flip projectss. When I leave, she will be my boots on the ground.
I am trying to think of an incentive or bonus. I thought maybe a percentage of the profits from a flip --as she will be doing more work finding and analyzing the deal. this isn't for reward or motivation as much as I'd like she to feel more ownership. Any thoughts? Any advice is appreciated. Thank you