Quote from @Allan Smith:
I am a contractor in Nashville. Here are some things to try:
1. Include in the contract a penalty per week or day late. Some investors like to frame it differently and make it a "reward" bonus for finishing early or on time. Problem is, once the GC passes that deadline, there's no more motivation.
2. I'm not making excuses, but sometimes real surprises do come up and it is human to have delays. For example, Nashville TN is getting a new stadium built. How many of those has this GC done before? Can't be that many. There's limited humans on the earth who can even do this, much less predict EVERYTHING. So picking a contractor with more experience doing the exact same thing will help, but can only go so far.
3. The biggest impact to having a project run on time is picking the right contractor. This is an annoying answer, I know, but make sure to vet the GC carefully. You can go as deep with this as you want. The value for effort invested is asking to talk to other customers of theirs with similar projects. Interview them. You can also go further and ask for documentation of previous jobs AND EVEN asking for documentation to prove that. If they say it finished in budget, show me the concrete invoice you got and show me a screenshot of the proposal the customer signed!
4. The GC has the most control over keeping the project on track. However, you as the owner are not powerless. Some little things come to mind. Check in with the GC regularly, but not too often, and that will show them you are paying attention. It will affect their psychology. They answer emails for your job instead of another, etc. Pay them as quickly as you can while still protecting your risk. Don't just fire off checks, but try to look at the photos or go to the job to check the work within 24 hours. Make communication with you super easy. Fire back answers same day to their questions. And just like any other business in the world, try to be an easy customer without sacrificing your targets. In other words, don't design a house with a different paint color in every room if you can help it. Don't order appliances from 3 different stores. The list goes on.
Now as for red flags when choosing contractors, this is a list I need to fully write out and publish because it's so important and I've learned so much. Here's some things I look for:
1. How desperate are they for an up front deposit? If they have a sense of urgency about money or talk about it a lot, that means they don't have it. And let me tell you a secret: people good at what they do don't have trouble making money doing it.
2. Do they know what they are talking about? I've noticed 3 layers to this when I speak with my subs or even other GCs in the past: They have the knowledge, or they don't. But here's the 3rd: They know enough of the right words to trick you into thinking they know. Unfortunately, until you know what questions to ask, that 3rd category can slip through you.
3. Do they speak about similar projects to yours, and is there some way to look up verification? They can send you photos, but don't be afraid to google that address.
I read through this entire post. This is excellent info here.
Only issue is.....do these GCs exist HAHAHAHAHAHAH
I haven't found one yet, which is entirely why I got my own license and became my own builder. The same applies to subs, though.
On the flip side....you can absolutely get the best subs that do the best work possible, but charge far too much to have any economical sense. I've found there is a balance, and you get to choose between the contractor triangle.
Speed
Cost
Quality
You can pick two....
Cheapest isn't always best, most expensive isn't always best....I have paid a LOT for contractors that done garbage work and paid very reasonable prices for good work. You absolutely HAVE TO talk to them and get a sense of their knowledge.
THe best example I have of this, was when I need a door finished. A high end door...
I called 3 guys, 2 of them were the exact same price and when I asked about their process and what they use it was "let me check to be sure" The guy I actually hired was DOUBLE the cost but he told me his exact process, how he finishes doors, everything he does to make sure it fits, etc.
YOu have to vet them up and down and still you will make some mistakes along the way....
