How To Vet And Hire The Right Real Estate Contractor
Choosing the right contractor for your fix and flip project is critical to its success. Hiring the wrong real estate contractor can seriously detriment your project and negatively affect deadlines. Second only to the investor, the contractor is the most essential part of the flipping process and directly impacts how profitable the project will be at the point of sale.
About hiring and vetting the right contractors
Recommendations Are Key
A high-quality contractor will be professional, knowledgeable and licensed with covered by insurance. When vetting contractors, they should have contactable references and a portfolio of previous work for you to view. The best way to find reliable contractors is through recommendations; friends and family who have recently done remodelling or building are a good place to start. The internet is another great resource – you can advertise on contractor marketplaces and search for options. Going online to check references and reviews is essential to shortlisting candidates – websites like Yelp, Thumbtack and Google Reviews should be a focal point in your search.
The National Association of the Remodeling Industry should also have a list of pre-screened contractors available in your area. If you’re making use of a building inspector for your property, they can also refer you to renovation contractors they know from previous projects.
Vetting Effectively
With a shortlist of potential contractors in hand, you should start contacting their former clients and asking their opinion of the contractor’s work. If possible, you should try to visit previous job sites, or ask to see photos of the finished project. Questions like whether the job site was safe, the renovations were done on time and the quality of work is key and should be ascertained. As the investor, you should also pay attention to how long the contractor has been in business, and in what role. For example, is the majority of their experience as a subcontractor or as a site supervisor?
You want to be sure to hire someone who will be qualified to handle the job. The ideal contractor will have their own dependable network of subcontractors, suppliers and other individuals they trust to work alongside them on the project.
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