As a real estate investor, you are bound to be working with contractors, how do you reduce challenges with contractors? Now I’m sure you know, not all contractors are created equal, the same goes for investors… we know. We’ve experienced terrible, so-so, and wonderful contractors. Hey, we all have our strengths. It’s tough to find someone you work well with and trust to do the right thing. Our team of contractors we have now are golden but like all real estate investors, it took us some time to find a solid team. There are ways to reduce conflicts between you and your contractors, keep reading for some pointers!
Make them sign a contract.
This contract will ensure that they know their role. You are paying them to do work on the property. Having this in writing will reduce the chances of the contractors running off with your money. Most reputable contractors are not going to have you pay an arm and a leg up front.
Build a strong relationship with your contractors
Taking time to understand who they are will help you establish the best means of communication throughout your time working together. This can take time but having a better understanding on both sides will help you work TOGETHER in this and upcoming projects.
Let them own the project.
Yes, the property is yours but let them own the project. They will have more pride in it. Don’t micromanage your contractors but communicate with them often.
Communicate with them clearly
Tell them what you want at the beginning of the project. Ask them their ideas and thoughts. Be fair and show them respect. The work that they do is important. Be transparent with them. Managing both parties’ expectations up front will cause less turmoil in the long run.
Be available
If they are stuck and need help, answer their call! They need help, ask if there is anything you can do. You may end up getting your hands dirty but that’s good for everyone every so often.
Of course, there is always more that you can do but these 5 tips should help salvage the relationship and partnership with your contractors! Be good to them, they are crucial to your business!