Communication is the key when working with any vendor, but is especially imperative with a contractor.
Investors are suspicious of contractors, worrying that they’re about to be taken advantage of. Contractors may have valid concerns about working with investors as well.
Everyone wins when you are both working on the same page.
Here are some tips for successfully working with contractors.
1. Know What You Want – Have a Documented Scope of Work
This is critical. Too many people sign up with a contractor to have a certain job done, and in the middle of the job they realize that they want something else. That’s a big deal, and can wreak chaos on a contractor’s plans, perhaps causing him to have to undo some of what he’s done or to spend more time than he’d budgeted on your home. Changing the scope of work can cost you a lot. Keep it simple. When rehabbing investment properties remember – clean and functional, you will not be living here.
Don’t take it personal. Once you have established your market, complete the home to those standards. Granite is not needed in a Formica neighborhood. Always focus on apples to apples.