Communicating With Your ContractorBy JD Esajian on August 26, 2013
You may have the best real estate strategy or property, but if you do not have a team to put it all together, you won’t get very far. One of the most important members of your real estate team should be your contractor. Getting the right property at the right price is important, but it is your contractor that will make sure all of your estimates are accurate and that the work is done on time. The most important step in working with your contractor is communication. This may seem like a cliché, but it is no coincidence that the best investors usually work hand in hand with their contractors.
Before you get your first estimate from your contractor, you should talk about what each of you expects from each other. There is nothing wrong with telling them your goals, your expected number of properties a year and how you need them done. You should be able to get a sense if they can handle it and if they want to work with you. Once you find a property, give them as much notice as you can. You want to get up and running as soon as you get the keys. If they can’t do this, then you may have to find someone else.
For each property, you should come up with a schedule and a budget. Give this to your contractor weeks in advance and stress the importance of hitting these dates. As the real estate market picks up, contractors will get busier and may start to get booked weeks or even months in advance. If you treat them right, they will put you on the top of their list and want to work with you. Approach this relationship with integrity and you will make more money and have much less stress through every deal.