In this video you'll learn why you may be having a hard time finding a good contractor. The answer may surprise you. In some cases the problem is not the contractor, it may be you!
Canadian real estate investor and contractor Darren Voros walks you through why good contractors my not decide to take on your project. He'll also give you his tips on how to find a good contractor.
Finding good contractors should be easy. You ask for referrals from friends, family and colleagues, check their references, make sure they are licensed and insured, they're educated and experienced in the types of renovations you're looking to have done on your property, you get 3-5 quotes and choose one. It's simple right? If it was that simple why are there so many horror stories of bad contractors who have screwed over homeowners or not delivered on time or on budget even when you do follow the steps above.
There are plenty of bad contractors out there but there are also a lot of good ones so why is it so hard to find and hire good contractors. The problem is often us as investors.
Reason #1 - Your expectations are too high.
As investors, we are looking for a unique combinations of qualities. We want our contractors to:
1. Start projects on short notice
2. Be fast and efficient.
3. Always be available
4. Be punctual, reliable, and always stay on schedule.
5. Provide design ideas to improve projects.
6. Think outside-the-box and be able to problem solve.
7. Provide professional invoices and quotes, have proper licensing, and provide insurance coverage.
8. Give the highest quality work.
9. Have rock bottom prices.
You can see why it's so difficult to find a contractor that meets these qualifications because... they don't exist.
In renovation there are 3 elements. They are price, quality and speed. You can get two out of three so which one do you want to choose? You can get a low price and it can be done fast but your quality will suffer, you can get high quality and it can be done quickly but your cost will be higher and you can pay less and get good quality work but maybe your time will drag on because your contractor is working you in on the weekend to make some extra money or squeezing you in between other jobs.
Figure out what is most important to you as an investor and choose a contractor based on your needs
Reason # 2 - You don’t have a plan
A common problem contractors complain about is their clients don’t know what they want. They're relying on the contractors recommendation and then not satisfied when it doesn't meet the expectation of what they had in their mind. This often leads to avoidable changes, time delays, added costs and in some cases, contractors being fired or walking off a job site.
Another common problem is many investors don’t have a clue on how space can be laid out best or they choose items that don’t work for a space. Another problem that can present itself is when unrealistic requests are made based on where current services are located such as access to plumbing, electrical or HVAC systems.
The flip side to that is sometimes investors plan too much or want to be too involved in the process. A common way this presents itself is when contractors come and quote and then you never hear from them again. This indicates they didn’t like you or the job.
Some investors want an itemized quote line for line separating out labour and materials on every project involved in the renovation. The reason investors often want this kind of detail is so they can pick apart a quote and try to save costs. Here's the reality. Good contractors don’t need your business so if you’re a nightmare they’ll walk away or overquote you in hopes that if you’re so desperate at least they’ve built in a "pain in the ass factor".
Reason # 3 - Stop taking the lowest bid
Contracting is a service and not a product so you get what you pay for. You don’t want to overpay so how do you get the lowest price for the service you need? Compare price to service. Get 3-5 quotes and make sure you’re comparing similar services, eliminate the high and the low and choose from one of the middle 3 based on your needs.
How to find good contractors.
1.As for referrals from friends, family or colleagues or when that fails go online and look at reviews and ratings.
2. Look for a lawn sign in your neighbourhood.
3. Ask your contractor to give you the last 3-4 jobs they’ve completed. Not 3 references.
4. Pay attention to how your contractor communicates.
5. Ask trades you come into contact with who they like to work for.
6. Ask at your local specialty supply store who they recommend.
7. Use your gut instincts.
DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE FROM A LICENSED PROFESSIONAL BEFORE INVESTING ANY OF YOUR OWN MONEY.
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