Quality Property Management = Profitable Returns
No matter if you are a homeowner intending to remodel or if you have just hired a property manager while living in Manhattan, you are both seeking to find the right contractor for the job.
Before you start seeking a contractor, you may want to seek advice from family and friends. Use people that have been through the process and may have a recommendation to help you jump-start your search. It doesn’t matter if the project is different from your associates; the company they used generally will have skills for your project. Get references for the contractor from their past clients.
I have a friend living in New York that is a property manager that uses this technique by talking to the employees at the inspection department to find contractors. The employees know the contractors that are reliable and those who do not provide quality work. Knowing the bad contractors helps to avoid mistakes on projects. If you know a property management company such as Cottsdale Property Management, ask them for reputable contractors. All property managers, just like me, are constantly hiring contractors. We don’t want to waste money on terrible work or have to redo a project. We certainly don’t want to overpay for the work either. We also make sure to verify the contractors with the Better Business Bureau for complaints against the potential contractors.
When you are seeking a contractor, you will generally interview two different contractors. Contractors have different prices and quality of work, which you will use to determine if you hire them for your project. If a contractor gives you a bid that is the lowest, it doesn’t guarantee the work will be the best since the lower bids often includes cheaper materials that are inferior. You also most likely have to decide not to have the Jacuzzi with the edging, but do you really need it in the first place?
You will need to verify that contractor is insured and licensed. When the contractor isn’t licensed, you will have problems during the inspection, especially in New York. In the situations where there isn’t an inspection, the rule of thumb is when a contractor is a professional and serious about their work; they will take the time to get a license to show they are serious about their business and work quality. The insurance is very important. When the contractor doesn’t have insurance, the liability becomes your responsibility.
The most important part of hiring a contracting company is the contractor. When the contractor fails to provide details for the project, you will end up in court. With a detailed contract, you avoid the legal hassles and headaches.
The need to begin your project by having a detail written idea. List the types of molding, the grade of the paint, the expected levels of quality, and how you want the end results to be for the project. List the beginning dates and the ending dates. This information will be a large part for defining the responsibilities of the contractor. When you specify the type of work you expect, you are stating in writing what you want from the contractor. Let the contractor know the types of surface for the painting project. List the details such as the possibility of the chemicals used to strip off the old pain, the removal of the paint will help to avoid health hazards as well as the release of any possible liens placed on the work performed by the contractor. You want to have in writing the expectations so the contractor can’t take you to court due to your failure to list the details in the contract if the contractor fails to pay their suppliers. The contract also needs to detail who pays for the permits for the project. Remember that New York has high fees for the permits.
Once you have agreed on the terms of the project with the contractor, you will need to make a down payment for the project. Do not pay half of the total costs for the project. Generally, one third of the total fees are acceptable.
Do not pay the final payment until you are completely satisfied with the finished project. Hold out on the payment until you are totally satisfied with all the work performed.