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Working with General Contractors

At 555 Equity, LLC, we love buying your unwanted rental property and being helpful. If you have decided to renovate your rentals, here are three tips for working with general contractors.

  • Always get three bids for your project.
  • Get everything in writing.
  • Collect and check their references

Always Get Three Bids for Your Project

A good bid begins with a clear Scope of Work you should prepare for the renovations you want to do. No detail is too small so remember to include everything. Afterward, contact at least three General Contractors (GCs). Each will have different pricing structures, time frames to complete your project, differing quality, etc. Your goal is to give yourself choices so you can pick based on your top priority.

Get Everything in Writing

Although it may seem obvious, you need to get everything in writing. Be detailed about everything you want, especially about how the GC will get the job done, how they will fix mistakes, and how they will address cost overruns. If you’ve never worked with a GC before, it’s easy to miss important details, like forgetting to add a penalty clause for missed construction deadlines. Seeking legal counsel to review your contract or draft an agreement is always a good idea.

Collect and Check Their References

Every renovation project is different, so checking your GC’s references is always a good idea. Ask their previous clients about their experience working with them. Specifically, you can ask;

  • How did you like the quality of the work?
  • Did they stay on schedule?
  • Were they willing to address any errors?
  • How well did the subcontractors work?
  • Were they organized?
  • Did they clean up after?
  • Did they honor the contract?

Once you have decided to work with them, give them space to display their expertise. GCs are professionals, and this is how they make their living. Also, provide them with room to manage their team and subcontractors. Finally, communication is key, especially when price adjustments arise, and they often do. Clear communication for whatever they need helps you make the best decision.

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