Are you ready to flip houses for handsome profits? It’s imperative for you to hire experienced contractors for your rehab projects. However, you must manage the contractors throughout the entire process.
Here are several simple tips that will help you manage your contractor with ease.
Tips for Managing Contractors When You Flip a House
When you’re managing contractors because you’re flipping a house, these are the essentials:
- Establish open lines of communication
- Be professional
- Check in frequently
- Use itemized lists
- Watch your budget
Establish an Open Line of Communication
It’s vital for you to have an open line of communication with your contractor. This will help you and your contractor stay on the same page. Exchanging numbers will help both of you stay in touch. If any changes are made, they should be expressed in writing.
You should be courteous and professional. This will help you and your contractor have a good business relationship. Make sure you tell them that you respect their time and effort.
Check in Frequently
Checking in with your contractor frequently will pay big dividends. Touching base will help you keep tabs on progress – and it’ll give your contractor a chance to discuss issues.
Use an Itemized Job List
Preparation is the key to a successful home flip. Write a detailed list of the things that need to be done. Your itemized job list should express a timeline for each task. For example, the list will point out who will pick-up building materials and get the permits.
Unfortunately, many novice real estate investors fail to use an itemized job list for their rehab projects. This is one of the primary reasons why they run into trouble.
Make Sure You’re Notified of Any Problems
Make sure you tell your contractor to contact you via telephone if they run into a problem. This will give you an opportunity to make adjustments to the budget and schedule.
Don’t Allow Your Contractor to Go Over Budget Without Your Permission
It would be a huge mistake for you to allow your contractor to buy supplies and increase work hours without your permission. Make sure that your contractor understands that you have the last word on everything.
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