As a real estate investor, your job is to make the best possible profit from the properties you purchase, renovate and sell – and that means it’s in your best interest to shop around for contractors. But everyone says that; what they don’t tell you is why. This guide explains.
Why Should You Shop Around for a Contractor?
Shopping around for contractors, even for small jobs, pays off in the end. If you’re unfamiliar with what a job should cost, it’s a no-brainer: You should contact at least three contractors to get price quotes. And even if you are familiar with how much a job should cost to complete, the best way to get competitive quotes is to let multiple contractors know you’re shopping around.
Related: 5 REI mistakes to avoid
Many Contractors Want to Be Competitive
A recent Angie’s List poll showed that as many as 80 percent of contractors were willing to drop their prices if it meant getting a job – and because you’re an investor, there’s a good chance that you’ll continue working with a contractor you can trust.
Let contractors know you’re shopping around for help – and that you’re an investor, so you’ll likely need their services again in the future – so they understand you’re not offering a one-off job and they’ll never hear from you again. When you do that, make sure to provide each contractor with all the essential details; more information is better than less. Then, when contractors give you estimates, compare them line-by-line to make sure your comparisons are accurate (and if you’re not sure about something, call and ask).
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