In my first “Quick Point” episode, I address the topic of managing your contractor; it is a big problem for some rehabbers. I give you tips and techniques that I have been using for years! Here is the outline of the topics I discuss:
Managing your contractor
- Never use friends or family.
- Get an itemized quote.
- Agree on the numbers and get them in writing.
- Agree on a timeline and a finished date. Then, add on 10% to 15% more time.
- Establish how “overages” will be handled.
- Do not give your contractor all money up front.
- Put all agreements (quote, timeline, etc) in writing.
- Be on-site regularly.
- Be firm but fair.