Spectrum Enterprises LLC
Finding A Contractor
In a landlord-contractor relationship, the former is expected to know more about concerns on repairs of a rental unit than the latter. In the first place, landlords need to know; especially if they have never hired a contractor before, whether to hire an outside contractor for regular maintenance and emergency repairs. Having a person very knowledgeable on repairs to keep your rental properties in good working order and safe for your tenants can bring you peace of mind. Besides, in business, these rental units can become a good investment.
1. Try to find out if the contractor is a member of any local building and remodeling association. You will be able to find out by calling them! Professional associations are great sources of information and referrals. Generally, if these contractors are members of an association, they give value to themselves as experienced professionals.
2. Expect that as a professional, your contractor should be licensed and insured. Most localities and states require contractor to hold the proper licenses. Landlords should closely scrutinize contractors and ask if they have liability insurance. Showing their license and insurance coverage documents is required of your repair professional or contractor before hiring one. You don’t want to find out later after your contractor walked out of the job or have already incurred damage to your property that your contractor has neither a license nor insurance, just because they say they do have one!
3. Insist on finding out how they collect deposits and progress billings. Homeowners and landlords should learn from nightmare stories of being swindled by unscrupulous contractors. Before the work has started, landlords should keep in mind that paying large deposits or the entire estimate in full; is a risk. Oftentimes we encounter landlords who never see their contractors again. You stand a better chance that they are reputable if your contractor is licensed by the state and a member of good standing in your builder’s association.
4. Find out also if the contractor has excellent references. References are a good means of finding out if a contractor has a good reputation. Too many dishonest contractors get away with illegal activities because landlords don’t make a background check on them. Why not try calling these contractors to ask for references who are not their close friends. By so doing, you prevent yourself and your tenants getting into an awkward situation of being subjected to legalities where your contractor is involved.
5. Find out also if the contractor has a criminal past. As a landlord, the safety of your tenants is your responsibility. Before you know it, you have already allowed sometime criminals in your vicinity and that is your potential liability. Consider running a thorough check on the contractor you choose before letting him sign the contract for complete security.
Spectrum Enterprises, LLC was created by investors for investors. We
recognize the importance of maximizing cash flow and profitability in
your real estate endeavors in Washington DC. Spectrum specializes in a
myriad of services, which consists of investments, consulting, sales and
property management. www.spectrum-ent.net
1. Try to find out if the contractor is a member of any local building and remodeling association. You will be able to find out by calling them! Professional associations are great sources of information and referrals. Generally, if these contractors are members of an association, they give value to themselves as experienced professionals.
2. Expect that as a professional, your contractor should be licensed and insured. Most localities and states require contractor to hold the proper licenses. Landlords should closely scrutinize contractors and ask if they have liability insurance. Showing their license and insurance coverage documents is required of your repair professional or contractor before hiring one. You don’t want to find out later after your contractor walked out of the job or have already incurred damage to your property that your contractor has neither a license nor insurance, just because they say they do have one!
3. Insist on finding out how they collect deposits and progress billings. Homeowners and landlords should learn from nightmare stories of being swindled by unscrupulous contractors. Before the work has started, landlords should keep in mind that paying large deposits or the entire estimate in full; is a risk. Oftentimes we encounter landlords who never see their contractors again. You stand a better chance that they are reputable if your contractor is licensed by the state and a member of good standing in your builder’s association.
4. Find out also if the contractor has excellent references. References are a good means of finding out if a contractor has a good reputation. Too many dishonest contractors get away with illegal activities because landlords don’t make a background check on them. Why not try calling these contractors to ask for references who are not their close friends. By so doing, you prevent yourself and your tenants getting into an awkward situation of being subjected to legalities where your contractor is involved.
5. Find out also if the contractor has a criminal past. As a landlord, the safety of your tenants is your responsibility. Before you know it, you have already allowed sometime criminals in your vicinity and that is your potential liability. Consider running a thorough check on the contractor you choose before letting him sign the contract for complete security.
Spectrum Enterprises, LLC was created by investors for investors. We
recognize the importance of maximizing cash flow and profitability in
your real estate endeavors in Washington DC. Spectrum specializes in a
myriad of services, which consists of investments, consulting, sales and
property management. www.spectrum-ent.net
