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How to Find and Choose a Reputable Contractor for your Rental Property

If you have ever renovated a rental property, you know that choosing a reliable contractor will help ensure that your project goes off without a hitch. The trouble is, finding a reputable contractor here in Waco, TX is not as easy as it sounds. With what seems like countless options to choose from, and never-ending details to sort through, landlords can easily become overwhelmed, making a decision that could cost them. These 4 simple tips can help:

Draft an Extensive List of the Work you Need to Have Completed

Take time to list out the project scope in detail. This will help you find a contractor that specializes in exactly what it is you need, and also help define timelines and costs. Your list should include a brief statement that summarizes the project in its entirety, highlighting key objectives, goals, milestones, and technical specifications. You should also have an estimated budget in mind (with optional items to add or remove to meet your needs).

Ask Friends, Family, Colleagues, and Neighbors for Recommendations First

Before searching online, ask others you trust if there is anyone they would recommend for the job. Believe it or not, some of the best contractors often get most of their business through word of mouth referrals (and you may even be alerted to some of the worst). Once you receive several names, feel free to search online, sorting through recommendations individually (rather than looking at general star ratings).

Interview 3-5 Different Contractors, Receiving a Written Estimate from Each One

Going with the lowest bid is never the best option – all factors should be taken into account. Make note of the individualized services each contractor offers, their reviews, pricing, timelines, and professionalism. Also, be aware of any red flags (such as no online presence, a poor BBB rating, a lack of insurance, or pressure to sign on the day of for a specialized rate). Reputable contractors will be insured, have plenty of references, and will never expect a same-day sign.

Finalize your Contract and Payment Plan

Your contract should include start and end dates, a payment schedule, a description of the materials that are being used, and any detailed instruction. County permits and clean-up responsibilities should also be specified. If you currently have tenants living within your rental property, it is important that they are provided ample notice in order to make the necessary arrangements for themselves, their pets, and their belongings.

As a locally owned and operated property management company here in Central, TX, we have helped countless landlords in the Waco area find, select, and move forward with reputable contractors for simple projects through to the most complex. Our vast industry knowledge and years of expertise help ensure projects are completed on time and within budget – and can maximize your property’s value. Contact us today to learn more: 254-651-0576. We would love to hear from you!

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