One of the most daunting challenges for residential real estate investors is finding the perfect fit for a job, whether it’s repairing a deck or undertaking a bathroom remodel. While Luna PMG maintains a roster of reliable vendors, it’s a dynamic list, and we continuously seek out top-notch professionals to stay competitive. Even as a management company, we encounter trials with new vendors when we grow our list or enter a new market.
For investors embarking on a project, there are key considerations we suggest prioritizing and maintaining throughout the process:
- Avoid paying for the entire job upfront. This practice may signal that the contractor lacks the necessary funds to assemble the required crew promptly. While it might seem like a bargain initially, it often results in prolonged timelines and incomplete projects.
- Opt to purchase materials directly whenever possible. This approach helps track expenditures accurately between materials and labor. We frequently have vendors arrange for direct payment to material suppliers, allowing us to scrutinize purchase orders thoroughly.
- Verify that the vendor is insured. While this may not seem crucial for every project, accidents happen to everyone. Without insurance coverage, you could find yourself liable for any mishaps, whether it’s a fall from a ladder or an unfortunate nail-related incident.
By adhering to these guidelines, you can navigate your project more confidently and mitigate potential setbacks along the way as well as ensure the work is done correctly the first time to avoid potential setbacks down the road.