As a real estate investor, you know that completing renovation projects can be expensive and time-consuming. Unless you’re a professional, it’s often best to hire a contractor to handle your renovations.
A reputable contractor can help you speed up project timelines, keep costs low, and protect your investment. Here are a few reasons why hiring a contractor is worth it for you as a real estate investor.
Licensed and Insured
When you’re shopping for contractors, you may notice that most companies advertise themselves as “licensed, bonded, and insured.” These are all important terms to know about. They can make a big difference in your business’s success, so it’s worth learning what each means.
The first term, licensed, refers to a specific state license that businesses must obtain before they can operate in their respective professions. Each state has different licensing requirements and costs, so it’s best to check with yours before hiring a contractor.
Bonds and insurance are the two other key points of reference to help you determine if the company you’re considering is trustworthy and reliable. A bonded contractor will have a bond as part of their contract with the client and can be sued for failure to finish a job, whereas an insured business will have insurance policies that protect their clients and themselves in case of mishaps or damages.
Hiring a licensed and insured contractor will help you get the most protection for your money. This is especially important when dealing with public jobs where a lack of proper licensing can lead to fines or even jail time.
Reputation is one of the most important factors in your success as a contractor. It can mean the difference between making a good profit or a disastrous loss. Your reputation is what people believe about you, your company, your product or your services.
Reputations are based on belief, and beliefs are one of the most powerful forces in the universe. They are the basis of civilizations, culture, and even genocide.
A contractor’s reputation can be determined by his or her safety history, skills and customer feedback. Raiven’s platform uses this information to assess contractors and determine whether they are right for the job or not. However, it’s also important for contractors to maintain a good reputation by providing quality work, keeping clients informed of progress and responding promptly to any problems. This is especially true in the construction industry where clients talk about their experiences with each other and oftentimes a single mistake can undo hours of hard work.
Experience is the ability to absorb and retain information, whether that be through education, training, or the good old fashioned trial and error. A contractor with several years of experience should be able to offer insight that will save the government money and increase the chances of success. As a result, contractors should be viewed as partners in the mission rather than adversaries. Taking on board their suggestions will lead to a more productive government and a better customer experience. Be sure to let your contractor know that you are interested in the best way to make your agency successful, not just the most expensive product or service.