Executive Properties Capital
Working with contractors and sub-contractors can sometimes be a bit tricky.
It’s important to make sure the job is done right, and on time. Here are some tips that can be beneficial to remember when you’re working with contractors and sub-contractors to complete a project.
Get it in writing
Verbal confirmation is not enough. When you’re working with contractors and sub contractors to complete a project, regardless of how nice a person they are, make sure that whatever you discuss you get it in writing.
When things change, keep up written communication
Things are bound to change slightly throughout a big project or renovation. When you’re solidifying that change order, make sure to also get it in writing. For example, if something is discovered behind a wall of a home that is going to add $2,000 more to the total cost of the project, make sure to have everything in writing.
Hold your contractors accountable
This can’t be stressed enough. This means that, if for example, a project cost $100,000 and was supposed to be completed within a four month time frame–if the time frame isn’t met, have repercussions. Have a penalty clause if it’s not followed through. My suggestion is a cost of $200.00 per day for each day that a project is delayed. This will ensure that your contractors and sub contractors are held accountable for completing a project within the agreed upon time frame.
Also write down everything for yourself
Keeping up good written communication is a good idea to do, not only with your contractor, but with yourself. Keeping a project journal is a good way to stay organized by tracking progress, writing down ideas and questions that you might have for the contractor, and to note upcoming delivery dates.
Check the work periodically
Make sure throughout the process you’re being proactive about checking the work that is completed on the project. A good time to check is after workers have left for the day. This way you can make note of anything that sticks out to you in your project journal, and bring it up during a check in.
We want to work with you
If you’re looking for additional information, we would be happy to help! At Executive Properties Capital(EPC), we offer real estate partnership opportunities that allow you to capitalize on the power of real estate investing–without the sometimes daunting process.
One of the benefits of working with us is that we don’t outsource our work, which ensures better quality control throughout a project. We have four sister companies, that specialize in not only handling all of your construction needs, but providing real estate services to help you build wealth through real estate, a full service property management company, and a landscaping company for all your landscaping needs.
Contact us today at 416-938-2641 to find out more or get started.
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