4Are you about to hire a contractor for your rehab property? This is serious business and it’s important to ask the right questions before making your final choice. Otherwise you could end up hiring the wrong contractor and cost yourself thousands of dollars in the process. Even worse, a mistake of this magnitude could end up turning a potentially profitable real estate investment into a major failure.
Can you afford to hire the wrong contractor? If not, then you need to ask the right questions when interviewing potential candidates. Below we’ll share the most important questions to ask a contractor during the hiring process. Use this information to your benefit to avoid making potential devastating mistakes.
The Most Important Questions to Ask a Contractor during the Interview Process
- How many years have you been in business?
- Does your company currently have a contracting license?
- Is your business and employees fully licensed and insured?
- Will you provide a guaranteed estimate before the job begins?
- Or will the final cost potentially change by the end of the renovation or repair?
- Can you show me your current and up-to-date certificate of insurance?
- Will you obtain all relevant permits for the job?
- Will you set up all necessary inspections related to the job?
- How long will it take to complete this project?
- How do you expect to be paid? Is there a particular payment schedule?
- Do you have a dedicated team ready to work on this project?
- Will you please provide a list of references that I can contact?
- How do you intend to store all tools and materials on the jobsite? Or elsewhere?
- Do you intend to charge an additional fee for materials acquisition?
As you can see, asking your contractor the right questions is of the utmost important when hiring a company to perform renovations on your property. Depending on their answers, you can pick and choose the ideal contractor based on the information that they provide.
Other Questions to Consider Asking Contractors during the Interview Process
- Does your company have Workmen’s Comp. insurance?
- Are you a current member of any professional organizations in the local community?
- Does your company clean up their mess at the end of the day?
- Will you sign a “time and materials” contract before beginning the job?
- Do you usually finish your rehab or renovation projects within the estimated time parameters?
- Will there be a dedicated foreman on site overseeing the work at all times?
- If not, how often will the foreman stop by the jobsite to look over the progress?
- Is it possible to provide a dedicated on-site project manager to oversee all areas of the workload?
- Will you provide us with updates every day?
- Do you guarantee your work?
- What is your expected daily work schedule? (9 to 5, 8 to 4, 10 to 6, etc.)
- Is your company currently involved in any legal disputes?
- Have you been involved in previous legal disputes with former clients?
There is undoubtedly a lot to consider when hiring a contractor for your rehab or renovation project. Please look over each and every one of the questions mentioned above. Consider asking any and all potential contractors these questions and pay close attention to their answers. The company that provides the best answers is certainly a strong candidate for potential work now or in the future.