Abe,
There is a multitude of types of contractors—therefore, when you are soliciting contractors, it’s important you understand these different types and what they specialize in so you can get started in the right direction.
For example, when you are looking for a doctor, you would narrow that search down to a specialty, like a cardiologist, general practitioner, or orthopedist.
The same holds true when you are looking for a contractor. First, you would narrow your choices down to the type of contractor, like General Contractor, and then you would focus on a specialty.
Examples of general contractor specialties include design-build contractors, remodeling contractors, commercial contractors, or new home builders. All of which have different approaches and cost ramifications.
- Many investors compound their losses by hiring any contractor interested in their job because they don’t understand or have the skillset to cultivate, communicate, evaluate, or manage contractors effectively. You see, contractors have a precise mathematical formula on how they charge, and if you think a contractor’s fee is based on their level of expertise, the scope of the job, cost of materials, and or other factors that would make sense, well then, you’d be totally wrong on any one of those instances.
Contractors have their method of pricing, and it’s all about you! Most investors don’t understand this, and they unknowingly jack their renovation costs up just by what they say, how they say it, combined with their lack of knowledge and demeanor.
Now, if you would like to have a better understanding and everything you need to know about contractors before making those calls. Such as, where to find contractors, communicating with contractors, how to prepare budget pricing, what you need to do before bidding your project with a breakdown of a buy-out process that will save you thousands. Reach out and let's see if I can help.
gary
