ReiUnite | REIunite.com-Video Podcast- Eric Moeller - Managing Contractors
13011
single,single-post,postid-13011,single-format-standard,ajax_fade,page_not_loaded,,wpb-js-composer js-comp-ver-4.3.5,vc_responsive

Video Podcast #9 – Eric Moeller – Working with Contractors & Staging

Video Podcast #9 – Eric Moeller – Working with Contractors & Staging

20:19 18 May in Podcasts
0 Comments

Download Podcast: Download

Show Notes

Managing Contractors

-Marketing through various channels to find new contractors
-Have them bid against each other
-Sends out sample projects and has the contractor fill out a price sheet
-Master price sheet determines averages for material and labor cost
-Match price sheet up with contractors
-*Always get references*
-Calls up insurance company to see if they have any fraud or anyone hurt on the job
-Also reach out to consumer fairs department (any lawsuits against that contractor, how long they’ve been licensed, any accidents etc.)
-Newbies: focus on learning the contracting business, the lingo etc.
-Make sure to check progress and keep pressure on
-Quick to fire contractors when encountering certain issues
-Calendar & timeline agreed with the contractors
-Daily reports and visits to property
-Walk through video and detailed photos when milestone is completed
-Payment schedules
-Have contractor setup material list through their supplier – Pay supplier directly
-First Phase – Clean out, emergency repairs, demo. Payment released when completed
-7-13% held back from job for typically 7 days after the C/O
-The C/O will tell you everything and make sure it’s turnkey ready
-Contractor must send in lien waiver (signed by all subcontractors and suppliers)
-Have attorney develop contracts for your company (don’t use the contractor’s)
-Make sure contractor has required insurance policy
-Have your property and company added to their insurance policy
-Modification of blue print is likely when working on various projects
-Contractor can make or break the deal

Staging

-Hire a professional stager to stage all common areas
-Done a 1-1.5 weeks after construction completed
-$2,500-$4,000 for staging
-Always have in contract for contractor to leave job site left broom swept clean
-Photography (costs between $500-$900)
-Always does before and after photos
-Drone video footage included in part of the marketing material
-Find stagers similar to finding contractors also local REIA’s
-If stager has a warehouse, visit in warehouse in person
-Obtain price sheets from stager

Resources:

Smith App – http://www.gosmith.com/
Consumer Affairs: http://www.njconsumeraffairs.gov/
*Download Eric’s Contractor Management documents: http://eepurl.com/b2h_iv

Eric Moeller
http://www.kodahomes.com
eric@kodahomes.com

admin

info@reiunite.com
No Comments

Sorry, the comment form is closed at this time.