Property investment mentor Steve Goodey shares his top tips today on how to get on with your Tradespeople.
Engaging the services of tradespeople aka contractors can be thwart with challenges and how you deal with them can make or break your property deal. Contractors can include Electricians, Plumbers, Builders, Building Suppliers, Product installers etc.
These tips from Steve also apply to how you communicate with your other suppliers e.g. Mortgage Lenders, Insurance Brokers, Lawyers etc.
So here’s my top 10 ways to have peace and harmony with your trades people
1 Clearly Communicate with the lead contractor what your trying to achieve and this is best done in a face to face meeting – followed up in writing – an email is good.
2 Get a Written Quote (Not an estimate or an idea of the time it’s going to take). A quote is fixed, and estimate is just that – an estimate it may take a lot longer.
3 If you do only get an Estimate allow for upwards of 20% to be added to it.
4 Allow for additional cost’s if you change your mind to the scope of work during the renovation. It’s hard not to get caught out changing your mind but it may come at a cost.
5 If dealing with painters or finishing people have a 1 to 5 quality level scale, 1 being master painter quality 5 being a quick coat and define your expectations based on this. e.g. I want a level 3 for this paint job please or nothing less than level 5 for this job.
6 When you get a price from a trades person – analyse it. Does it include all materials, GST and or if they expect there to be any other costs such as travel costs? There is no dumb question here – you need to know the detail.
7 Define a concrete start date and allow for “Some” movement in the finish date such as “So you will be finished in 2 weeks? OK so I can expect a discount then if it takes more than 3 weeks?” Get this down in writing – an email works.
8 Be prepared to be reasonable but tough, tradies are often one-man-bands (sole operators) so you’re always going to get some issues due to engaging them 100 percent on the job at all times – allow for it and if there an issue refer to number 1 of these tips.
9 Don’t get 3 quotes and accept the cheapest one then expect the job to be completed in 5 minutes to an amazing standard, sometimes you do get what you pay for.
10 Be forward thinking and offer your contractor future business if they do a great job on this property, then stick to your word.
In the next blog post Steve will let us know what can happen if you don’t follow these tips.