Property Wealth – Who

When you have decided what the goals are for your property portfolio and considered the strategies that you would like to implement it is time to build a team around you. Even if you plan to manage the property yourself you will still need to find others who can do the things you can’t and what you can do but don’t have the time to do.

Many landlords choose to use a letting agent to help them find tenants, carry out checks, take inventories and chase rent payments. Most letting agents will offer various levels of service so that you can choose to be as hands-on or hands-off as you prefer.  A good letting agent will be registered with a professional body like The Association of Residential Letting Agents (ARLA) or The UK Association of Letting Agents (UKALA) and you can see a previous post, What To Look For In A Lettings Agent for more guidance about choosing the right letting agent for you.

If you plan on renovating property before it is let, even if you plan to do most of the renovations yourself, you will need to build a network of reliable contractors. If nothing else, you will be able to call on them if there is an emergency or if you are on holiday or unavailable.

Before choosing a contractor;

1. Get recommendations: ask family and friends who they have used in the past or call into the local builder’s merchants and ask for recommendations as they will know who buys the quality materials and pays in good time.
2. Give them a call: speak to potential contractors and ask a few questions to assess their suitability. Do they cover jobs the size of yours? How many other jobs will they have on at the same time? Will they do emergency call outs if necessary? Do they have the necessary qualifications/insurance?
3. Expect them to be busy: the best contractors are busy and often unable to start a new project immediately.
4. Meet face-to-face: narrow your selection and choose two or three to meet with and ask them to provide quotes. It is vital that you are able to communicate well with each other but don’t get blinded by a friendly personality, they must be able to deliver on time and to your standard too.
5. Research: call up references and ask to see projects that your potential contractor has completed. Be sure to ask the client if there were any complications and how they were handled.
6. Get quotes: ask each contractor to provide a break-down of the work in terms of materials, labour and other expenses. This will enable you to compare like for like. Consider very carefully before going for the lowest quote; ensure that they are not cutting corners somewhere.
7. Think locally: if you are investing in an area then it makes sense to support the local economy and employ a local contractor. It also means that there should be fewer travel expenses, less travel time and they should be able to reach your property quickly in an emergency.
8. Your responsibilities: agree what it is that you need to do before the contractor comes on site (clear the room ready for decorating etc.)
9. Contract: ensure you put everything in writing and ask the contractor to sign it before work begins and money changes hands.
10. Payment: agree a payment schedule. Only pay around 10% up-front and don’t make the final payment until the rest of the project is completed.

For more guidance about contractors in North East Lincolnshire you can talk to the team at New Mills Properties on 01472 360178 and they will be happy to offer you guidance on how to get started.