Let's Talk Property Management

Contractor Quotes - What to expect and Who cares?

Its been a while since my last post because i had a bout of "no inspiration". but the good news is my head and heart are back on the "blog roll" . Today's post is regarding what to look for when reviewing a contractor's quotes and how to handle the infamous quirp "who cares".

By choice, i manage a wide assortment of properties which just like us "humans" come in various shapes, sizes, and conditions. For this reason, i have had the priviledge to initiate, supervise and manage many scheduled renovation projects for landlords.

Irrespective of if its a renovation, upgrade or just a lil freshening up, i always start by getting quotes. My defination of a quote is the price at which a contractor is willing to offer their services to the landlord and/or the landlord's agent.

A proper contractor's quote should address 7 specific questions


1.The name of the landlord and/or the location of the task - it conveys a personal and professional touch

2. Itemized list of the tasks to be done - prevents ambiguity or he said/she said

3. Terms of Payment - clarifies what are acceptable payment methods, refund policies, taxes

4. Project timeline - enables planning to take place between landlord, tenants, and contractor

5. Warranty Information - this info is crucial for tasks for which there may be potential liability queries

6. Deposit Structure - enables cash flow planning for the landlord or person disbursing funds.

7. Quote Ref #, Company or name of person providing the quote - this is for accountability

My bonus tip is " Never assume the final price is inclusive of labour and materials" read the fine print and don't be afraid to ask and ensure the quality and warranty on the materials meets your expectations.

Just in case i get another bout of " lack of inspiration, i'll save the infamous quirp "who cares" for a future post.

Courtesy

zerovacancygal

www.abodepropertymgmt.com

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Comment by Beth Anne Grib on August 18, 2010 at 7:11am
Another bonus is permit info - who is taking responsibility if municipal permits are required. Great post Jumie

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