REIunite - Bringing Together Real Estate Pofessionals of New Jersey

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REIunite - Bringing Together Real Estate Pofessionals of New Jersey



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Now displaying: May, 2016
May 18, 2016

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


-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


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Eric Moeller

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