This is the third post in a series about managing contractors. You may want to start with the previous tips: “Communicate Clearly,” and “Genuine Compliments.”
TIP #3: PAY PROMPTLY...WHEN THE JOB IS DONE
Out of all of the skills to develop for managing contractors effectively, this is probably the biggest no-brainer. Most of us understand what it feels like to be owed money by someone who is taking just a little too long to pay. It isn’t pleasant. For contractors who have paid for materials or hired labor out of pocket, it is especially painful.
I grew up in construction. Many of my aunts, uncles, and cousins are tradesmen or architects, and my father frequently boasts that he used to have to crank my baby swing in between wiring fixtures and outlets. So trust me when I say that although many contractors project a rough, no-nonsense, down to business persona, they still really want some recognition of a job well done. There are numerous polls and surveys on employee motivation that consistently rate … (0 comments)
property management: Managing Contractors Series: Part 1
- 05/31/18 10:18 AM
One of the *ahem* joys of owning or managing real estate that everyone will experience at some point or another is managing contractors. In a past life (before I had children), I worked as a general contractor in a commercial and industrial setting. So I hope that I can provide some insight into how contractors think and how to get them to perform well and for a reasonable price. To that end, let’s get started!
Tip #1: COMMUNICATE CLEARLY
I know that contractors have a bad rap. There are plenty of horror stories out there to suggest that they deserve that reputation. However, … (1 comments)
property management: What's the most important thing about a rental property?
- 07/26/10 03:01 AM
These days, lots of sellers who can't sell their homes quickly may decide to rent them out until sales prices go up. And buyers are taking advantage of the historically low interest rates to invest in rental properties in San Antonio. There are two important things: the tenants and the property itself. What's the best way to have a successful experience as a landlord? Start looking for the best tenants by offering them an appealing home. Many people are scared of owning and managing* their own rental property because of the horror stories they have heard about bad tenants. If you provide an attractive, clean home for … (8 comments)
property management: Investing in rental homes is looking like a good idea again
- 01/10/10 02:31 AM
Back in 2006 and 2007, 61% of my sales were of rental properties. It worked out to a total of 41 single-family homes that I helped investors buy. With the mortgage meltdown, lending guidelines to investors got incredibly tough, so I've only sold a couple of homes in the last two years as investments. But the banks are starting to relax a little now, so investors may find it easier to get mortgages. The fundamentals of a good rental property are still the same. Here's what I wrote back in 2007: If you're relying on the advice and experience of an agent to help … (10 comments)
property management: It's my lucky day! I just got another e-mail from a wonderful tenant!
- 02/11/09 07:06 AM
Although they're not "just tenants," she and her husband are also clients of mine, and have become friends. They are some of the nicest people in all the world, and I'm so lucky to have met them. Here's what she just wrote me: Just had to send you another quick email thanking you again for letting us rent your beach condo. The weather is absolutely perfect today and what a spectacle it is! Some of our brave Canadian visitors on the beach are even swimming in the bay. They keep going "OOOH", but are having great fun....
I am so blessed. Here's … (4 comments)
property management: This is the kind of message from tenants that you want to receive!
- 02/11/09 05:30 AM
Note: I've changed the names of these lovely tenants so nobody tries to steal them away from me! From: Robin RogersSubject: Lease extension Hi, Amanda and Guillermo: Your lease expires (already!) on March 1. Since I haven't heard from you, I presume you are planning to stay on? What are your plans? Has the office reorganization been put on hold? The taxes and mortgage payment went up last fall by $27/month, unfortunately. So I am thinking of splitting the difference and changing the rent to $990. This wouldn't start until April so you have time to adjust the payroll withdrawal. I'm … (3 comments)
property management: Good tenants, bad tenants - looking back over my rental property history
- 11/12/08 02:48 AM
I was a tenant many times and long before I was a landlady, and I've lived in a lot of apartments and houses. I try to learn from my mistakes, and it's helped to relate my experience of being a tenant to owning and managing rental properties. Thinking back over the years, here are my observations as a landlady, leasing agent, and property manager: About a few of my good tenants: A very young couple, her sister, and their dog in a 4-bedroom house. The girl gave me a handwritten letter with her application explaining her shoplifting conviction. I gave them a chance, and they were grateful. They were … (14 comments)
property management: Hey, I thought I had good tenants living in my rental house!
- 09/30/08 03:37 AM
Many new landlords are surprised and upset when they discover that after their tenants have moved out, they still need to spend some money on the property before it is ready to be leased again. These folks paid their rent on time and kept the house and yard in good shape, and you were looking forward to getting somebody new in the door right away. It is almost impossible for tenants to leave the house in better condition than it was before they moved in. No matter how well they take care of your property, there will still be nail holes and marks … (2 comments)
property management: Why do people rent?
- 05/23/07 03:07 AM
I am often asked why someone would pay rent instead of applying the same amount to a mortgage on a home instead, so I thought it might be a good time to post some of the reasons. Why do people rent a home instead of buying one? Here are some answers: They can't. - They don't have enough cash for a down payment - Their credit isn't good enough to qualify them for a mortgage They don't want to. - They want to be able to pick up and move - They're scared of the financial responsibility of owning a home - They're don't want the hassle of maintaining a … (2 comments)
Series: Managing Contractors - Part 3
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