Owning and operating a multitude of commercial properties isn’t for the faint of heart. Sure, it’s an exciting business venture but it’s not an investment you can just sit back, ignore it, and expect to turn a profit. Instead, you may find yourself managing the day-to-day operations (if you don’t outsource to a property management company) which can be both time-consuming and overwhelming. Part of your job entails keeping up with routine maintenance and scheduling necessary repairs. In most cases, you aren’t going to be taking on these projects yourself, which means you need to choose reputable commercial real estate contractors for the job.
Selecting the right contractor is one of the most crucial aspects of any maintenance or repair project. Choosing the right professionals for the job can mean the difference between a seamless, on-time completion and a project plagued with delays and cost overruns. In this guide, Price Commercial Management will share how you can successfully navigate the process of selecting contractors for your commercial real estate project — allowing you to have peace of mind knowing your property is in capable hands.
5 Tips for Choosing Commercial Real Estate Commercial Contractors
Need some advice on how to find a construction contractor for your commercial real estate projects? You’ve come to the right place. Here are five of the best ways to find a good contractor.
Understand the Project Needs
The various items on your to-do list are likely going to require you to reach out to different types of experts depending on the needs of the project. This can range from landscapers and electricians to HVAC technicians and general contractors. Take a moment to determine what exactly needs to be accomplished and what the goals of the project are. Doing so will allow you to clearly define the scope of work, project timeline, and budget constraints — all of which will make the contractor selection process a lot easier. Having clearly defined expectations will help you communicate more effectively with potential commercial contractors and ensure that they have the necessary expertise and resources to meet your project’s demands.
Research Commercial Real Estate Contractors (& Ask for Referrals!)
Unless you’re experiencing an emergency where you need to get a general contractor out to the property to resolve a problem as soon as possible, we always recommend taking the time to research possible contractors in the area. Google will be your best friend, along with sites like the Better Business Bureau, Yelp, or Thumbtack. Create a list of contractors that stand out — whether it’s because of the number of years they’ve been in service, the number of positive reviews they’ve garnered over the years, or their wide range of service offerings. Keep in mind that the cheapest isn’t always the best option (and the same goes for the most expensive!). It’s important to understand exactly what services you’re getting for the cost. Don’t forget that you can save time by asking trusted cohorts to refer their preferred contractors.
Verify Licenses, Certifications & Insurance Coverages
Any time a contractor is onsite working at your property, it is crucial that they have the proper licensing, certifications, and insurance coverage in case anything goes wrong or anyone is injured. All reputable and qualified contractors will be able to provide documentation of each of these as proof. The last thing you want is to be liable if anything were to happen at your commercial property! Depending on the scale of the project, you may want to consult your legal advisor to make sure that their coverages are comprehensive and sufficient for your project.
Get Answers to Your Questions
Don’t be afraid to reach out directly to the contractors you’re interested in to ask them questions that will help narrow down who is best suited for your project. Just because one company has been in business for decades doesn’t mean they’re the perfect fit for the job if you have completely different expectations for the project timeline or ongoing communication. Touch base to get an idea of their average project timeline, the communication tools they use (to keep you in the loop every step of the way), how they hire employees (and if they ever outsource contracted work!). You may even ask them for a few references so you can check on the work they’ve done for a similar customer!
Request Multiple Bids
Once you’ve created your shortlist of contractors — from those you researched or found from referrals that passed your licenses, certifications, and insurance verifications — it’s time to find out how much each of them will charge for the job. Request detailed bids from each of the contractors that outline the costs and timelines. Compare each of the bids with a critical eye to find out which one best aligns with the needs of your project. Although you don’t want to impact your bottom line negatively, you don’t want to get ahead of yourself and opt for the cheapest option simply because it was the least expensive. Understand the differences between each bid and determine which will get you the desired results.
Work with Price Commercial Management
Utilizing a property management team can streamline all of your processes at your commercial properties and give you a completely hands-off role with your property. A Price Commercial Management property manager will help you ensure your property and your tenants are well taken care of resulting in long-term, happy tenants and a strong cash flow. The Price team provides investors the opportunity to take a hands-off approach to their properties while confidently knowing that their properties and tenants are in good hands. Overall, have more free time while we focus on ensuring that your properties continue to be a source of future income.
Price Commercial Management crafts customizable property management plans based on client needs, including:
● Rent Collection
● Lease Enforcement
● Monthly Property Reporting
● Expense Management
● Revenue Enrichment
● Property Assessments Scheduling
● Routine and Preventative Maintenance
● Relationships with Licensed and Insured Contractors
● Aesthetic Maintenance
Free yourself from the hassle and burden of managing your own property or that other sub-par property management companies have added and let our trusted and proven record go to work for you.