Thursday, September 29, 2022

How to Hire a General Contractor for Multifamily Property Renovation?


As a manager or property owner, you need to stay on your toes, ensuring that it is at its best. Multifamily properties, especially, can be challenging. As you strive to maintain the property, at times, renovations are necessary. A renovation isn’t that simple, but you can smoothly manage the project with a professional multifamily general contractor. The pros handle various tasks following the agreement. Among the areas a pro can help as you plan the renovation process includes;

Designs: you can’t just knock down a wall on the multifamily property. That would expose you to many risks. The potential safety hazards, among other considerations, are addressed through the designing phase. This gives you an outline of the project, a planning stage that the pros make easier. They’ll turn your idea into an actionable renovation design.

Legal matters: Renovations could land you in trouble with the law. You need the relevant city/county permits before you can start the project. A multifamily general contractor knows the ins and outs, making the process of acquiring the permits a breeze. What’s more, as the renovation progresses, they’ll ensure that you are in adherence with the building codes in your zone.

Other tasks: The contractor can also manage other tasks following the contract. For instance, you can have them dealing with hiring subcontractors and managing the purchase and distribution of supplies. Simply put, they can do all the heavy lifting as you focus on what you are best at, making the multifamily property renovation process painless. With such impact, how do you choose the best general contractor? Here are tips to make the process less challenging and productive.

Start early

A multifamily property renovation project isn’t something you wake up, decide to take, and start later in the evening. The permits, alone, could take months to get approved. Starting as early as possible eliminates the frustrations that could see you giving up on the project. This gives you enough time to thoroughly vet the contractor and hire the best to speed up the process. You won’t feel rushed, forcing you to settle for the first service that seems to mark the most boxes on your checklist. As time is on your side, you’ll have the flexibility to craft a detailed project description. This means that you’ll get accurate estimates, including the cost and possible timeframe, from the contractor. With such details, you can ensure that the plans are in line with your schedule and finances. This makes it easier to maintain a smooth renovation project flow.

Compare bids, but not limiting your scope to the price tag

How big is the renovation project? 3-5 bids would suffice for a smaller project, but up to 10 are the best if it is large. The more the bids, the easier it’ll be to negotiate and bring down the price. However, don’t make the cost your primary check. That’s a pitfall that could see you hiring a contractor that’ll frustrate your efforts. As you weigh how much it will cost to enlist a general contractor, look beyond what comes out of your pocket. The value should be worth your investment. For instance, a multifamily general contractor who’ll work on the project within a reasonable timeframe and offering a service guarantee, but charging a little higher, is the best. This means that you’ll conveniently manage the project with minimal interruptions. For instance, if you have tenants in the property, it won’t be a significant challenge as you’ll have a clear timeline for the project. Always go for value; the cheapest contractor could drag the renovations, cut corners, and cost you a lot more in the long run.

Check the portfolio

Experience and expertise can’t take the backseat as you evaluate a contractor’s fitness to handle your multifamily property renovation project. The easiest way to establish this is by going through their portfolio. Who are their previous clients? What renovation projects have they handled, in size and requirements? Such information will help you determine if they are skilled enough to take on your project following its demand. For instance, if a contractor has worked on multiple projects across varying industries, you can rest assured that they can efficiently manage your needs. Hands-on experience, dealing with permits, following zone codes, among others, gives the multifamily general contractor an edge.

Professional affiliations

Is the contractor a member of certain professional associations? Have they won any awards during their years in the industry? Reputation is a significant check as you narrow your options. Professional affiliations tell you the standards a contractor adheres to in their operations. Awards showcase areas they excel in. such information gives you an idea of what to expect from the contractor. Also, consider user testimonials. Online reviews are a gem, especially from independent sites. Browse through as many as you can. If you spot red flags such as consistent issues on a particular line, look elsewhere.

Follow your gut

Do you like the multifamily general contractor? Developing a healthy relationship is crucial. It facilitates smooth progress as you can communicate and eliminate possible confusion. It won’t be hard to talk, clear issues, and stay on track with a contractor you like, especially when a project faces some challenges.

A detailed contract

A construction contract agreement is a must-have before the project begins. It protects every party involved, especially should a dispute arise. A detailed contract covers aspects such as;

  • Dates – Project’s tart and expected completion
  • Budget – Total payment agreement, schedule, and materials information
  • Insurance – The basic bond information
  • Changes – What and how changes will be managed
  • Duties – This is especially important in the case of delegations

A well-drafted and clear contract keeps everyone in check. If any party is in breach, it will be easier to hold them accountable. It won’t be your word against theirs, as the contract details what’s expected. You’ve done the hard part; now, sign the deal, play your part, and you’ll enjoy smooth multifamily property renovation.

Managing a multifamily property renovation, especially with tenants around, can be a hassle. With the right contractor, the process is a lot easier, helping you improve the property’s functionality and value.