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Use Caution When Selecting Your Contractor

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Use Caution When Selecting Your Contractor - 11/28/2005 5:33:34 PM   
mh0825


Posts: 587
Joined: 8/31/2005
Home base: Gainesville, FL
Status: offline 		Article refers to some steps in choosing your contractor and what to do and what not to do.  Some important info for insured's not sure how to go about selecting a contractor and not sure of the procedures that they will go through.

http://www.claimsguides.com/news/southeast/2005/11/28/62533.htm
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RE: Use Caution When Selecting Your Contractor - 11/28/2005 9:58:57 PM   
dwp

 

Posts: 95
Joined: 7/23/2005
Status: offline 		I've never heard of giving a customer all receipts. I've never done it and have never seen it done. I'm guessing they are probably talking about release of lien papers, which would make a lot more sense and actually protect the homeowner.
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RE: Use Caution When Selecting Your Contractor - 11/28/2005 10:09:37 PM   
dwp

 

Posts: 95
Joined: 7/23/2005
Status: offline 		I used to get a 1/4 to 1/3 down when I started a remodeling project. And I never did like it, whenever I got close to the next draw period sometimes it would get tight on money. And the customer dosn't like writing a big check before he gets anything done either. The last several years I started going to nothing down to at the most 10% and then getting weekly draws paid as a percentage of work done. The customer likes it and makes them feel safer. And I like it better too I'm always paid up every week and don't have to worry about a long punch list to get my money. Another benefit is if there is a problem it can be resolved each week. It's such a good way of getting paid I can't believe it took me 15 years to come up with it.
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RE: Use Caution When Selecting Your Contractor - 11/29/2005 8:45:58 AM   
RKM

 

Posts: 44
Joined: 9/20/2005
Home base: Pensacola
Status: offline 		Most of the jobs I do are residential repairs such as fences, decks, rustic porches, sheetrock repair, interior painting, storage sheds, etc.  I don't advertise, so all of my work is referals.  My reputation is what gets me the next job,so customer satisfaction is very important to me.

If a job is small (up to $5,000.00 materials & labor), then I usually don't require any payment until the project is complete.  I always talk to the homeowner on a weekly (if not daily) basis to make sure everyone is satisfied with the progress and discuss any changes I had to make, or need to make.  That way there are no suprises at the end of the job.  Sometimes I'll even finance these smaller jobs, so there is not a large disbursement of funds by the homeowner.  Payments are 10% of the total project.  For example: $500.00 per month x 10 months = $5,000.00).  This ensures I have an income during slow months, which thankfully I haven't had in past two years or so.

On larger jobs, the down payment will cover the costs of the materials.  Then we can settle the labor costs at the end of the project, or on a weekly basis.  Sometimes, the homeowner will want to put the materials on their store credit card. Lowe's & Home Depot sometimes run no payment for 6 months specials and this gives the homeowner more control of money disbursement. 

If requested, I will give owners copies of receipts for materials, if I buy, but keep originals for the IRS.  Some stores will print two receipts for contractors, if you request - one for you; one for the homeowner.

As a side bar, I always let the homeowner purchase the paint.  That way if the color looks like ****, I don't get blamed!!  I have seen some God awful color combos around town.

_____________________________

Robert K. Michael
Rafter M Enterprises, LLC

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