Contractor Acquired Property
How To Hire And Manage Builders For Your Property Development Projects
Hiring and managing builders can sometimes be daunting. However, if you know the proper steps of hiring as well as the policies of managing, you will realize in the end that hiring and managing builders is as simple as entering into a relationship that you would have to maintain till the very end. Below are some of the things you may need to remember when you want to hire a builder and the things you have to do when you find the right one.
1. Recommendations
Ask for any recommendation from experts and official bodies. This can be done by going through government and private institutions dealing with construction. Ask for the names of builders who are known for their quality of work. References can also be taken from friends or family members. You could also speak to contractors of buildings which are under construction within the community.
2. Conduct phone interviews
Once you have a shortlist of builders, conduct some inquiries. Inquiries can be made as to the types of project they accept and current projects they are working on. References should be obtained from past clients. If the builders are involved in subcontracting, the terms of employment should be obtained.
The acquired information should help determine the competency and ability of the builders to undertake your project.
3. Meet the builders personally
From the interviews conducted, select three builders and meet them personally. They must be asked to provide estimates and completion timescales for your project. Their answers must be satisfactory and leave no room for doubt.
4. Confirm the facts
Interview previous clients of the builder to confirm everything he has told you. Ask specific questions regarding past projects in terms of quality, duration, timescales and prices. If the builder is currently working on a job, you may want to go and visit him on location. This will show you the work attitude of the workers towards the property and the quality of their work.
5. Evaluate the bids
You should ask the builders to give you a breakdown of the expenses covering the project. This way you will know exactly what costs what and where you can save money if need be.
6. Make a systematic method of payment
The method of payment employed will determine the contactors attitude with respect to finances and work. Dont ever pay a builder all the monies prior to him starting the work. It is better to pay in stages as various components of the job are completed.
7. Quality of the work and competency of the project must be the ultimate goals
These goals can be achieved through proper communication between the owner of the property and the builders. The competency of the builders must be proven in order to ensure the quality of the project. It must not be sacrificed in exchange for cheap labor cost.
8. The terms and conditions of the agreement must be in a written contract.
To avoid conflict, have a written contract drawn up with the builder. The following terms must be reflected in the contract; manner and method of payment, duration of the project, materials needed, and the security of the builders or contractors in case of non- payment of the owner after the completion of the project.
About the Author
Dr Javaid Kiyani is a successful Property Investor and Internet Marketer. His vast knowledge of property investment is evidenced by the books he has written. For a FREE course including regular advice and tips on property investment, please visit:
http://www.hmopropertyriches.com
2 Business Law 1 final exam questions. HELP!?
Ted and Wally are limited partners in T&W Enterprises, a limited partnership. To avoid personal liability for partnership obligations, they must not
a. acquire an interest in the firm.
b. contribute cash or other property to the firm.
c. undertake any managerial responsibilities.
d. all of the above.
Larry is a limited partner in Associated Contractors, a limited partnership. Debts incurred by the firm come due, and the firm cannot pay them. Larry is liable
a. in proportion to the total number of partners in the firm.
b. to no extent.
c. to the extent of his capital contribution.
d. to the full extent of the debts.
second question is definitely C, limited partners are only liable for the capital they put forth.
First question i think is also C. Considering they obviously already contributed some investment to the firm (knocks out B and D) and that in making that initial investment, they already took an interest in the firm (knocks out A)
JOSEPH “ERAP” ESTRADA – “LIED IN FORUM” REAL ESTATE ACQUIRED DURING TWO YEARS OF HIS PRESIDENCY?
In by gone days all a contractor had to do was give the customer good quality and good service and he/she would be set. Then set back and let your customers do your selling for you. They would tell a friend and then that friend would tell a friend. Your phone would be ringing off the hook. I remember as an Architectural designer some days I would have up to four people wanting to schedule appointments for designs. Those days are long gone! But Fear Not! Click Here For Help
