Hiring a professional contractor for your investment properties in the Rockland and Orange counties of the Hudson Valley Region is always a good idea. However, there are some important questions you should ask before committing to a property management contractor’s service. After all, you want to make sure you get the most value for your money.
Some of the most important questions to ask a contractor before hiring them are those that establish their authority. You want to get a reliable property management contractor who knows their way around the local system so you can easily get the excellent services you need.
We understand the importance of contractors. In fact, we wouldn’t be able to provide our exceptional maintenance and management services without a reliable team of vendors and contractors. If you have any questions about what to ask or where to find a contractor, contact us at Hudson Oak Realty. We work with owners and investors in Rockland County, Orange County, and anywhere in the Hudson Valley Region.
We prepared 10 questions to help you get the answers you need before making a decision. Take a look.
1. Can You Verify Your New York Contractor’s License?
Be sure to confirm a potential contractor’s license before anything else. It’s easy to overlook this step, but it’s essential to make sure you’re hiring a qualified contractor in good standing with the state. Any reliable contractor should be ready and willing to show their license when you ask if they have one.
New York State has a Division of Licensing Services with a handy Licensees Business Name Search tool where you can search for individual licensees by business name. This tool is perfect if you want to confirm a contractor’s proof of licensure.
If they are not on the database, they could be based in another area. As such, they may have no first-hand knowledge of maintaining properties in the area. It would be better to connect with someone who specializes in your immediate location.
2. Do You Carry Insurance?
Ensuring that your contractor carries proper insurance is important. Property management involves high-risk activities that may end up costing you much more than you anticipated. When you work with an insured contractor, you won’t have to spend on compensation if needed.
Ask for a copy of their current Certificate of Insurance from the property management company so you know they have insurance coverage for essential property services. Some of these include general liability, professional liability, and workers’ compensation.
3. How Do You Charge for Your Services?
Property management is a comprehensive process that involves several jobs. Depending on your needs, some work may cost more than others. It’s important to know how your contractor charges for their services to ensure that you are spending on only the most essential services.
As much as possible, choose a contractor who offers an itemized bill. These bills give you an accurate picture of your property management costs. They also provide more details on the services provided, so you can be sure that all fees are reasonable.
4. What Services Are Included?
Once you confirm that a contractor offers itemized bills, you should want to know what you’ll be paying for. Ask your contractor if they offer quotes so you can get an idea of what services they will perform for your property management project.
You may encounter contractor service providers who charge additional fees on top of their regular labor expenses. Be sure to clarify if there are any hidden fees before signing a property management contract.
5. Do You Have a Portfolio?
Ask your contractor how long they have been in the property management business and see if they have any proof of it. You want to work with contractors who have a proven record of success. Look for experience and not just time.
Experience plays an important role, but even people with years in the industry might not have a lot of experience. If they direct you to their portfolio, take your time reviewing what they have done and the kind of property management services they provide.
6. Have You Worked in the Hudson Valley Region Before?
Ask if your contractor ever managed property in Rockland and Orange counties. You want to work with someone who knows the local system well. This way, they can help you comply with the necessary permits to deliver their contractor services.
Having extensive experience in the area also lets you know that a property manager is well-acclimated to the property laws and regulations in the Hudson Valley. Likewise, they would know the best places to source any materials and labor for your next project.
7. Can You Estimate How Long My Project Will Take?
Experienced contractors in the Hudson Valley Region will know how long projects will take to complete. When they have an idea of how long it will take to finish the property management job, they can help you plan accordingly.
Your contractor should be ready to adjust according to your schedule. They would calculate certain factors and consider some expenses that may affect the final property management timeline.
8. What Is My Role in Your Property Management Contractor Services?
Ask your contractor about their expectations of your involvement in the project you intend to hire them for. For instance, property owners may need to provide the contractor with property access and other types of assistance during the property management process.
Relatedly, you can ask your contractor if your absence during the project will be a problem. Perhaps you own property in Rockland and Orange counties as an out-of-state investor. Ideally, you should keep open communication with them.
9. Do Your Clients Have Testimonials of Your Services?
References are good indicators of how well a property manager performs. Ask your contractor for some references from former clients so you can get a good idea of their work and customer service. Assess the feedback from other property owners and allow them to help you make a more informed decision.
10. What Is Your Dispute Resolution Policy?
Professional property management contractors should have an effective dispute resolution policy in place. Ask your contractor about their policies in case of any issues during the property management job.