Preparing for a Large Project for Your Rental Property

If you own or manage rental properties, then eventually you will come across the need to schedule a large project for your property. Whether it is for a new roof, a basement repair, or repairs to the deck of your property, there are a few steps that you should follow to ensure that everything goes smoothly.

The first thing that you need to do is create a budget where you determine how much you are willing and able to spend on the project. It’s important to consider if there are hiccups along the way that could add hundreds or thousands of additional costs to your plans. Determine where you can limit your costs and where you are willing to spend a little more.

Once you have established your budget, you will need to hire a reputable company that has been highly rated so that you know that you are hiring the best services for your company. After you choose a company and set up a consultation, you want to ensure that you have the appropriate paperwork and documentation from the company. These documents can include by are not limited to a Certificate of Insurance, W-9 Form, any required contractor’s license, and permits. Once you have all the appropriate documents lined up, you are ready to schedule the service.

You should also have your contractor present you with a timeline of how long the project is intended to take. This is important so that everyone is aware of the timeframe that the project will need to be completed.

If this repair or project will be affecting the livability of someone’s space, you will need to reach out to the tenant and confirm that this is okay, and what day and time this will be occurring. If it is something that is happening externally, such as the roof or railing, you will still need to send out notices to the tenants making certain that they are aware of the tentative schedule. The last thing you want is an unhappy tenant when you are trying to improve the integrity of the building.

Once the project has started, it is important to keep tenants aware of any extensions that need to be implemented and if anything occurs that may cause more of a disturbance to the tenant. It is always better to keep the tenants involved as much as possible so they do not feel like they are left to guess when the project will be done.

Safety is a huge step, as well in the project. You will want to ensure that there is no way that a tenant, worker, employee, or anyone in the public can get hurt while the project is underway. Determining what safety features are important such as traffic cones, caution tape, and or traffic flaggers is vital in protecting the safety of everyone involved.

If the project you are working on will require regular maintenance to maintain its quality, now would be a good time to document and schedule the dates for it. It’s imperative to regularly maintain the work you put in because it is an investment into your property.

After the project is complete, you should do a final walkthrough with the company to ensure that they have addressed all the issues that were intended to be addressed. Now is the time to bring up any things that need more attention or if anything was forgotten.

Finally, after the finishing touches have been made, you want to be sure you have all the warranty information that you need to protect your investment. Then you are free to revel in the fact that your newest project is complete!

Planning and executing a project can be a lot of work, however, if you take it step by step, you will be sure to know you completed the project to the best of your knowledge and your ability! With the right plan, you can tackle even the biggest projects with the confidence that you can handle whatever life hands you.