Taking care of your relationship with your tenants is one thing. However, what most landlords usually fail to do is to establish an amicable relationship with the people they work with – their contractors.
Like most of the people we associate within this industry, these contractors are also professionals and should treated as such. Many contractors claim that they don’t get paid on time for their services, waiting for payment for months, sometimes, even years.
Just like any other worker, they rely on their income in order to survive and fulfill their financial obligations. They need their income to pay bills and support their lives so they can continue doing their jobs. You’ll end up paying more when they refuse your work as there will be a shortage of contractors you can call. And as contractors would need to compensate for their loss, they will most likely end up increasing their hourly rate, thus costing their clients more. It’s like a domino effect which will ultimately affect you.
In dealing with contractors, terms should be stated from the outset, including when the service is expected to be paid. Where and how you are going to get the funds for payment does not matter. In situations in which you are waiting for a bond dispute, you still have to be aware of your obligation to pay the contractor in the interim until the funds are reimbursed.
So what point are we trying to drive at here? We cannot stress enough the importance of treating your contractors well. Make sure they get paid on time and, in case that there is a slight delay with an invoice, let them know and reassure them that you are taking action to get them paid.
We hope that by reading this, property owners would appreciate the value of their contractors and never neglect to pay them on time for the services they have rendered.
