When and Why Would You Need 3 Estimates?

When and Why Would You Need 3 Estimates?

Landlords: According to Angie’s List you should seek 3 estimates before proceeding with a home repair. Lowe’s Contractor referral site refers 3 contractors for homeowners seeking estimates. Many homeowners have heard that they need to get 3 quotes for any major work to be done on their home.

But why is this necessary? Usually, a homeowner is not familiar with local contractors, nor is he or she familiar with average pricing for painting, drywall, carpentry or other types of home repairs. If that’s the case, a home owner needs to get several data points (quotes) in order to triangulate the data and make a comfortable decision on the best course of action.

But… When you hire a professional property manager to manage your home, you have hired someone who does know local contractors, who is familiar with average pricing for most repairs, and who has already triangulated the data!

With over 400 homes under management, we address nearly 1000 work requests per year. We know what it costs to install a garbage disposal, replace a gas hot water heater, paint a wall, replace a sliding glass door, and upgrade an HVAC system. We’ve already gotten hundreds of quotes and found reputable vendors with excellent customer service. In addition, we’ve built relationships with these vendors so that they’ll provide us with priority service during emergencies.

In most cases, getting a second or third quote will not provide a better price option, it will just delay getting the job started and prolong the inconvenience to a tenant that is waiting for the repair.

There are some cases where we do suggest getting 3 estimates. For large or unique jobs that are not being covered under an insurance claim, we do feel that it is prudent to get multiple quotes. Installing a new fence, building a new deck, rebuilding a basement after water damage, or taking down a very large tree all warrant having several contractors take a look. We’ll let you know when we feel additional quotes should be obtained. But for most work requests, please take advantage of the work we’ve already done for you by finding vendors with competitive prices that are ready to do the work now so your tenants can get back to enjoying their home. Ultimately, Happy Tenants = Happy Landlords!

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