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Investing Strategies

Your Rehab Scope of Work: Can a Five Year Old Understand It?

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einsteinWhat happens if you fail to provide a “scope of work” statement to the contractors who are bidding on one of your rehab jobs?

Or, worse yet, what happens if you provide a scope of work statement that is poorly crafted and unclear to its intended audience?

I’ll tell you what happens: Madness. Sheer madness.

For starters, when you are soliciting bids for a rehab job, you need a way to standardize the process from one potential contractor to the next.  That way, you can compare the various bids you receive on a true “apples-to-apples” basis (rather than dealing with unnecessary headaches from “special case” mathematics).

Additionally, once you have determined which contractor to hire, you need a way to sleep peacefully at night, knowing that your new partner understands exactly what you have in mind for the renovation project in question.  (This peace of mind usually requires more than friendly banter and a handshake!)

For these reasons,…

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