TCF544: Contractor Q&A – “How to Deal With the Issue of Ever-changing Materials Prices?”

During the episode, Tom and Dan answer questions from listeners asking about advice on renting a storage facility and how to deal with constantly changing material prices when you’re working on long-term projects that will take months to complete.

In this episode, we talk about…  

Question1: I worked as a sub-contractor for a restoration company’s owner for a year, and I’m interested in renting a shop owned by him. Would renting from him be a good business strategy, and how would you justify a material storage facility that is great for advertising the business and supervising the employees?

  • The decision to rent a space from him depends on the kind of relationship you have with him.
  • A storage facility at the busiest place in town can be a great place to supervise the team and advertise your company.
  • Being visible is better than having a shop in an industrial area off the beaten path.

 

Question 2: I’m an Architect with a project that won’t break ground until May. How should I handle the issue of ever-changing materials prices?

  • Protect yourself in paperwork — contact Karalynn Cromeens, the construction attorney from the Cromeens Law Firm
  • Communicate with the client and tell them about the situation
  • Plan long-term projects in phases
  • Go into education mode — it builds trust and transparency
  • The price hike is not your problem

Resources: 

Submit your questions to help@thecontractorfight.com with the subject “Podcast” and Tom and Dan will try to answer them on an upcoming show.

 

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