One of the biggest challenges many private lenders run into is managing home improvement projects remotely. Some people will argue it’s impossible to do despite it being disproven by companies who do it every day including customers of ours. There are key things you can do to set yourself up for success.
Finding a Superstar Superintendent
As you know your superintendent is your point person on location every day and play a big role in how efficiently and effectively work gets done. If you’re the in-office project manager, you obviously want to make sure the superintendent is a great fit and the super’s capable of ensuring everything is completed on time.
Before you do any work with a superintendent, there must be a level of trust and relationship established. That means multiple conversations with the super, both in email and on the phone. If a visit to the area can be set up, all the better.
Questions to ask when interviewing construction superintendents:
- What experience do you have in construction? (Working on Luxury homes or track homes shows varying levels of details involved in construction)
- What suggestions have you made previously on the field that were implemented?
- Tell me about a time you dealt with a difficult job onsite. What did you do to correct it?
- What have you done to improve your professional knowledge in the last year?
- -Are you willing to work days and nights to finish a project?
Some of these questions you’ll notice are behavioral while others assess their knowledge.
Great superintendents provide full disclosure on themselves, including LinkedIn profiles and background checks. They also expect the same from the people they do business with.
After everyone is comfortable, you can negotiate terms. If you have multiple properties to rehab in the area, the superintendent is located, bring that up with them and use it as a motivational tool.
Software for Managing Home Improvement Remotely
Once you have the right personnel in place, you’ll need software to keep track of home rehab projects.
Pruvan’s private lending app lets investors and private loan officers keep track of multiple rehab projects right from a mobile phone. Superintendents and contractors can easily report completed and in progress rehab projects using the app.
They can even upload photos and videos showing visual proof of finished work. Each photo and video has its location verified using geotagging.
Present completed work to investors and other relevant parties using Pruvan’s Client Portal. They’ll also be able to see completed background checks and pay any invoices straight from the portal.
Get started using the Pruvan private lending mobile app.