If you’re a contractor that is looking to raise your markup, you probably fall under one of two categories. The first is the slow and steady increase of pricing over time. This is the safest option because you’re not alienating your client base, however, how do you know when to stop? It’s not a very accurate means of getting a feel for the market. The second, is the contractor who doesn’t really calculate increases and just decides on new prices. Then, when it’s time to collect money on a job, they lack confidence and are often negotiated down because they truly can’t explain where the numbers came from.
Below are the steps to calculating appropriate markups you can confidently stand behind in any transaction.
Good morning, (Wednesday, February 21, 2018 7:35am)
1. Arcana Insurance It’s time to get a checkup on our Home Owners (HO1 and HO3) policies. In my case it is because MetLife said I’ve left an employer where I received a discount on one of my Policies (duh, I left in 2003…). So if you’re doing your annual checking, take your “Dec” pages (1st page of your policy is the Declaration page with the coverages and costs). What is important to me are the Personal Liability and Deductibles. I redact the costs of those coverages and fax that page to a different insurer each year, for a quick Policy review – If they are less, I consider them, if not… www.ArcanaInsurance.com is a Vendor member and should be offering us a substantial discount on the cost of coverage.
Make sure you let me know how you make out with this new Vendor! Mike
2. ISC Tenant check – Who would let a stranger into a $200,000. apartment (average rental in this area) without knowing anything about them? I hear it all the time… However as the head of the Massachusetts Housing Courts, Judge Tim Sullivan tells us: Get on Mass.gov Hosing Court (no cost) and check to see if your Possible Tenant has ever been there. Needless to say you’ve already got an iPhone image of their government issued ID (Mass Drivers License) Then your final check is with another of our Vendors offering us a discount – ISCScreening.Wistia.com
3. Home Depot – Contractors don’t forget to take advantage of our Number #1 Vendor, HomeDepot.com who has paid millions to research Commercial and Residential building material trends: What’s Hot? What’s Not? and When to find Buyers with their Tax Returns, Ready to upgrade! This can be your roadmap to what your Customers are looking to do!! Check out the online or instore flyer!
4. What’s involved in taking possession of a Tenants possessions (after a Housing Court Eviction of course)??? Kirill will give us the lowdown (2/27/2018) on our responsibilities and Liabilities because his company has successfully handled many of these important moves!
5. Doug Grady will be our very important Main Speaker with Reason #10 to attend next Tuesday, February 27th which is:
How to Let Go of What Isn’t Working! Some folks find it hard to even identify which areas of their business and life are not carrying their weight but once you do and Let go, your Life is completely different!
I look forward to seeing you next Tuesday! February 27, 2018 6:30 – 9pm Early if you want info on your “new” Kitchen, Bathroom or Floor with JR the manager of DesignGroup47.com 47 Newbury Street (Route 1 North just before Sonic carhop) Peabody, MA 01960 No charge to Members of MassRealEstate.net or NewHampshire Only $25 for Guests or Only $99./year to join!
Mike Hurney, Director MassRealEstate.net & NewHampshireREIA.org PO Box 307, Marblehead, MA 01945
Storm Doors & Windows – make sure you see Shannon at the ProDesk, she’s that expert!
Decks – you’ll be impressed with Jim at the ProDesk, says he can do any deck in his head in under 5 minutes…
Flooring – Keri, Pro Department Supervisor, Knowledgeable and best prices on all flooring, especially wood, for our NewHampshireREIA.org Pro members.
Estimates and Stock lists ASAP – Heather, Pro Department Super.
Appliances – Rich at their ProDesk, Extremely knowledgeable and unbeatable prices, especially on quantities.
Nashua, Coliseum Ave:
Corey will get you in and out of their store (with the right material) and back to your project where you’re making money!
Nashua, DW Highway:
Madaline, Store manager says she’s got the best ProDesk staff: Marie, Amy & Dave ready to help you at the highest volume Home Depot!
Don’t forget to make sure you’re cards and accounts are set up correctly… You can email me [email protected] and we’ll make sure you’re info is ready for your:
all these discounts and more for only $99./year at NewHampshireREIA.org !
Remember laughing at younger Investors who think they can do everything from their keyboards, well guess what… (Let’s pay attention to this!)