How to Successfully Manage Your Home-Flipping Project

by The Bitt And Beliveau Team 03/15/2020

Photo by TeroVesalainen via Pixabay

Flipping a house successfully means keeping your ducks in a row during the rehab process--and that typically means communicating with several vendors to coordinate work, making sure everyone is on the same page, and dealing with delays when they (inevitably) occur. It's worth your while to build a project management strategy and skill set into your workflow, particularly if you aren't accustomed to managing multiple teams on a project. 

1. Always Know What's Happening 

When you get started on a project, you'll need a list of vendors (electricians, plumbers, landscapers, etc.) and a scope of work for each of them. In some cases, a general contractor will manage all of these for you; in others, you'll end up coordinating the different facets of the job yourself. Regardless of who's doing what, you need to know what your people are working on. Don't micromanage the people you've hired, do check in with your contractor often.

The best suggestion is requiring a report of who's on the job (general contractor, subs, other vendors) and what's getting accomplished each week. This keeps your contractor more accountable and keeps you informed of issues as they pop up. 

2. Use a Project Management System 

House flippers use a huge variety of different online tools and apps to keep them on track, and the one that works best for you will be the one you find easiest to use. Many have had great success with Podio, Basecamp, and Asana as well. Learning one of these systems (or establishing your own) and using it to keep you and your team on track will make a huge difference in keeping your project running smoothly. 

3. Set Expectations Before You Begin 

It sounds simple, but this is a big one. Before your contractors get started, talk them through your goals--in terms of timelines, budgets, and unforeseen issues that arise during the flipping process. Here are a few issues to address with your contractor before work even begins: 

  • What grade of materials and finishes do you expect to be used? 
  • What happens when it becomes clear something is going to cost more than expected? 
  • What subcontractors will your general contractor be hiring out? For what projects? 
  • Do you expect a weekly report of what's going to be accomplished that week? Will you be on-site each day for a walk-through? How will you stay on top of the project and answer any questions that come up? 

Many excellent books have been written on managing a house flip, so don't take this to be an exhaustive list by any means. But it's a solid skeleton of a jumping-off point as you plan out the most efficient ways to manage your projects. 

About the Author
Author

The Bitt And Beliveau Team

Bob is known for giving clients his undivided attention. He takes the time to listen, educate, and advise while meeting individual needs for both sellers and buyers. He understands how busy we all are and makes every effort to maximize your time.

Bob had been with the Century 21 system for over 30 years and is a member of the Century 21 Master’s Hall of fame, a Centurion producer since 1992 and award winner of the coveted President’s Award.

In July 2019 Bob joined Berkshire Hathaway HomeServices Commonwealth Real Estate, a name revered worldwide and has stood for strength, integrity, and trust. At the same time Bob teamed up with his mentee Leanne Beliveau to form the Bitt and Beliveau Real Estate Team. Bob is passing on his vast knowledge and skills and Leanne now joins him in working in your best interest. Together we have a complimentary skill set that is unparalleled. You will be impressed with our level of service and professionalism.

Bob has served as President of his local Real Estate council of the Greater Boston Real Estate Board, coached both Arlington Little League and Arlington Youth Hockey, and is a member of the Touchdown Club of Arlington. He enjoys golf, the Bruins, cross fit, and obstacle racing.

As a former competitive gymnast Leanne spent ten years as a judging official for USA Gymnastics. She obtained her BS in psychology from Endicott College, as well as an MA in psychology from Brandeis University. Enthusiasm, knowledge, and transparency are her aim when working with clients. She prides herself on being attentive to her client’s needs and wants, her exceptional communication skills, and the desire to get the job done in a proficient, prompt, and professional manner. She particularly enjoys helping home buyers find the right homes for them and guiding them through the buying process.

In her spare time Leanne enjoys spending time with her three-year-old daughter Bellamy, reading, the Bruins, and stand-up comedy.

We are never too busy to service all of your real estate needs, so contact us today at 781-454-9900 or 617-893-1061.