How to Guarantee Your Refurbs Complete on Time, on Budget, Every Time: Insights from Paul Tinker
27 Sept 2024
Meet Paul Tinker
Our latest guest in Deal Finder’s Corner was Paul Tinker - founder of the Construction Training Academy, the UK's leading provider of construction project training accredited by the CITB (Construction Industry Training Board). Paul brings a wealth of experience with over 3,000 refurbishment projects under his belt, totalling over £300 million in construction work across the UK. His insights are invaluable for property investors looking to guarantee their refurbishments are completed on time, on budget, and to the highest standards.
In this episode, Paul shared his experience and practical advice on how property developers and investors can improve their communication with construction professionals - from builders and tradesmen to contractors and consultants. The goal is to attract the best talent, manage expectations, and ensure projects are delivered on time and within budget.
Understanding communication and expectation management
One of the primary challenges in the construction industry is the lack of clear communication and expectations between contractors and clients. Paul emphasises the importance of understanding the perspective of the other party involved. He highlights the necessity of specifying every detail, from the materials to the timeline and payment terms, to avoid miscommunication and costly mistakes.
"In business, always seek to understand how the other person is looking at this situation."
Paul provides an example of a time when he hired a builder for a home extension. After the initial phase of construction, the builders stopped working, and Paul discovered that windows were not included in the quoted price. This misunderstanding occurred because both parties had different expectations. Such issues can be avoided by being specific about what is expected from the outset.
The five essential components of a successful project
Paul outlines five crucial elements to ensure successful project management:
Specification
Clearly outline every detail of the work required, avoiding vague descriptions. This ensures that both parties have a shared understanding of the project's scope.
Time management
Develop a comprehensive work program that includes start and finish dates, milestones, and delivery timelines.
Contract
Use a robust contract to protect both parties. Paul refers to this as "cowboy repellent," explaining that a contract outlines expectations and accountability.
Payment terms
Clearly define payment terms to avoid misunderstandings and disputes during the project. Make sure these terms are established before work begins.
Change management
Be prepared for inevitable changes in the project, and have a procedure in place to handle them effectively. Paul compares this to changing a pair of dirty boxers – it’s inevitable and necessary.
"Projects evolve, markets shift, and these things do happen. When they do, you've got to be prepared for it."
Why accreditation and training matter in construction?
Paul explains the importance of professional accreditation in the construction industry. His Construction Training Academy is accredited by the CITB, a mark of quality and trust in the industry. He shares his journey of getting accredited and the value it brings to his clients and their projects.
"I wanted to show everyone that I have the skills, knowledge, and experience. It took me two and a half years to become an approved training organisation with the CITB, but now it’s a badge of honour."
Tips for engaging and working with builders
Paul advises property developers to develop confidence in viewing properties alone and gathering the necessary information to create a job list. Engaging a builder too early in the process can lead to inaccurate quotations based on vague or incomplete specifications.
Actionable tips:
Develop a detailed job list and specifications before engaging builders.
Utilise a pre-qualification questionnaire (PQQ) to vet potential tradespeople.
Always use a contract and clearly outline payment terms and expectations to avoid disputes.
Conclusion
Guaranteeing your refurbishment projects are completed on time and on budget every time involves careful planning, clear communication, and a focus on details. Paul's five essential components provide a solid foundation for managing successful projects, while his tips on engaging with builders and managing expectations offer practical steps for property developers.
To dive deeper into Paul's strategies and insights, visit his Website or LinkedIn Page to discuss your specific projects or skill gaps.
Additional Resources
50+ BRR Deals & Business Success: Top Tips & Tactics Revealed with Terry Blackburn
Scale and exit your R2R empire then commute once a month from Bali with Adam Goff
Deal Finder's Corner is your weekly property talk show, proudly brought to you by Property Filter. Our mission is to equip you with the best resources by inviting expert guests to share the most up-to-date and effective strategies, tactics, and insights for finding and securing property deals across the UK.
