Alex What is the standard deposit for a contractor?
Contractors cannot ask for a deposit of more than 10 percent of the total cost of the job or $1,000, whichever is less. * (This applies to any home improvement project, including swimming pools.) Stick to your schedule of payments and don’t let payments get ahead of the completed work.
What do I need to say to a contractor?
You need to communicate timelines, and actually chart out the weekly expectations you have in terms of job completion. Be sure to set dates and deadlines, and let the contractor know that they will lose money if the job is not completed within a reasonable amount of time.
How to tell a contractor that they did not get the job?
You want to have a short statement that says they were not selected and leaves no opening for them to try to renegotiate or respond with alternatives / new sales pitches. You do not need to say who you are going with; only that you are not going with them.
Do you need to read the contractor agreement?
You’ll learn real world wisdom on hiring and dealing with contractors as well as get free access to a contractor agreement which can help you avoid some of the pitfalls that so many other investors experience. If you’re looking to hire a contractor for a job, big or small, you need to read this blog.
How do you notify a contractor of a decision?
You should notify everyone whom you contacted or received a bid from. Email and regular mail is the least confrontational and easiest method, but phone calls are acceptable (but harder to do!). Contractors should not have to contact you to find out if a decision has been made.
Do you want to know everything about the contractor?
No, it’s not a vanity issue for contractors. Instead, the contractor wants to know that you’re settled and confident that the contractor’s company is best for your job. Second-guessing once the project has begun won’t help anyone. Those remodeling contractor fees can seem high.
What do you need to hire an independent contractor?
Before You Hire Your First Independent Contractor. Before you begin paying an independent contractor, you will need several documents: An Employer ID Number. An application or resume/CV, and. A written contract.
What kind of business name do I need for solo contractor?
If you are a solo contractor performing a service, you might want to start as a single-member LLC . When you have selected a business name, hold off on buying business cards and stationery for a bit. First, check to be sure no one else is using that name.
What happens if you have a problem with a contractor?
Should you have a problem with a certain person in the trades, the contractor might go so far as to pull the person from the project, if only to smooth things over with you and keep the project running. But that’s a rarity. Generally, you should have little or no issues with the trades if the contractor feels good enough to work with that person.