COMPLIANCE
you subcontract , this is the conversation for workman ’ s compensation . The companies you work with will either have an overall certificate holder name or they may require you to list the Investment company for fee-managed communities .
Next , we must talk about signing vendor agreements . What is a vendor agreement ? This is the contract you are making with the company regarding how business will be conducted , what the pay frequency looks like , liability , your conduct , warranty of work , etc . This is usually in electronic form and will require an officer or owner of the company to sign . When signing this it is necessary to make sure you understand each of the components outlined in it . If you have any questions , ASK !!!
“ Okay , I got the insurance , and signed the agreement , now what ?” Great question ! On some platforms , you have to take a look at what areas or states you work in . You will see a great list of all the communities that you will have the opportunity to work with . Start clicking on them and adding them to your profile . Keep track of who you clicked on this will be valuable in reaching out to let them know you comply and are ready to help them .
What kind of supplier are you ? This will determine whether or not you need to submit your licenses . General contractor , HVAC , Plumbing , Electrical , etc . When you supply your license you are ensuring that you are a credible supplier and can do the necessary work .
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The last step , dah dah dah !!! PAY . Yes , it sounds like it is a fortune to have to pay to work with each management company . The fees can range from $ 99 to $ 199 , depending on the platform they are working with . Making this once-a-year payment helps ensure that your company is seen and you will get paid . Completing one job and you will have your ROI instantly . Congratulations you are now in compliance !
Tonya Storovich is the Owner / CFO at Santee Metal Works , LLC www . aamdhq . org MARCH 2024 TRENDS | 29