“Precaution is better than cure.” Johann Wolfgang von Goethe
As housing providers, we need the services of plumbers, painters, electricians, and so many others to keep our buildings running smoothly. Are the vendors that you hire employees or independent contractors and why does it matter to you? THE DIFFERENCE BETWEEN INDEPENDENT CONTRACTORS AND EMPLOYEES In 2019. Governor Newsome signed into law AB5 which introduces the “ABC test” The ABC test is used to determine whether a worker is an employee or an independent contractor. 1) The worker is free from the control and direction of the hiring entity in connection with the performance of the work, both under the contract for the performance of the work and in fact; 2) The worker performs work that is outside the usual course of the hiring entity’s business; and 3) The worker is customarily engaged in an independently established trade, occupation, or business of the same nature as that involved in the work performed. WHY IT MATTERS UMBRELLA POLICY? “If you quit once, it becomes a habit. Never quit.” Michael Jordan What we at PRS PROPERTIES CAN DO. We can also give you a good idea of what your building would sell for in its present condition. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other changes that might allow you to get a higher value in order to create value without huge expenses for your building. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building. We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, a moratorium, or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are in 1031 exchanges and need to identify a replacement property before their 45-day identification period runs out. Should you decide to put your property on the market, we will put together an aggressive, targeted, and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call. Remember – KNOWLEDGE IS POWER! |
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