Contractors often have a hard time developing winning bids because they fail to include essential items in their proposals. This is why more than 83% of the total construction bids end up in the trash!
It wouldn’t be wrong to say that your project’s entire scope depends on the construction estimates. It’s the robust thread that holds your project planning together, and even the smallest differences can jeopardize your business. Needless to say, the risk is massive. If something goes off way during the bidding process, you may have to […]
Cost efficiency is a useful tool in ensuring you’re making the most use of resources. When you embark on a construction project, one of the priorities is saving money by performing tasks efficiently. Careful and thorough planning is the first step in ensuring cost efficiency in construction estimates. Here are some other steps you can take […]
Bidding for construction projects is one of the main ways that general contractors, sub-contractors and material suppliers make their way into the most profitable projects. Without this step, it would get extremely difficult for newer construction-related businesses to enter the commercial development market. Although earlier, bids were often made on paper, the way we do […]
Developing a construction estimate is one of the most crucial—and difficult—aspects of a project because it directly impacts the profit margins. This is also why it’s imperative for the estimate to be precise and accurate. The entire project budget can be affected if the estimates are off by a considerable amount, leading to costly delays […]
As digital transformation continues to disrupt the construction industry, we see many contractors opting to outsource ancillary departments and focus on what they do best. Construction companies that are leveraging digital technology to become more agile seem to be reaping substantial benefits—firms report that costs fell by 4-6% while construction productivity went up by 14-15%. […]
Like many other industries, construction has also taken a hit following COVID-19. Although the pandemic has undoubtedly made it more difficult for contractors to operate, it’s important to note that construction profit margins have been plummeting since 2014. Recent statistics from the Journal of Building Engineering indicated that profit margins were down to 0.38% in 2019. […]
Rapid changes in material costs can make it difficult to determine the cost of your next drywall project, especially since the cost of a drywall installation can fall anywhere between $955 and $2547. The geographic location, job specifications, and labor costs all have a substantial impact on the final price. Plus, if you’re adding specialty […]
Quantity takeoffs are complicated numbers to calculate and handle, but their main purpose is really straightforward. Also known as construction takeoffs, this segment of construction estimation is essentially a list of all the materials needed for a project. The appropriate quantity of each material is usually listed as well as the per unit and the corresponding total […]