Picture this: A prospective client requests bids for a construction project ASAP.
So, you create and send a ballpark estimate quickly to beat your competitors. And luckily, you win the bid, and the client sends you the funds to start the project.
However, right in the middle of the project, you discover you underestimated the project cost. There’s been an increase in the cost of materials. Or, it turns out, you need more labor than you thought.
Now you’re left with two options. Use your money to complete the project. Or go back to the client to ask for more money. Both options are not good.
See why creating accurate construction quotes fast is crucial? Fortunately, you can avoid this scenario. In this article, you’ll discover the power of accurate and fast construction quotes and the secret to creating one.
But first…
A construction quote, also known as a construction estimate, is a document that shows the estimated cost of completing a construction project.
It provides a breakdown of the cost of every aspect of the project, from material and labor costs to overhead costs.
However, the level of cost breakdown varies from contractor to contractor. While some contractors provide detailed construction quotes with accurate per-unit costs, others quote ballpark figures that may be underestimated or overestimated.
Providing clients with accurate construction quotes fast is crucial to your success as a contractor. Let’s explore the power of accurate and fast construction quotes.
Creating an accurate construction quote requires a high level of detailed project planning. You need to estimate the precise cost of every aspect of the project, including material, labor and overhead costs.
With precise estimation, you’ll know exactly how much you’ll spend on what. No guessing or using the pricing from your last project, only to find out a material cost more than you budgeted.
Hence, the process of creating an accurate quote improves project planning and enables you to make informed decisions to prevent underestimation.
For instance, an accurate construction quote for a new office building project would not just estimate a cost for the foundation, the structure construction, the exterior, the interior, etc.
Instead, it would outline the individual cost of all the materials, labor and overhead cost involved in every aspect of the project.
So, the foundation section, for example, would show the cost of renting equipment for site clearance, excavation and grading. And, it’d also show the number and cost of materials and construction workers needed.
If you’ve ever been in a situation where you went over budget, you know how embarrassing it can be and the difficulty of completing the project.
Accurate construction quotes have precise budgets for every item and aspect of the project. So, there will be no unexpected cost surprises during construction, and you’ll be able to manage your budget effectively.
Also, creating an accurate quote will enable you to identify opportunities to save costs and plan how to allocate funds efficiently. This especially helps when your client has a strict budget for the project.
Let’s say you want to create an accurate construction quote for the electrical work of a residential building. You can use energy-efficient lighting fixtures to save costs and deliver the project within the client’s budget.
Taking the time to create an accurate construction quote for a client is crucial. However, spending days to weeks creating an accurate quote is unacceptable.
In today’s fast-paced world, clients require fast construction quotes to decide quickly about the project. They often operate on a tight project schedule and don’t want any delay in obtaining quotes.
For instance, imagine a government agency inviting bids for a public infrastructure project. The bidding timeline would likely be short, so you would have limited time to prepare and submit your bid or proposal.
With multiple contractors bidding for the project, you must swiftly submit your bid within the specified timeframe to avoid missing the opportunity to land the project. Thus, you must be able to create construction quotes quickly and submit your bids faster.
Fortunately, you can leverage technology to help you create accurate quotes within minutes. Continue reading to learn more about that later.
Accurate construction quotes are quite detailed, showing every aspect of the project. So, no part is shrouded as “industry secrets.” This shows transparency, which gives you a competitive edge and builds client trust.
Moreover, prospective clients will appreciate the accurate estimates, as it would allow them to plan their finances for the project without fear of surprise costs during construction.
Also, providing the quote quickly demonstrates your professionalism and commitment to getting things done quickly. And, prospective clients will be confident in your ability to complete their project on time.
Creating an accurate construction quote means you won’t have to go back to the client to ask for more money or time to complete the project.
You’ll have all the funds you need to deliver the project of your client’s dreams on time. And this will demonstrate your competence as a contractor and enhance clients’ satisfaction.
So, you’ll build a reputation as a company that provides accurate quotes and delivers without delay or going over budget. And it would help you build long-term relationships with clients and lead to repeat business and positive referrals.
Now that you know the power of accurate and fast construction quotes, how do you create these quotes?
Traditionally, construction quotes are created manually.
However, the process is time-consuming, involving hours of reaching out to suppliers and crunching numbers. It may take days or even weeks to create a detailed quote.
Even more so, it’s prone to inaccuracies and discrepancies. Human errors, such as wrong estimation during material take-off and miscalculating prices and costs, lead to underestimation.
So, after all the hours spent and effort put into manual estimation, you would be unable to provide your client with an accurate quote fast. And in the end, the project would be stalled, and you would lose your client’s trust.
Short answer: construction estimation software!
Construction estimating software is a technology that gives contractors the power to create accurate and fast construction estimates.
The software uses advanced algorithms to automatically calculate costs and access current market prices from databases to generate accurate construction quotes quickly.
Let’s explore how construction estimating software can help you create accurate and fast construction quotes.
With technology like construction estimating software, you can easily create accurate and fast construction quotes to build anything and everything you or your client wants. Here’s how the software helps:
Construction estimating software uses advanced algorithms to automate material take-off and calculations. This eliminates manual errors and calculations that may occur when calculating quantity and pricing, and adding up costs.
Furthermore, estimating software like Bolster have access to numerous market databases, suppliers and sub-contractors, from which it pulls current materials and labor costs to generate precise estimates.
With construction estimating software, you won’t waste time contacting suppliers, combing catalogs, and analyzing multiple spreadsheets.
Although the software computes the units and costs of all the details of a construction project, it doesn’t take long to do so. On the contrary, the software can quickly generate accurate construction quotes in real-time.
All you have to do is enter your project details into the software, and an accurate quote will be generated at the click of a button. The entire process takes 7 minutes with Bolster.
In addition to enabling you to create accurate and fast construction quotes, construction estimating software enables seamless collaborations between you and your clients, and improves your productivity.
For instance, you can customize the software’s pre-built construction templates to present attractive quotes to your clients. Bolster even presents the quote in a virtual showroom that allows clients to add or remove items from the quotes themselves.
Furthermore, estimating software integrates with other technologies, such as CRM and accounting tools, to optimize your workflow. Some, like Bolster, also offer a secure payment gateway that allows clients to make online payments to you.
To learn more about estimating software, check out this guide on construction estimating.
With tight project schedules and deadlines, you don’t have the luxury of spending hours creating construction quotes that would likely be inaccurate.
Say goodbye to the slow and inefficient process of creating manual quotes. And say hello to building the future with the power of technology.
With Bolster construction estimating software, you can generate accurate and fast construction quotes.
The only requirement is entering your project details, and Bolster will create accurate construction quotes that will cover every detail and aspect of your project in minutes.
Click here to request a demo and see how Bolster works!