5 Construction Estimating Tips That Will Save You Time & Money
Tips & Tricks

5 Construction Estimating Tips That Will Save You Time & Money

Getting an accurate project estimate is a key component required to winning a job in construction. If an estimate is too high, customers may look into other competitors, costing you your time. Similarly, if a quote is too low, you may win the bid but be missing out on thousands of pounds, costing you money. 
Here at Serac Tech, we have put together some useful tips in order to assist with your skills for communicating, estimating and securing the desired project: 

 Settle on a thorough and final set of plans with your customer

A huge construction project problem is when it comes to completion and the customer’s ideal of the finished works are very different to the contractor's vision. To ensure this doesn’t happen, don’t swear by your basic drawings that you may have shown your customer in the early days..… we are talking about actual concrete plans! 
Serac Tech Top Tip: We recommend complete and thorough plans of each facet of the project. That includes the small details too! These need to be highly detailed that your customer must sign off before work takes place. 

Get expert insight in the areas you may need help with

Asking for help is not giving up, nor a sign of weakness. It is something that could save you thousands of pounds. 
When you create a highly detailed breakdown of something you know a lot about, for example, a loft conversion, you’re usually on top of the finances. . However, if you don’t know as much about flooring per se, you’re not going to be as detailed in your estimates which therefore could be very costly. 
Serac Tech Top Tip: Don’t be afraid to ask! Ask those around you who you know are highly skilled and have experience and expertise in specific areas. You won’t regret it!

Don’t underestimate labor or rubbish removal costs

Labor costs are a huge factor of the entire budget within almost any construction project. Despite this, many construction business owners may try to cut costs off the price of labor in hopes of reducing the overall price of the project. 
 
This can prove to be a major error once the job commences. It can quickly eat into your profits, and, if you aren’t careful, it could cost you more than the job itself is worth.
 
If it is the case that you are hiring subcontractors, it is imperative that you work out an accurate hourly rate when it comes to hiring specialty labor, craftsmen or general contractors. 
 
Serac Tech Top Tip: Evaluate costings of any similar projects done in the past or any projects available online and compare these per square footage.

Apply your processes to your subcontractor

Review in detail your subcontractor’s quotes and put them through the same meticulous process you have in place for your own estimates. Be sure to shop around and compare more than one subcontractor. 
Serac Tech Top Tip: Don’t just choose the cheapest—a subcontractor with a thorough estimate will probably be the least expensive and problematic throughout the project.

Get the Right Construction Project Management Software

The right construction project management software is essential for effectively managing a project and estimating one too. It can save you time and money by doing the majority of the work for you, making your life and the project smooth running and timely. 
 
Today’s high tech construction software offers options like timekeeping, labor productivity, and production tracking and risk factors. And, the most technologically advanced software can actually give you a variety of other options too. Even details like construction applications can be easily managed and organized with the right system.

 

Serac Tech Top Tip: Do some research into the best construction management software and see how it can alleviate unnecessary work throughout the project. Find one that suits your speciality area best. 

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