You have once again placed a bid for a lucrative contract to build a commercial complex but despite your best efforts you did not win the contract. Your suppliers are after you to honor past debt and your banker is threatening to cut off your line of credit. Bills are also piling up on the home front and you have to be dodging some of your friends, creditors and persons who are concerned about your business. Clearly as a contractor in the commercial building sector you cannot afford to lose another contract. Here are some proven steps you can take to be in the winner’s circle more often.
What if, for example, the project is to build Brookline condos for sale? Then you will need to have a very good idea of how much this will cost to build and prepare a cost estimate that will emerge as the lowest bid. Of course an experienced cost estimator will be a crucial member of your team, or a vital hired resource to ensure that only accurate and realistic costs are presented in the bid. The estimated cost is almost always the key factor that is considered by clients and procurement managers in selecting the winning bidder. Your experience in construction contracts is also considered by the client.
To survive in the commercial construction business you must maintain a steady flow of active projects. This requires consistent bidding on relevant project opportunities. You would therefore need to monitor publications, networks, online sources and industry publications for calls for proposals and bidding opportunities. If, for example, the call for proposal is to construct for apartments Brookline MA projects, your ability to quickly respond with a bid will make the difference between consistent success and bankruptcy.
Computer software that will assist in creating and placing a bid will help you. No use trying to do everything manually when there are tons of really good software that will make preparing a bid a real snap. Your business will benefit greatly from a robust bid preparation and costing software which usually comes with a cost database that you can have updated with current labor and material costs. Imagine trying to stay on top of the commercial building sector if you have to rely on outdated cost information. You will be without contracts and will soon be bankrupt.
There are a number of methods that you can use to win commercial construction projects, and it is always a good idea to understand what these options are and decide whether your finances and expertise can support them. One method is the design and build method that allows you and your architect to work together to deliver a project, such as building condominiums. A single total price is estimated which covers the architect’s cost for design as well as your costs for construction. Another approach is the construction manager at risk which involves you and your architect operating separately but with your being involved from the start and acting as go between with the architect and the client. Your bid in this case is a guaranteed maximum price for preliminary services and construction. As you can see, you would need to carefully decide what type of contract arrangement your business can accommodate and bid accordingly to suit the client.
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Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation.