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Estimating & Pricing
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Estimating & Pricing
In a competitive market, it's tempting to want to lower your prices or change your pricing structure. But if you don't charge enough to pay job costs, cover your overhead and make a profit, you won't stay in business long.
There are two steps to determining the correct price for a job. The first step is estimating - working through the details of the proposed job to find out how much the job will cost. The second step is adding your markup to the job cost estimate to arrive at a fair price. Both steps need to be done correctly - our goal is to show you how.
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Profitable Estimating Bootcamp - An Online Class
Michael Stone and Dan Baumann
An accurate estimate is the first step in selling and building a profitable job. Without an accurate estimate, you can't develop the appropriate sales price for any job, the sales price that allows you to pay all your job costs, cover your overhead expenses and make a profit. Knowing how to estimate a construction job is critical for any remodeling, renovation, or specialty contractor. . . . keep reading
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Fundamentals of Estimating, Part 1
Profitable Estimating Bootcamp Series - 1 of 13
An accurate estimate is the first step in selling and building a profitable job. Construction estimating isn't easy, and knowing how to estimate a construction job is critical for any remodeling contractor, new home builder, or specialty contractor. 1 Hour 20 Minutes . . . keep reading
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Fundamentals of Estimating, Part 2
Profitable Estimating Bootcamp Series 2 of 13
Understanding the Fundamentals that go into an estimate are essential to successful and profitable projects. In this class Michael will explain many of the steps necessary to start each estimate and you'll start to discover how to systematize your entire estimating process. 1 Hour 43 Minutes . . . keep reading
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Demonstration of 5 Estimating Software Packages
Free Recording
Finding the right Estimating Software for your business can be confusing. In this seminar you can view actual live demonstrations of 5 top programs. Watch and Discover what's possible as our 5 guests demonstrate how their system works. 1 Hour 48 Minutes . . . keep reading
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Basics in Estimating - Part 1
Michael Stone
We are not going to "teach" estimating in this article - we have a 12-part class that teaches estimating. What we are going to do here is cover some estimating issues. Handling these issues properly can get you back in front of the customer quicker with more accurate estimates. That leads to a better presentation and more sales. . . . keep reading
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Contract Escalation Clause
Michael Stone
Contract escalation clauses have been around for a long time. With the increasing size of residential new construction and remodeling jobs and ongoing economic changes, it is time to look at including a Contract Escalation Clause in your contracts. . . . keep reading
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25 Reasons to Never do Cost Plus or Time and Material Contracts or Billing
Michael Stone
The following lists some (but not all) of the major reasons that a contractor, in a construction related business, should not do Cost Plus or Time & Material contracts or billing. This applies to all general contractors and most of the specialty contractors in this business. The exception to this would be using Time and Material billing for service work such as electrical, plumbing, or HVAC service calls. . . . keep reading
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Why Your Customers Tell You Your Price is Too High
Michael Stone
This one is inevitable. If you're taking sales calls, a potential customer will tell you "Your price is too high". It's said many ways, but it is always the same message. Recognize the statement for what it is and don't buy into it. . . . keep reading
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Markup "Fewer" Jobs, Make More Money!
Michael Stone
If you raise your markup as I suggest, you will also have to sharpen up your sales skills. You can't keep doing business as usual and expect people to pay you more money for the jobs that you do. You must make some changes in the way you present yourself and your company. . . . keep reading
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"I Work in a Very Competitive Market!"
Michael Stone
I hear that often from contractors around the country. They haven't been able to give anything away in weeks, and they're starting to panic. "I can't seem to get any business in. The competition is ki . . . keep reading
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Guaranteed Price Contracts
Michael Stone
Customers are tired of being "ripped off" by contractors that bid jobs low, and then present high priced additional work orders. The additional work orders are priced above the normal markup and the customer ends up paying more for the job than the highest original bid they had. This is one of the practices that gives contractors a bad name. . . . keep reading
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An Industry Standard It Ain't
Michael Stone
Over the last two years, we have heard of several home or building owners, claiming that contractors overcharged them for work being done on fixed figure (lump sum) contracts. The claim is usually tha . . . keep reading
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