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5 Reasons You Need Competitive Bidding on Your Projects

 

A peer-reviewed study recently demonstrated the value to be gained by opening up bidding. The simple expansion in the number of bidders from 3 to 5 can yield as much as an 11.6% drop in the low bid. 

Competitive bidding has evolved

You don’t need to spend more in terms of time and resources going through the process of bidding than you’ll save in getting a lower proposal. You do need to have good process in place to run an efficient bidding process, but that process should only need to be created once. 

You need a few basic things in place to start building a strong competitive bidding process: 

• A shared directory of up-to-date vendor contact information.

 A standardized bid template.

 A centralized way for everyone on the team to access the most up-to-date documents from any device.

 A clear scope of work.

 Access to your Department of Buildings permit information.

If you’re manually leveling bids, it’s no surprise that your team is disincentivized to invite multiple bidders. With an automated bid leveling tool, you will align your cost-savings goals with the limited amount of time that your team has to manage the process. The software does the administrative work, freeing your team to spent their time on critical business challenges. 

Relationships Matter

The real estate industry is built on relationships. You probably assume the service providers you’ve worked with for years are the best for your projects, and you may very well be right. Familiarity with process, company culture and mutual expectations are strong factors in favor of maintaining a go-to team.

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Owners Deserve A World-Class Capital Planning Platform

A few weeks ago, Honest Buildings officially launched version 2.0 of our Portfolio Capital Planning Platform, meaning it’s now out of beta and available both to new and existing customers. You can read more about the specific platform and it’s benefits here.

I’m taking a step back to talk about why I am so excited about our latest innovation.  

This is Important Because...

Owners  deserve platforms built specifically for their needs and to meet their fiduciary obligations.If you take nothing else away from reading this, remember I told you this:

Owners deserve tech platforms built for them.
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"Open and Connected"-- The 2018 MRI Software IUC

Billed as a gathering for MRI’s community to mobilize and “gain special industry insights and connect with other users,” we amassed a team and left New York, headed south.

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The Best and Brightest of CRE: A Roundtable on Operational Excellence

Operational Excellence is the capacity to execute business strategy with greater consistency than your competitors and is measured empirically, by results. Within the commercial real estate industry,  operational excellence is created broadly across organizations; for our purposes, consider the contributions of asset management, portfolio management, operations, and members of the C-suite.

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Changing the Way Owners Manage Capital: Introducing Portfolio Capital Planning Platform 2.0

Capital Planning is a critical element of an owner’s long-term business and asset management strategy. Effective capital plans ensure that commercial real estate owners manage their cash, optimize returns to investors and most importantly, enhance the value of their portfolios.

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Six Pitfalls of Excel in Commercial Real Estate Cost Tracking Canada

By some estimates, more than 1.2 billion users, including most of the real estate industry, rely upon Microsoft Excel. While Excel is a powerful commercial tool for statistical, engineering, and financial data tracking and analysis, the software was not designed primarily for use as a collaborative platform—an environment in which the commercial real estate and construction industries thrive.

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Sweat the Small Stuff: Capital Planning and Small Projects

Capital Projects are intended to maintain or improve asset value.

Owners routinely optimize operational efficiencies on large-scale, multi-million dollar jobs like lobby renovations, landscape upgrades, or full remodels. Projects of that scale require considerable time and resources, and their success or failure greatly impacts the value of the entire portfolio.

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Riggs Kubiak on Commercial Real Estate: Bloomberg Markets Interview

Our CEO and Co-Founder Riggs Kubiak recently sat down with Carol Massar and Jason Kelly of Bloomberg Markets to talk commercial real estate. We’ve recapped what their listeners were most interested in knowing about Riggs and about Honest Buildings.

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Six Pitfalls of Excel in Commercial Real Estate Cost Tracking

By some estimates, more than 1.2 billion users, including most of the real estate industry, rely upon Microsoft Excel. While Excel is a powerful commercial tool for statistical, engineering, and financial data tracking and analysis, the software was not designed primarily for use as a collaborative platform—an environment in which the commercial real estate and construction industries thrive.

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"I was born in North Idaho": A Conversation With Riggs Kubiak

Riggs Kubiak, CEO, and Co-Founder of Honest Buildings confesses that there isn’t much in his public persona revealing his backstory. Opening up about the experiences that shaped him, including the concepts that grew into a NYC based CRE technology company backed by the largest real estate owners in the world, Riggs joins Scott Morey, Executive Director at GPG Advisors as a guest on RE Insight’s latest podcast .

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