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5 Powerful Insights Construction Cost Categories Can Reveal

4 minute read

Experienced commercial real estate owners and managers know that a large part of the success of their building projects is determined in the planning phase, long before a permit is pulled or a nail is hammered. It’s surprising then that many of the industry’s most established organizations don’t reliably capture, track or standardize data from critical planning activities. Cost categories (also called line items) lead this list of powerful but underutilized sources of information.

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Three Reasons Why More Bidders Offer Greater Project Value

2 minute read

Commercial real estate owners’ primary mandates are creating value and maximizing investor returns. Informed decision-making contributes to better quality projects and reduced costs, leaving more capital available to ensure that owners will accomplish those goals consistently throughout the asset’s lifecycle.

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5 Best Practices You Must Implement for Real Estate Procurement

3 minute read

Between budgeting and building lies Procurement. Commercial real estate and project owners modernized leasing and asset valuation like  VTS, and ARGUS. However, there are inefficiencies yet to be addressed in vendor and bid management processes. The good news is those efforts will be well rewarded since according to CBRE,

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5 Reasons You Need Competitive Bidding on Your Projects

3 minute read

Timewarner

 

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.

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Insider Bid Management Tips for Real Estate Owners

3 minute read

It’s been firmly established that a well-run bidding process drives down costs on capital and construction projects while also reducing the risk of change orders and delays. As billions of dollars in project value have been run through our project management platform by some of the largest owners in North America, we’ve seen where best practices make a meaningful impact and where teams commonly falter.

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The Most Effective Bid Template for Construction Projects

5 minute read

While capital projects and construction projects can range from a simple painting job to an entire roof replacement, a real estate owner’s goal is always to increase the value of an asset or to make sure tenants are happy with their space. One of an owner’s best tools for making this happen is the ubiquitous bid form.

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Getting the Best Construction Bids from Your Contractors

4 minute read

When you open up your latest construction project for bids, plenty of vendors will likely respond but the quality of their bids will vary dramatically. From finding missing information to reworking line items for easier leveling to untangling crossed lines of communication, you will be responsible for doing what it takes to turn imperfect bid proposals into great construction estimates.

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Preparing Bid Documentation and Bid Forms for CRE Projects [CHECKLIST]

3 minute read

As with most multi-phase processes, commercial real estate capital and construction projects benefit enormously from diligent planning. As a matter of fact, considering the long timelines and large cost of CRE projects, real estate owners owe it to their stakeholders to dedicate meaningful time and resources toward careful preparation.

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How CRE Owners Optimize Project Bidding for More Profitable Outcomes

3 minute read

Like all entrepreneurial thinkers, commercial real estate owners want to refine and standardize as many business variables as possible, in order to control for better outcomes.

Project bidding—a process whose success depends on the accuracy of a trove of data points and the seamless collaboration of diverse industry practitioners—is one of the most sensible places to optimize.

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How long does the bid process take for most CRE projects?

3 minute read

For all its positives, properly bidding a project requires a major investment of time on the part of commercial real estate owners and their teams. Even simple bid processes require hours of preparation on the part of the project manager, and then typically require several days for the vendors to prepare their bids, followed by leveling, negotiation, and, finally, award.

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