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5 Best Practices You Must Implement for Real Estate Procurement

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

 

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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Insider Bid Management Tips for Real Estate Owners

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

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

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]

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

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?

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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How Excel is Killing Your Bid Management (and How to Fix It)

We know that technology is essential in order to stay competitive, and the increased efficiency it allows can dramatically lower costs and save time.  It’s also true that, if we’re not careful, the tools we use can end up costing just as much time as they save.

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