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Get the Best Constructions Bids from Your Contractors

3 minute read

Where capital, construction, and tenant improvement projects are concerned, bidding is a necessary but complex process for commercial real estate owners and their teams. It is also critical in optimizing project and portfolio returns and growing maximum value.

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9 Tips to Control and Track Costs on Tenant Improvement Projects

4 minute read

Tenant improvement (TI) projects are common, meaning most real estate owners can manage them with their eyes closed. No sweat, right?

Well, yes and no.

Let’s look back at 9 tips that can help you better track and manage costs on your TI projects.

Often when we run any process over and over we start paying less attention to the details and we are less likely to look for opportunities to optimize our methods. While most tenant improvement projects don’t cost an enormous amount of money individually, 95% of projects are considered small (with budgets > $1M) they have a big impact in the aggregate, making it very important that you reflect on how your process can be improved.  

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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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