So, you have decided to continue with a construction project. And you have everything ready, including financing and building design. However, you’ve realized that you need to put your project out there for bidding, hoping to get the best price possible. But how will you analyze bids from contractors to end up with the best option?
Well, most construction project owners face this challenge when requesting bids. In most cases, construction project owners struggle to evaluate proposals and pick the best company. Here are tips to help you request and get the best bids from construction companies.
To get accurate bids, be specific when putting the project out there. That means working with the design team first to finalize the project details. Also, specify the methods and materials that you want the contractor to use in your project. If you provide few points in the bid documents, contractors will most likely misinterpret them. And this can make evaluating contractors’ bids difficult. What’s more, you might not get the price you need for the project. Therefore, take your time to work with your designer and other stakeholders when preparing details for the bid documents.
Avoid Bidders that Don’t Ask Questions
If a bidder doesn’t submit RFIs requesting additional information or clarification, it means they are probably not reading the bid documents closely. Therefore, focus on bidders that ask questions because it shows the contractor thoroughly and actively reviewed your details. Thus, they understood what you need for your project before bidding.
Compare Several Bids
Even when you’re extremely specific in your bid documents, not every contractor will interpret your information correctly. Therefore, compare several bids before deciding on the construction company to hire. And don’t settle on the company with the lowest bid because it could be the most expensive. Instead, choose a contractor that seems to have understood your needs and can meet them.
Essentially, the best bidder is not always the one with the lowest price. Therefore, take your time to compare different contractors and even ask them questions if necessary. That way, you will end up with the most cost-effective bid for your construction project.…