Comparing Bids: 7 tips you can use for your next project
When selecting a contractor for your next commercial painting or repair project, it’s beneficial to seek multiple bids. But when every bid looks, sounds, and feels different, how do you know which bid is best for your project?
Here are 7 tips you can use to help you better compare your project bids:
1. Qualify your bidding contractors
Qualifying your bidding contractors can help you avoid making assumptions about them and the quality of work they produce based on what you already know. By researching and taking the time to review potential contractors for your project, you can gain additional insights to help you make your decision. Specifically speaking with professionals who specialize in commercial paintings can be beneficial because they may know more nuances and be able to provide additional information about best practices for your building. Working with experts is also useful because, if a challenge arises, they may be more likely to have actionable solutions to resolve the issue.
2. Remember the power of 3
Receiving at least 3 bids from contractors is beneficial because they can provide you with enough options to get the expertise and quality you need. If you have less than 3 bids, you might not have enough to compare. Then, with too many bids, you may have so much information to compare that you aren’t able to make a selection as easily because you are trying to evaluate many possible partners. From feedback from our customers, 3 seems like the right balance.
3. Provide a detailed and thorough scope of work ahead of time
Providing a detailed and thorough scope of the work you are seeking in your RFP (request for proposal) can help your contractors better understand your property’s unique needs. If you’re unsure of what your scope of work is, you can always consult with an experienced industry professional to make sure the information you share is accurate. To provide potential contractors with more details, especially when they are preparing your estimation, you might allow them to ask you questions about the property.
4. Perform site walks
Another strategy you can use is performing site walks with contractors during your bidding process. Doing this can help you learn more about the different nuances they notice while on-site and may help make your cost estimation more accurate. You can also use this time to help you get to know more about each potential contractor on a deeper level. This can be especially useful if you’re looking for a partner who understands the unique nuances of your property or industry.
5. Engage in clarifying conversations
Once all of your bids have been submitted and you’ve begun reviewing them, you can create a list of questions you have for each bidding contractor. With your list of questions, you can schedule meetings with each bidder to make sure you understand the quote and their rationale around how they got to the price. You can also use this time to ensure the contractor has answered all of your questions. By doing this, you can glean all the information and clarification you need to make your final selection.
6. Think about your budget
In the final stages of your comparison process, it’s important to think about where each bid falls in your pre-determined budget. Doing this can help you make sure your company is not going to go way over budget with an upcoming project or determine how to reallocate money to the budget if necessary. Here’s some insight from Suzanne Peperak, Executive Vice President at Barrett and Stokely to help you better plan for your project’s budget to help ensure a scenario like this doesn’t arise:
“Even though it takes more time, planning ahead in your budgeting process can be especially beneficial to ensure your business can account for all potential costs in the next year. With the constant supply chain prices we’ve been seeing recently, this can allow you to account for cost changes earlier on and better prioritize the urgency of your projects.”
Suzanne Peperak | Barrett & Stokely
7. Select a winning bid
When making your final selection, it’s important to examine the facts and information each contractor has provided. If there are questions you still have, get those answered before choosing your winning bid. Making sure you have all the facts and can easily compare pros and cons is critical because the last thing you want is to have your project retouched after completion. Doing this may require some patience, but in the end, you’ll get the expected results you want.
Need help evaluating your property’s needs or help you with your next project?
Our team of painting, coating, and repair professionals is always happy to help you evaluate the needs of your property and help you complete your next project. If you’d like to connect with a member of our team to schedule an estimation, you can fill out our contact form.
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