Cost estimating seems to be one of the most technical and challenging jobs. There is no room for making even a little error when making estimates. A single blunder will bring your profession in hot waters. Accurate estimates make you win projects repeatedly one after the other. And inaccurate estimates bring your profession at the worst stage.
So, how to become a pro-level construction cost estimator? We will tell you. A simple plan and list of tips have been penned down over here. We are sure that these tips will help you nailing down every project of yours linked with delivering accurate cost estimates.
Table of Contents
Blunder # 1: You never visited the project site
Yes, it is the biggest blunder which cost estimators commit. If you have never and visited the project site, then how on earth you can create accurate estimates. This is next to impossible thing!
Professional drywall estimation services providers and top-notch cost estimators always visit the site. In doing so, they get an exact idea how to nail down their task. In addition, analyzing the job site ensure that you estimate the costs perfectly without feeling the need to revise them again and again.
Blunder # 2: You overlooked some important cost details
Overlooking some crucial cost details makes you a poor cost estimator. When estimating costs, not even minute details can be overlooked. If you commit this blunder, that will turn out to be shattering for your profession.
So, what seems to be a recommended practice is to update the cost-book data regularly. Never ignore the material and labor costs and make estimation with respect to their location. Double and triple-check every item cost, that is the best you can deliver.
Blunder # 3: You are unaware about the current market conditions
If you are completely unaware about the present market conditions, then it will be extremely challenging for you to produce accurate cost estimates. Construction market conditions change frequently. You never know when the labor and materials price change, so keep a closer eye in this regard. In following this practice, you can completely diminish estimating errors and optimize accuracy and efficiency at every level.
Blunder # 4: You never assess risk
Assessing risk is the most vital practical which any cost estimator must follow. Not assessing the contingencies and unforeseen events might bring errors in your cost estimation plan. So, never avoid risk and contingencies because that will turn out to be devastating for your project. Things can only go right if you will do the risk assessment and contingency planning properly.
Blunder # 5: You rely 100% on cost estimating software
Relying 100% on cost estimating software is surely a big blunder which will turn your project into a nightmare. Though you can use software for optimizing the workflow, but relying 100% on it will hardly bring anything good to your project. A pro cost estimator exactly knows the project needs and software fails to realize this aspect.
Blunder # 6: You make uneducated guesses
Many cost estimators have been in the habit of making uneducated guesses and this practice ruin their whole cost estimation plan. Doing a guesswork fails to ensure accurate cost estimates and your project eventually land into trouble. The simple piece of advice is to avoid making guesses when estimating costs for materials, labor, equipment, overhead, manufacturing and other soft costs.
Blunder # 7: You never review your work
Not rechecking your work, that is the worst practice embraced by beginner level cost estimators. Reviewing your work is a must no matter you have become a pro in doing cost estimates. Everyone makes blunders and pro-level estimators are no exception as well. Even small estimating errors should be omitted on a priority basis. Thus, before you present the final plan, make sure to double check and review everything. Rushing through the work will result in lots of mistakes eventually.
Conclusion
That is all from our side! If you have recently start working as a cost estimator, make sure that you never commit these blunders ever in your life no matter how much pro and perfectionist you become in doing cost estimates. Avoiding these mistakes will benefit you at the end of the day. And consistently making the errors will put your job in hot waters.
Wrapping up! Always visit the project site, avoid making uneducated guesses, double check your work, never overlook even the slightest cost detail, assess risks and contingencies, keep an eye on the market conditions and stop relying 100% on cost estimating software. Rest, you can share with us how you do cost estimations. More updates are yet to come, so stay connected and in touch with us.
