Key Takeaways
- Walkthrough estimating is the primary rapid evaluation tool.
- Bid packages with standardized formats enable fair comparison.
- Draw schedules with retainage protect investor capital.
- The accuracy funnel works in practice across all decision stages.
Review of applied estimating workflows from Track 2.
Recap
Walkthrough estimating produces ±20% in 60-90 minutes. Bid packages produce comparable proposals. Draw schedules protect capital. The accuracy funnel narrows estimates at each level.
Key Takeaways
- ✓Walkthrough estimating is the primary rapid evaluation tool.
- ✓Bid packages with standardized formats enable fair comparison.
- ✓Draw schedules with retainage protect investor capital.
- ✓The accuracy funnel works in practice across all decision stages.
Sources
- RSMeans/Gordian Cost Data Online(2025-01-15)
- NAHB Remodeling Contractor Survey(2025-01-15)
Common Mistakes to Avoid
Not maintaining a record of estimate vs. actual for completed projects
Consequence: Same estimation errors repeated on every project without improvement
Correction: Track estimate vs. actual by category for every completed project; update templates with learnings
Releasing retainage before punch list completion and CO issuance
Consequence: Loss of the primary leverage mechanism for ensuring contractor completes all remaining items
Correction: Release retainage only after all punch list items resolved, CO issued, and final lien waivers collected
Test Your Knowledge
1.Typical retainage percentage?
2.Price weighting in contractor selection?
3.How many bids to obtain?