Bid estimates are essential for your project's approval. They are documents that must not be taken lightly even with the use of bid estimate templates. With those in mind, we have gathered a few tips to help you create bid estimates.
1. Calculate Costs
You can't create a bid estimate without first calculating the cost of your project. In this process, you'll be reading or reviewing your project's blueprint and plans, investigating the site where it will be built or created along with the materials needed, and communicating with subcontractors regarding their payment schedules. Once you've done all of those, you can calculate the overall costs. To help you with that, you can make use of a bid estimate calculator software.
2. Use a Reliable Format
One of the best formats to use when creating formal documents such as bid estimates are Microsoft Word, Microsoft Excel, Apple Pages, and Google Docs. These formats have the right tools that you'll need when creating your bid estimate. Or better yet, you can make use of downloadable templates online. (e.g. bid estimate excel templates, bid painting estimate templates for MS Word)
3. Emphasize Identifying Information
The identity of your estimate sheet comprises the names of the bidder, contractors, subcontractors, companies involved, and a variety of contact information such as mailing addresses, landline numbers, cellphone numbers, and official email addresses. You must also determine the title of the bid estimate itself. Place the title at the front page or at top of the first page of your bid estimate, and enlarge its font as well.
4. Elaborate Your Bid Estimate
In this process, you'll be creating the main contents of your bid estimate. The steps you'll be doing are as follows: identifying the scope of your project, citing some contingencies in case of mishaps, stating the overall cost, determining how many payments will be made, and plotting the work schedules of your project's creation/building stages. Make sure to elaborate on all of them with detail. They could well be the deciding factor whether your project is a go or not.
5. Attach Relevant Documents for Support
To solidify the credibility of your bid estimate, consider attaching supporting documents with it. The best that you can do is to attach written agreements that you've signed together with your contractors in relation to the project. You can also attach some of your liability insurances for more solid support.