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An accurate construction cost estimate can show how much a construction project will take as well as how much time it will take to complete. Errors and inaccuracies can be detrimental to the project, especially on the part of the contractor. They are obligated to stick to their estimates, so they mostly have to absorb any project overruns.
The total amount of time and effort spent on a construction project ultimately saves contractors money and time. But thanks to recent technological developments, custom software is now part of a construction cost estimator’s toolkit.
A construction cost estimator is one of the most critical team members in any construction project. Whether it is a little renovation project or a complex commercial building, they play a vital role that often determines the success or failure of the project. Unfortunately, the role of a construction cost estimator only comes to the limelight when a project goes way over the estimated costs. And this even goes for those times when the reasons were outside their control.
At the very elementary level, the construction cost estimator provides a detailed estimate to the client, complete with details of how much the project is likely to cost. This is a simple thing as seen from the surface, but in actual sense, the construction cost estimator often has to juggle several factors and considerations before he can produce an accurate estimate.
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Remember, these conditions and circumstances can suddenly change, even in the middle of the project. This can lead to all kinds of delays as well as significant cost increases that, more often than not, affect the final cost of the project. Margins shrink and the contractor might even have to incur losses. Therefore, a construction cost estimator must always put their expertise and skills to use and plan for these kinds of uncertainties.
The goal of a construction cost estimator when creating an estimate is to try and get to within touching distance of the end cost of a project. To do this, he or she has to work with both unknown and known factors. Therefore, a construction cost estimator must approach each step of the process with careful thought and consideration. This is because each of these factors, whether unknown or unknown, requires highly specialized knowledge of the industry. They must also factor in the client’s requests or preferences, the overall design of the project, and other external considerations like changing material costs, labour supply, logistics and even the weather.
Takeoff
A construction cost estimator often works with an array of information to derive an accurate estimate. Some of this information can be approximated or quantified, a process known as material takeoff. This is a list of materials and all their associated costs that would have a significant impact on the eventual cost of the construction project.
Construction cost estimators create a comprehensive list of materials and costs by carefully studying the building plans and schematics. These materials include things like plumbing supplies, roofing materials, concrete, wood, wiring, hinges, and down to the details including nails and screws. They then add associated costs like labour, transport, and all other logistics that will add costs to the project.
The target is to inch closer to the final costs of materials at the end of the project. Material costs can change during the life of the project or even before the project begins. The estimator must keep abreast with the current pricing or even try to get into arrangements with suppliers to lock in material prices. Other costs might also include the weight of materials and whether the project would require the use of specialized on-site equipment to move them around or even to transport them to the site.
Material takeoff is critical towards deriving the final cost estimate of a project. During the bidding period, it might make the difference between losing and winning a bid. In the construction period, it might make the difference between profit and loss for the construction firm. Inaccuracies can be expensive and have a definite bearing in the outcome of a project.
Therefore, a construction cost estimator must spend a lot of time accounting for all the costs when creating an estimate. Fortunately, estimating software have done a world of good for the modern day estimator and construction firm in general. Not only have they significantly cut down the total time it takes to perform a takeoff or estimate, but they have also improved accuracy levels. Software providers such Buildsoft now provide a suite of applications that make the process more accurate, more efficient and with half the amount of time and effort.
One of the other key roles of a construction cost estimator is to anticipate risk, potential extra costs and even delays. All this must be factored into the final estimate, which can be incredibly difficult given the fact that they have to work with potential or even unknown factors.
Project Timelines
One of the most crucial factors of a construction project is the timeline. A construction cost estimator must create a project timeline by working together with the contractor and the client to determine a completion date. Therefore, the estimator has to factor in potential delays from say, transportation of materials, production of materials if it is a large scale project, or even the potential impact of the weather on the project.
While many of these factors are basically unknown, a construction cost estimator must still make an educated guess. Who can know what the weather will look like a couple of months from now? Who can predict the environmental changes that might take place in 6 months? But still, an estimator has to take into account the potential impact of such factors when developing the proposed timelines for the project.
That said, this is the essence of a construction cost estimator’s job. They constantly have to weigh a number of known and unknown factors, assess risks, account for potential shifts in costs (labour, material supplies, etc.) and the potential impact of legislation on the project. Therefore, apart from having a high level of skill and knowledge of the industry, a construction cost estimator must work closely with all the team members of the project, that is, from the client and the architect to the contractor, sub-contractor and the suppliers.
Check out the Buildsoft range of construction management software that have created a seismic shift on how construction cost estimators do their jobs.
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