A Full House Remodel Webinar Debrief
Big thanks to everyone that came out to our webinar last week. “A Full House Remodel” is just the latest installment to our webinar series that will continue to develop. As always, our host Wyatt Knight did a great job! For those of you that missed it, here are some takeaways.
Wyatt stressed that an accurate design leads to an accurate estimate. Be sure that your design is exactly what the customer is looking for. Anything left out in the design process will eventually be thought of after the estimate is given out. Make sure you give this a thorough walkthrough.
Create a checklist when you are estimating – the last thing you want is to forget something. You need to ensure that every step of the remodel is covered. Clients expect one number, not a new one every time you remember something that had been forgotten. This is also a great deterrent for losing money, incase you do forget to estimate in a number of items. An example checklist software would be Asana, it’s easy to use and it’s free!
When you create an estimate, lay it out as the remodel is going to take place. Make the estimate flow from phase to phase. This will be a great help when you sit down with your client for an overview of the remodel. A great way to do this in our software is to create components. Components are essentially “sections” of your estimate. They allow your project to take on some organization as well as simplicity. Another benefit of components is that they can be switched to “Alternates” if they are no longer needed in the project.
In the case of an entire home remodel, consider creating components out of templates for each room. We offer 60 different templates and also allow you to create your own. This will not only clean up the estimate and separate it out into chunks, but it also allows you great editing ability. You can use these templates for future estimates as well. Remember that when you create a template, all you need to do is enter the Sq Ft for all of your line items to populate with prices.
A Few other Takeaways
Time Card Totals: A great way to keep track of the hours spent on the remodel. Simply export the hours over to an excel spreadsheet to create and keep track of a labor schedule.
Markup: We can’t tell you what to charge but we do see clients range from 25-80%. We leave it at 50% because it is right in the middle. Be careful not to undermark, this is how you lose huge amounts of money. A side note here – Wyatt is a great person to talk to if you have any questions regarding your markup.
Labor Rates: When choosing labor rates, consider the burden that is on you when you hire someone. Not only are you paying for that person’s hourly rate, but you also need to factor in things like overtime, insurance, taxes, workers comp, sick days etc. This will amount to a number higher than the hourly rate requested by the laborer. This is just one of those things we see contractors losing money on, so think about it.
Thanks again for reading guys! We put these webinars together with the intention of helping your business succeed. If you have any suggestions or recommendations for future webinars please give us a shout!