How Can a Construction Budgeting Tool Help You in Your Real Estate Projects?
What tools are you using to determine your cost detail for scopes of work within your renovations?
Not just something to tell you the overall cost, I’m referring to a tool that tells you every detail down to materials and labor.
It is difficult to capture how much you’re paying for paint, flooring, tile etc. per square foot, if you don’t have the information archived in an organized format.
Building intelligence to improve your performance is not as simple if you don’t have a tool.
- Our Microsoft Excel based Construction Investment Calculator does just that.
- Simply plug in your numbers and see if you’ll meet your budget as well as see how much each scope of work will cost you.
- Using your labor costs per hour, time to completion, and your cost for material, and you are prepared to enter the data.
Order of Operations
When using the Construction Investment Calculator, it flows in a sequential manner from top to bottom and left to right.
If you are aren’t proficient in your order of operations, the calculator can help guide you and help you not miss any scopes of work.
- Kitchens, bathrooms, staging are all separate categories.
If you are working on a commercial project, each line-item expense has it’s own separate entry to help summarize the entire project’s scope of work.
See your total cost for each scope of work.
Then determine if you can improve costs or if you are meeting your targets.
Start by entering the address, total square footage and project’s budget.
The tool will compile all your entries to summarize your total cost, the total cost per square foot, and tell you if you have met your projects budget’s (by showing the variance between the budget and the actual total).
- Quickly review and evaluate where you can implement cost savings by having the entire project’s detail in front of you.
Whether that means hiring cheaper labor for anything not requiring expertise, or finding more cost effective materials to implement into your plan.
Have the capability to do so, by using this tool.
Reviewing and having the capability to oversee the plan, gives you better control over forward planning and budgeting.
Don’t stress over creating a tool.
If you want to improve your operations, data is key.
Having a tool that allows you to share, have your contractor complete, or archive your results for your records, are all important aspects to achieving improvement.
Teamwork and communication helps and this tool can help center your focus on where improvements are capable.
The Project Notes section, allows you to share feedback with teammates or summarize the entire project for key takeaways.
Improve continuously with this new tool in your toolbelt.
We strive to support your growth while making the process simpler.
Thanks for joining us today faithful readers – future leaders.
Love ya and continue to strive for growth.
Please comment how this tool can help you and your team.
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