Understanding Bids & Estimating
Proper Bid Format
This video breaks down how the contractor needs to create his or her bid so that the client, loan officer, and appraiser are all able to easily understand what will be done to the home. A detailed bid makes the entire job run clean and smooth.
The Need For Speed
The more we help loan officers close deals FAST, the chances of repeat business go up. Plus, renovation loan clients have other constraints such as contract closing dates and interest rate locks that force them to make quick contractor & bid decisions.
How MAKEOVER Makes It Easy
We help the contractor by gathering data just like an estimator. Pictures, Videos, Drawings, Measurements, Scope Of Work, etc. The goal is to quickly provide the Preferred Contractor with the data needed to not only decide if they want to Accept the project, but also to bid accurately and quickly. We also have free BID BUILDER estimating software built into the MAKEOVER App that puts the bid in proper format from the start so you don't have to worry about it.
The Need For Details
The bid is used to paint a clear picture of the final product. The lender is loaning money based on the AFTER RENOVATED VALUE, so it is critical that the bid/estimate is detailed. The bid should be broken down by AREA, then by DETAILED DESCRIPTION OF WORK and then broken down by both LABOR COST & MATERIAL COST. Finally the PERMITS required are to be listed separately in the bid. NO WORRIES, we teach you all of this in MAKEOVER University so you can bid like a seasoned pro on your first project.
Bid Builder Software with built-in Funding Button
Easy to use BID BUILDER to properly format your bids quickly
Our Preferred Contractor platform allows you to quickly and easily copy and paste your bid from any format into the system so your bid is in the mortgage industry-required format. No matter how you bid or what program or spreadsheet you use. You can easily copy and paste it into our system or create your bid directly in the system.
Funding button built in just in case your client needs renovation funding
We know that one of the main reasons contractors fail to close clients after presenting their bid is COST and FUNDING. Our Preferred Contractors HAVE A BANKER ON THEIR TEAM to assist with any funding needs for their clients. If offering financing helps them close more projects we all win.
It is important to properly FORMAT your bid so that it meets the lenders requirements
You can use your current estimating system or our FREE BID BUILDER software that will put your bid in proper format from the start. Plus MAKEOVER's BID BUILDER makes it fast and easy to make changes.
Plus if needed MAKEOVER can log into the system and make the changes for you if that is helpful to get the deal packaged up, signed an submitted to the lender quickly while you are busy out in the field.
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