Philip Eide, Real 5 Services for the Real Estate Marketplaces (Properties, Probe & Renovation)

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Rainmaker
679,574
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

A GC or project manager with chops would already know how to do it. It takes a specific skillset to manage big projects, anticipate cost and potential problems.

Feb 10, 2018 03:29 PM
Rainmaker
4,864,066
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

the most accurate is by the "board measure"...also called stick estimating....you'll not get that figure with a 24 hour turnaround...

the most widely used is unit cost estimating.... compile the items...attach a cost... mark up with a profit....done...

Feb 10, 2018 03:30 PM
Rainmaker
729,150
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Use the word " Allowance" a lot in your contracts. For example, I'm allowing $7000.00 for drilling a 400 foot deep well. If we need to drill 600 feet, then the price will increase by x. Allow for weather conditions, materials shortages, permit delays, change orders, etc, etc.

Feb 10, 2018 03:30 PM
Rainmaker
2,762,673
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

My first thought is: How can anything be accurate with uncertainty?

Barbara Todaro and Candice A. Donofrio have great responses for you. 

Feb 10, 2018 04:03 PM
Ambassador
3,912,345
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

See what Candice A. Donofrio and Barbara Todaro have to say.

Feb 10, 2018 04:13 PM
Ambassador
3,181,432
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

My contractors quote a range if uncertain what lies beneath unless something is torn out. So, basically a minimum if face value and a maximum if they run into larger, hidden issues.

Feb 10, 2018 07:48 PM
Rainmaker
4,309,120
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Philip,

We agree with Candice A. Donofrio A

Feb 10, 2018 03:34 PM
Ambassador
2,343,739
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Where is Barbara Todaro?   She may have the answer.

Feb 10, 2018 03:21 PM
Rainmaker
382,347
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

My husband, general contractor, does a hard bid based on cost plus a percentage for his fee. He also builds in a contingency which may or may not be used. However, in lieu of fast rising construction costs plus weather delays, his clients know that the price is not fixed and can adjust based on their selections, changes, and time to build.  The quote is accurate at the time provided, but the further the build gets away from that date, the more inaccurate it can become.  He has had to rebid jobs after clients delayed a year and a half working in their design, and of course the price went up.  Plus changes they make during construction causes delays and added cost (their changes almost never make the cost less to build the home).

Feb 11, 2018 01:01 PM
Ambassador
4,049,653
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Estimates of each component of the project which can get fairly accurate with experience.

Feb 10, 2018 10:43 PM
Rainmaker
1,210,129
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Barbara Todaro and Jeff Pearl have great answers for you.

Feb 10, 2018 06:47 PM
Rainmaker
1,276,675
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

In my opinion, you have conflicting components within your question of determining an "accurate method".  This is not possible with "many variables" and "uncertain time to completion."   If I had to give an answer, I'd say EXPERIENCE

Beyond that, listen to Barbara Todaro and Candice A. Donofrio.  They know way more than I do about such things. 

Feb 10, 2018 04:17 PM
Ambassador
1,610,331
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Find a better contractor.

Feb 10, 2018 04:03 PM
Rainmaker
5,258,704
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

There is no fast was for an accurate estimate unless the variables are priced in advance.

Feb 10, 2018 03:34 PM
Rainmaker
3,761,923
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Okay it looks like hands down Barbara Todaro and Candice A. Donofrio have the answers!

Feb 11, 2018 04:31 PM
Rainmaker
1,504,160
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Got me hanging which is not a helpful answer. There has to be software out there right?

Feb 11, 2018 06:04 AM
Rainmaker
2,939,742
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It is their job to anticipate the unknown and add in for it. There are many great software apps now. Those old school guys have it in their head like the back of their hand thoughwhat to add or deduct for

Feb 11, 2018 05:39 AM
Rainmaker
3,049,771
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Candice A. Donofrio nailed this one!

Feb 11, 2018 04:10 AM
Ambassador
3,041,051
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I would just have money held out grow until it is completed and make sure it's a lot of money...

Feb 10, 2018 10:10 PM
Ambassador
3,981,932
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Materials and labor and overhead and a whole lot of profit and contingency.

Feb 10, 2018 07:17 PM
Rainmaker
983,638
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

To get considered the initial quote is often low and quick schedule. You double their price and twice the initial time is what you ended up paying.....

 

Feb 10, 2018 03:31 PM
Rainmaker
2,970,330
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I have no clue. I don't understand what you mean by "accurate method."

Feb 10, 2018 03:23 PM
Rainmaker
1,443,418
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

You have many great answers here.

Oct 09, 2018 02:58 PM
Rainmaker
1,019,177
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

I looked at the questions asked before and this one has a lot of great answers.

Oct 09, 2018 02:55 PM
Rainer
64,862
Steve Bracero
Heisler and Mattson - Shrewsbury, MA
First Time Homebuyer and Investor Specialist

great answers here!

Feb 11, 2018 02:11 PM
Rainmaker
3,063,481
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Pros are good at getting the timing down

Feb 11, 2018 11:17 AM
Rainmaker
4,431,972
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No idea.

Feb 11, 2018 10:20 AM
Rainmaker
910,422
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

The one they will honor...no matter what.

Feb 11, 2018 08:50 AM
Rainer
113,395
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

What I ask my contractors for an estimate, I get an accurate estiamte for anything I know I absolutely need, then get additional estimates for options I may be considering...

Getting as accurate an estimate as possible with detail so there are no problems with what is being asked of them to complete is essential to rehabs, etc. 

Feb 11, 2018 08:06 AM
Ambassador
1,619,944
Alan May
Coldwell Banker Residential - Evanston, IL
Helping you find your way home.

Not sure what you mean?  Accurate method to quote a project??  Quote the actual prices... if you're an experienced contractor, you know what things cost.

Feb 11, 2018 07:20 AM
Rainmaker
3,163,687
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

A lot of contingency estimates built in. Long and short, uncertain is the guess!

Feb 11, 2018 06:48 AM
Rainmaker
1,366,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Philip Eide I like Jeff Pearl 's answer. You have to put everything in the contract.

Feb 11, 2018 06:44 AM
Rainmaker
742,772
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

All the GC can hope to do is be accountable for  he figures they publish with the associated disclaimers. The project quote could be substantially different based on resources from on GC to another. So accuracy is a bit foggy.

My suggestion is to create your 'app' on JoistApp and modify it to exploit your skills, resources, influence and experience.

If you don't control the resources, you CAN"T control the time.

Feb 11, 2018 05:53 AM
Rainmaker
4,796,451
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Just make an honest quote with contingencies.

Feb 11, 2018 05:45 AM
Rainmaker
1,816,801
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

wish I knew

Feb 11, 2018 04:43 AM
Ambassador
4,298,221
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Philip Eide - excellent answer from Barbara Todaro

Feb 10, 2018 08:30 PM
Rainmaker
3,977,511
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Experience.

Feb 10, 2018 06:43 PM