If you’re still manually handling your company’s bidding process, you might miss out on the perks of using automation tools or software. With complex documents and tight deadlines, keeping track of various bids can be a real challenge, and using the right tools can make a huge difference between losing
Accounting is a complicated subject, let alone construction accounting. There are challenges in the construction industry that others don’t have to face. Just imagine what a headache it can be to account for changing construction materials prices, or differences in labor computations according to location. That’s only two of what
Property development is a lucrative field with huge potential profits, but that’s only true when you can manage each projectproperly. This is no easy task as it requires knowledge, understanding, experience, connections,and business acumen relevant and specific to the construction business. This post will help if you are looking to
Do you need to source materials for an urgent construction project? If so, you need to consider the following three things. 1. Can You Get Same Day Delivery? When working on an urgent construction project, you will need to ensure that you can source materials quickly. You may need
One of the most fulfilling jobs in the world is being a landlord. However, that isn’t to say that the job is a walk in the park, quite the contrary. If you are a new landlord then you probably have more questions than answers, and you probably need a little
The latest Insolvency Service report reveals that about 266 construction businesses collapsed every month within three months into October last year since the pandemic began, according to the Financial Times. Shortage of skilled workers and rising costs of running business are the key factors contributing to the collapse of hundreds of
Selling a house, empty land, or commercial building is not a cakewalk. It requires vast amounts of planning, targeted advertising, finance, efforts, and patience, and only when all these boxes are ticked can realtors enjoy the fruits of their labor. Marketing plays a pivotal role in cinching successful deals and
When it comes to big office buildings, it is essential to remember that they require regular maintenance checks if you want them to run smoothly. There are many things that can go wrong if the proper care isn’t taken, and it can end up costing your business a lot of
Buying a house is one of the largest investments for many people. Housing prices are high, and many regular people have to save for a down payment for a few years before they can purchase a house. When they start looking for properties, they also realize that there are closing
Choosing the right construction management software is one of the biggest challenges for construction managers. This is made even harder by the fact that they have to come up with a list of features that they need in their software. Technological advancement has not made this any easier. We have
If you’re still manually handling your company’s bidding process, you might miss out on the perks of using automation tools or software. With complex documents and tight deadlines, keeping track of various bids can be a real challenge, and using the right tools can make a huge difference between losing and gaining business deals. Fortunately, there are various tools you can use to simplify your company’s bidding process and gain more business opportunities. One of these tools is called bid management software, which is designed to simplify bid management. However, you can only make the most out of bid management software if you use quality platforms like Bidhive and others that make the bidding process manageable and hassle-free. If you’re unsure about using bid management software in your business, here are the reasons to consider it today: Better Security A primary reason to use bid management software is that it helps ensure the security of your information. This tool typically allows control over what users can do and see. It protects your business while providing the right access to staff and several contributors. The sign of secured bid management systems is accreditations. These accreditations cover information security management systems. They also include technical, legal, and physical controls involved in a company’s information risk management process. Gain Better Control Over Documents Unlike the traditional bidding process, using a reliable bid management solution enables you to control your company’s documents better. For instance, placing a bid for a big construction project may need input from third parties when creating bid proposals. Traditionally, bid proposals are done via email and other document-sharing platforms, making it hard to document all stages of the process. With the best bid management software, each contribution of third parties is entered directly into the system, enabling your sales team to see every step of the process in a single dashboard. As a result, it saves your precious time because you don’t need to switch from every system. Streamline The Bidding Process Creating and sending an Invitation to Bid (ITB) document can be time-consuming. After identifying the required trades, you must determine which subcontractors can work in the project area. To avoid wasting time, consider using bid management software for your business. Once you use the software, fax machines and plan rooms are no longer necessary because plans can be retrieved or sent via email instead of post or fax. The ability to identify who to invite for bidding, create ITBs, and share specs and plans all at once can be a huge time-saver for every business. Improve Reporting Methods Typically, bid management software offers comprehensive features that allow you to create reports for essential meetings. Staff may decide when reports must be generated, who they must be sent to, and what details to include. Bid management software also keeps a comprehensive audit trail of the employee responsible for the process. This way, keeping on top of compliance monitoring is made easy. Make Your Business More Professional Most bid management tools come with built-in templates, making it much easier for the bidding team to craft professional-looking documents without spending more money and time on designers. Having such professional-looking and high-quality bid documents make your bids set apart from others and may increase the odds of winning business. Bid Coverage Guarantee Bid management tools allow businesses to monitor which vendors have responded quickly and the bids they’ve received for every trade. Such tools also enable access to a wider network of vendors, enabling you to invite more potential interested companies to bid on your projects. With this, you can also increase your network for future projects and ensure that every bid covers all aspects of your projects. Improve Communication Projects that communicate effectively are more likely to succeed. As budgets and schedules become tighter and most projects become more complicated; collaboration is crucial to ensure the project’s success. By using bid management tools, businesses can easily share addenda and information with their bidders. It’s also possible to track the files or documents that have been viewed and accessed, which makes communication easy. With good communication, you can guarantee that all parties involved will better understand the project. Save More Time Generating estimates might take up a certain amount of time when bidding for contracts. Since your company isn’t the only one bidding, you must use bid management software to speed up the bidding process and automate quotes. So, if you want to save time and improve your company’s bottom line, never hesitate to take advantage of the software to automate the bid management system of your company. Conclusion In today’s modern business world, your company should keep up with the changes and adapt to the latest technological advances to stay ahead of the competition. The best quality management software will help streamline the process of managing your projects, submitting bids, and receiving bids. It won’t only make your life easier, but you can be assured of a smooth project that’ll benefit your business over time.
Accounting is a complicated subject, let alone construction accounting. There are challenges in the construction industry that others don’t have to face. Just imagine what a headache it can be to account for changing construction materials prices, or differences in labor computations according to location. That’s only two of what it covers. If you don’t know some industry secrets to staying organized with your accounting, you may just be setting up your construction business to doom. This statement may sound overly dramatic, but there’s so much truth in it. Big and small businesses depend on a steady and robust financial situation. An efficient accounting system can then run the possibility of having erroneous financial reports, hurting your construction business’ operations. There’s much more to learn about construction accounting, and this article walks you through a quick guide. Hire Professional Tax Preparers To Help You Nobody ever said, ‘Accounting is simple.’ Even the most seasoned entrepreneurs recognize they need the help of those who have spent years studying accounting and tax-related matters. And, in between the busy day-to-day operations of your construction site and the time-consuming demands of taxation and accounting, your construction site’s smooth flow of operations may suffer. This is why you need to leave those highly technical job functions to the experts in the industry, like accountants and tax preparers. The latter are professionals who have to register with the IRS to submit returns using professional tax software. This page gives you more information about this matter. Open A Separate Bank Account For Construction Business Finances This tip goes without saying if you’ve been in business for so long and you’ve grown your construction business quite extensively. However, for newcomers, it’s worth remembering to open a separate bank account for construction-related inflow and outflow and a separate one for your finances. Ideally, never mix the two. No matter how small your business may be at the moment, it’s never worth mixing business and personal funds. Doing so will only make the job of your accountant even more cumbersome. Even seasoned accountants can make mistakes, and you’re simply increasing the likelihood of this happening. It’s easier to track the inflow and outflow of money when you know for sure which belongs to your construction business and which belongs to your funds. Moreover, this practice is what you need for long-term business stability, so you don’t wind up spending business funds for personal purposes. Open Multiple Bank Accounts Now you’ll have a separate account for business and personal purposes. Don’t stop there. You can go even deeper and more specifically by opening multiple bank accounts for your business. This strategy is one of the easiest ways to track revenue and expenses, both of which are the core focus of accounting. For example, you may want to have a separate account for payroll purposes, construction materials’ procurement, and for receiving payments. The account you use to accept payments from clients can also be where you’ll transfer money to the other accounts as needed. Practice The Job Costing Method The job costing method means the cash inflow and outflow are properly attributed to each construction site or job. Even if all income from those construction sites technically still goes to your company’s earnings, it can streamline the accounting process when you know what belongs to this site and what doesn’t. This system is critical, so you can monitor the income earned for each site. Otherwise, if you mix different job projects, you may use the funds from one location site to pay for the labor expenses on another. This considerably misleads your books, as you may have a higher income on another site than it generates. Practice The Cash Basis Method There are generally two accounting methods that businesses can choose from cash basis or accrual basis of accounting. The most straightforward approach is cash basis, so this is what you should use for your construction business. You’re already operating a complicated business as it is. If there’s any system or process you can use to help simplify those complexities, that would be the better choice. With the cash basis of accounting, you record the income and expenses as you receive and pay cash for them. Conclusion The construction industry is, by itself, a very complex business. Unlike other types of businesses, there are many variables to account for in construction. And those variables can be regularly changed as to values as well. With that, it’s almost unsurprising to note that construction accounting may not be that straightforward. It’s difficult, but there’s no excuse not to learn it, as every penny counts. Hopefully, the guide above has shed more light on you about construction accounting, so moving forward, you’ll be less confused about how to go about it.
Property development is a lucrative field with huge potential profits, but that’s only true when you can manage each projectproperly. This is no easy task as it requires knowledge, understanding, experience, connections,and business acumen relevant and specific to the construction business. This post will help if you are looking to reduce unnecessary expenses. Read on to find out how. Hire Expensive Equipment To decide whether you are better off hiring or buying, go through the following steps: Estimate how often you are likely to need the equipment for future projects. Estimate how many days/hours the equipment will be needed throughout the project’s duration. Estimate how much it would cost you in total to hire the equipment for the estimated duration. Estimate how much it would cost you to buy said equipment. If the construction equipment is not something that you expect to use regularly in other projects, the total cost of rent only needs to be slightly lower than the cost of purchase for you to consider trailer hire or cherry picker hire as the best option. If the construction equipment can be considered instrumental tomost projects that the property developer usually undertakes, then the cost of rent must be significantly lower than the cost of purchase for the developer to prefer hiring over buying. Any expensive, construction equipment that qualifies in accordance with the aboveshould be hired. Although it can be tempting to buy items outright, it will land you in unnecessary debt. Given that most construction businesses are founded on giant loans to begin with, the additional repayment plus interest will continue to eat into your profits for a long time to come. Use Automated Inventory and Supply-Chain Management Software to Minimize Costs Imagine how much time and energy could be diverted towards other facets of the business if you, your business partner, or someone on your payroll did not have to spend so many hours on inventory and supply chain management every year. Also, software does have the advantage of negating human error, finishing calculations, and presenting estimations much, much faster than the smartest man. Work with Contractual Employees It is better to have a crew that you know and trust, rather than hiring one separately for each project. In addition, it is most certainly cheaper. Most contractors usually start out with a permanent skeleton crew and only hire additional employees on a strictly per project/per hour basis. It’s a good strategy to save money when you are still small. If you are only just starting out as a property developer, keep the number of permanent employees to a minimum. At the same time, do maintain business connections with skilled workers and business owners related to the construction business. For example, you can hire roofers externally for only as long as it takes for them to install the roof on that particular building. Nonetheless, you have now made a professional contact. If they were professional and good at their job, you can call them for future roofing contracts as well.
Do you need to source materials for an urgent construction project? If so, you need to consider the following three things. 1. Can You Get Same Day Delivery? When working on an urgent construction project, you will need to ensure that you can source materials quickly. You may need to be able to get same-day delivery. If the supplier cannot deliver on the same day, you could always use a courier to deliver the materials instead. For instance, if you are located in or near Las Vegas, you could use a courier service Las Vegas that provides easy scheduling and reliable same-day delivery. However, it is worth determining which materials you need ahead of time so that you do not have any last-minute rushes and stresses. The time it takes to get materials from suppliers can also depend on the specific materials you are purchasing for your construction project. For instance, if you are ordering fabricated materials or special materials sourced from certain geographic regions, it can potentially take weeks, or even months, for the supplier to receive them in the first place. With such materials, same-day delivery is not possible. So, seeing as your construction project is urgent, you will want to ensure you only use materials that you can get hold of quickly. You may need to sacrifice using one material for another. But if you have time to plan ahead, being prepared beforehand is the best way of ensuring you can get the materials you need when you need them. 2. Are the Materials Affordable? Preparing ahead of time can also enable you to get quality materials at a lower cost. If you leave material procurement until the last minute, you may end up paying over the odds for the materials you need. For instance, you may only be able to source them from one supplier, and therefore have to pay whatever the supplier charges, rather than being able to shop around and compare prices with different suppliers. Also, you not only need to bear the cost of the materials in mind. You also need to consider the expense for things like transportation and storage. You should find several reliable suppliers that have a wide variety of materials always available before you even plan to complete a construction project. You will then not be left with last-minute challenges and face potential high costs for your construction materials. 3. Are the Materials High Quality? When you understand the specifications of your construction project, you can better understand what quality of materials you need. While it is always best to go with high-quality materials, depending on the precise nature of your construction project, lower-quality materials could suffice in some cases. For instance, if the materials you are getting are to be used in visible places, you will want the materials’ aesthetic quality to be high. On the other hand, if you are purchasing wooden beams for interior instruction and the wood will not be visible in the finished project, the quality of the wood’s strength will matter, but the aesthetic quality will not. By knowing the qualities that you need out of your building materials, you can more quickly find the right materials you need and not waste time obtaining materials that are no good. So, even though your construction project is urgent, you should think ahead as much as possible with regard to delivery, price, and quality.
One of the most fulfilling jobs in the world is being a landlord. However, that isn’t to say that the job is a walk in the park, quite the contrary. If you are a new landlord then you probably have more questions than answers, and you probably need a little help getting your bearings. Whether you are thinking of becoming a landlord shortly, or you have just become a new landlord, then there are a few things you should be aware of, such as the vetting process, hiring the help of a property management company, or even what to consider when setting the rental price. Below you can find a few tips for new landlords in 2022. Try a Property Management Company If you are completely new to being a landlord, then one of the best things that you can do is to consider hiring a property management company. Many people become landlords because they think that it is an easy way to make money without really taking it considering how much work it is. As a result, as a new landlord, it can be very easy to become overwhelmed. Of the biggest benefits of hiring a property management company is the fact that you won’t need to deal with the tenants on a day-to-day basis, or deal with any problems that come with renting out a property. More than this, you can rest assured that your rent will be collected on time, every time. Properly Vet Tenants One of the most important things that you have to do as a new landlord is to properly vet tenants. In the beginning, you might find that you are either too relaxed about the tenants that you allow to rent your property, or too strict. One of the most important considerations when vetting a tenant would be their credit rating since this will be an indication of how reliably they’ll be paying rent. Another important consideration when vetting tenants would be their criminal history, and it would be best if they don’t have one. While being very strict with your vetting process isn’t inherently bad, it could reduce the number of tenants that you find for your properties and make the experience a lot more stressful. Set the Best Price Another incredibly important consideration that you have to make as a new landlord would be the price that you are setting for your properties. After all, the money you receive from renting your properties is most likely the main source of your income, so you need to ensure that you can find tenants that can afford to pay the rent. One way to determine the rent price for your properties would be to take a look at the price of the rent of other properties in the area and charge something similar to a property that is like yours. Remember, if the rent price is too low then just about anyone will try to move in, and if it is too high you will struggle to find tenants. Do a Rigorous Inspection If you are a new landlord, then you probably haven’t had to deal with tenant complaints before. One of the biggest complaints that many landlords face is when something is broken on the property and the tenants claim that it was always broken. The best way to avoid this from happening would be to do a rigorous inspection with the tenants before renting out the property. This means going through the entire property with the tenants to ensure that everything isn’t working and nothing is broken. An even better idea than this would be to take photographic evidence, so you have tangible proof that you held up your end of the bargain. List Your Property Online Finally, the last thing that you should do as a new landlord would be to try and list your property online. Times have changed quite drastically and put your property in the newspaper is one of the least effective ways to get tenants. One of the biggest benefits of listing your property online would be the fact that potential tenants will be able to see photos of each room. Bold at this you’ll be able to list all of the features of the property as well as the requirements for living there, such as having no pets or no smoking.
The latest Insolvency Service report reveals that about 266 construction businesses collapsed every month within three months into October last year since the pandemic began, according to the Financial Times. Shortage of skilled workers and rising costs of running business are the key factors contributing to the collapse of hundreds of construction companies. Nonetheless, the construction industry is a competitive field, meaning chances of survival are always limited. Today, your company’s ability to stand out from the crowd is the key to receiving invitations to bid for projects and survive in the market for extended periods. To achieve the best outcomes, you can choose to invest in direct marketing or take an all-round approach to construction marketing. However, you must avoid phrases overused by marketers and the rush to simplify the marketing process. Below are a few steps to ensure your construction company stands out from the competition. Redesign Your Products and Services The first step to setting your construction company apart from the rest of the competitors is redesigning your products and services. Invest a considerable amount of time researching what your target clients want. Find out which home designs property buyers are more likely to invest in, the construction materials they prefer, and how much they will spend. Understanding the needs of potential homeowners helps you create unique products and services that set you apart from the crowd. For example, let’s say your target demographic is more concerned about their carbon footprint. Consider using eco-friendly building materials like reclaimed wood, metal, recycled plastic, and bamboo to meet consumer demand. Implement The Right Branding Tactics Branding is vital to the success of any construction company as it is for businesses in other industries. So, whether you’re a remodeler, construction product manufacturer, or home builder, you need to create a brand people can recognize easily. Make sure your target consumers understand what you do and improve brand visibility across all marketing channels. Branding for homebuilders is a straightforward process as it entails designing a unique logo that defines your brand and establishes customer trust. Another important aspect of branding is the tagline. When writing your company’s tagline, avoid using business jargon or overused phrases like top notch or second to none. Instead, create a tagline that’s easy to understand and recognizable even without graphics. You’ll also want to choose a memorable name for your company, provide a physical address, pick corporate colors, design and optimize your website, and leverage content marketing. Invest In The Right Technologies Besides branding your business and redesigning products, consider leveraging advanced technologies in the construction industry. Modern technologies aim to boost productivity, efficiency, reduce operational costs, and improve safety. Technology also helps you improve the quality of products and services to meet the unique needs of your clients. Investing in wearable technology, like smart boots and power gloves, artificial intelligence, robotics, drones, 3D printing, and virtual reality convince your clients that your company is reliable and dedicated to providing quality products. Establishing a profitable business in the construction industry can be challenging because of competition. However, it’s possible to succeed if you set your company apart from the rest of the crowd. To achieve the best outcomes, follow the right branding techniques, redesign your product offerings, and leverage modern technologies.
Selling a house, empty land, or commercial building is not a cakewalk. It requires vast amounts of planning, targeted advertising, finance, efforts, and patience, and only when all these boxes are ticked can realtors enjoy the fruits of their labor. Marketing plays a pivotal role in cinching successful deals and helping professionals stay top of the competition. Fortunately, several methods like direct mailing, digital ads, or door knocking real estate can help inexperienced realtors draw the right crowd. These strategies can help professionals maintain creativity in an ever-changing market, effectively propelling their business toward success. Here are some quick marketing ideas that work fantastically to ensure you reach your fullest potential as a real estate agent. Open houses Typically planned for the weekends or Sundays, open houses are an excellent way to attract the attention of potential property buyers. It is the most trending global housing market tactic, wherein realtors enable people in and around the community to carefully scout the home on sale. Sellers keep the houses about to go on display immaculately clean, repairing every broken window, patching up cracks in the wall, and correcting other damage effectively. Realtors can put up some stylish furniture to give prospective buyers an idea of what the place would look like when furnished, like a cozy home. Several of them also set snacks to make visitors more comfortable while checking every nook and corner of the house. Door knocking Knocking on one door and then countless others to market a property might seem redundant at first to many real estate agents since most ordinary folks may not entertain the idea of a property salesperson at the door. However, this tactic can get you immense benefits due to its direct approach and targeted script when done correctly. Before you venture out into the neighborhood, do some research on the residents to determine which ones are most likely to respond positively. Then use a specific, concise script to sell your property, detailing all the highlights (pool, jacuzzi, backyard, modern kitchen, closets, etc.) and providing pictures as proof. Furthermore, you can point out why your rates are more reasonable and affordable than your competitors and what benefit the potential customer would have by investing in the property. Here, you can include pivotal neighborhood details like top schools, medical facilities, recreational areas, and safety to draw the attention of families with children. Invariably, door-knocking in real estate can be a significant plus for professionals who are yet to tap into the benefits of this pivotal strategy. Direct mail Sending informative and colorful postcards to prospective buyers and current clientele can help you stay ahead in the real estate race. People cannot delete physical emails they receive like the virtual ones, forcing them to peruse the content out of curiosity or interest. Eventually, as they learn more about the kind of properties you sell, your success rate, affordable rates, and other crucial details, they will begin to trust you and approach you when they find one of your listings interesting. Undoubtedly, this is a cost-effective and proven marketing technique that can get realtors lasting results. Final thoughts The idea behind all the above techniques is to use each one in conjunction with the other, depending on market trends, timing, buyer tastes, and other vital factors. For instance, use door-knocking with an open house as it can draw a lot of interested buyers to the property, which can essentially speak for itself when they visit. Also, partnering with a reputable and reliable marketing agency can help amateur and experienced realtors avail of the most eye-catching templates for their direct marketing strategy. Moreover, many of these agencies provide sophisticated tracking systems that enable agents to track their mail en route and be notified when their targeted customers receive it.
When it comes to big office buildings, it is essential to remember that they require regular maintenance checks if you want them to run smoothly. There are many things that can go wrong if the proper care isn’t taken, and it can end up costing your business a lot of money. This blog post will discuss some of the most necessary maintenance checks that need to be done in significant office buildings. It will also talk about the consequences of not doing these checks regularly! 1) Air conditioning and heating: In the summer months, the air conditioning system in your office building needs to be checked regularly. Otherwise, it could break down and cause a lot of discomfort for your employees. Likewise, in the winter months, the heating system needs to be checked to make sure that it is working properly. If it isn’t, you could have to pay for expensive repairs. Consequences of not checking: If the air conditioning system breaks down in the summer, then your employees will be very uncomfortable. This could lead to them taking days off work, which will cost your business money. Likewise, if the heating system isn’t working properly in the winter, then your employees will again be uncomfortable and may take days off work. 2) The roof: The roof is one of the most important parts of an office building, and it needs to be checked regularly to make sure that there are no leaks. If there are leaks, then they need to be repaired as soon as possible. Otherwise, the water damage could cost your business a lot of money. Consequences of not checking: If you don’t check the roof regularly, then you could end up with water damage in your office building. This will cost you money to repair, and it could also lead to mould growth. 3) The lifts: If your office building has lifts, they need to be checked regularly to ensure that they are working properly. If the lifts aren’t working properly, then it could cause a lot of inconvenience for your employees. So hire a UK lift company to do regular maintenance checks. Consequences of not checking: If the lifts in your office building aren’t working properly, then your employees will have to take the stairs. This could lead to them being late for work or missing important meetings. 4) The plumbing: The plumbing in your office building needs to be checked regularly to ensure no leaks. If there are leaks, then they need to be repaired as soon as possible. Otherwise, the water damage could cost your business a lot of money. Consequences of not checking: If you don’t check the plumbing regularly, you could get water damage in your office building. This will cost you money to repair, which could also lead to mould growth. Regular maintenance checks are essential for significant office buildings. Without these checks, things can go wrong very quickly, and it could end up costing your business a lot of money. Make sure that you hire a professional company to do these checks for you.
Buying a house is one of the largest investments for many people. Housing prices are high, and many regular people have to save for a down payment for a few years before they can purchase a house. When they start looking for properties, they also realize that there are closing costs that must be paid for at the time of closing the deal. Even though many people are aware of the costs, some may be surprised how much exactly they are charged for the closing costs. Especially when moving from one state to another, it is important to be ready for the changing fees that will affect the costs of closing on a deal. For this reason, calculating closing costs may be very beneficial for buyers to estimate and prepare for the payment. On average, a buyer should expect to spend 2% to 5% of the house price on the closing costs. On the other hand, this may be a large range in dollar amount if a buyer is looking for a property in a high-density area such as New York or San Francisco. For example, if a buyer is looking at a property for $800,000, then they should expect to spend on closing costs from $16,000 to $40,000. Finding an extra $26,000 for closing costs in a short time frame may be problematic for many buyers, so it is important to estimate how much they should expect to pay for these costs more precisely. Because of this, it might be beneficial to understand what closing costs include and see how a buyer can save on the items listed in them. Closing Costs Breakdown The items included in closing costs may be categorized in different ways. For the purpose of this article, which is to understand how much a buyer should expect to pay in closing costs and whether it is possible to save on some of these costs, the costs can be categorized into negotiable and non-negotiable. The negotiable part of the closing costs usually consists of the services that third parties provide to buyers and sellers during the deal process. These services may include the following: title insurance, lawyer fees, loan origination fees, home inspection fee, etc. These fees are charged by private companies that compete with each other. The presence of competition allows the buyers to have some power over the price they charge, so if a buyer feels like the price for a certain service is too high, it might be possible to negotiate the price down. This allows a buyer to lower the final price by negotiating closing costs. There are also a few non-negotiable fees that a buyer will have to pay regardless of whether they think it is a fair price or not. These fees include an appraisal fee, prepaid interest on a loan, property tax, and HOA fees when applicable. The good news is that these fees usually take up around 30% of the total closing costs, which means that around 70% of the closing costs can be negotiable. Who Pays the Most Closing Costs? Even though many fees can be negotiated with the service providers, if there is not a lot of competition for providing these services on the market, the fees may be very high and very difficult to negotiate. Because of that, different states may have different closing costs, so a buyer should consider market conditions specific to the state they are planning to buy a house in. Of course, it is also important to understand that the fees charged for many services are based on house characteristics such as house price or square footage. Since there is a large difference in house prices between the states, it is important to look at how much closing costs a buyer should expect to pay as a percentage of the sale price. Below, there are 5 states listed that have the most expensive closing costs as a percentage of an average house price. Most Expensive Average Closing Costs by State: Delaware – 5.9% The surprising part of this list is that Delaware is considered the most expensive state for closing costs as a percentage of the sale price. This is due to high taxes applied at the purchase of the property. Taxes associated with buying a house may account for up to 80% in Delaware. Pennsylvania – 4.21% Pennsylvania usually has the second-highest closing costs in the country which are lower than the average closing costs in Delaware by around 1.7%. It is important to note that it is only the average value. Some people may pay much more if they do not shop around for a better price. District of Columbia – 4.13% A similar story with Washington, DC. They also have high state taxes applied to the buyers during the closing process. In addition to high closing costs, their properties tend to be priced much higher than the national average. To counter high taxes, DC has one of the lowest appraisal costs in the USA which is almost half as much as the highest paying states pay for such service. Maryland – 3.3% Even though Maryland’s average closing costs are lower by quite a bit compared to the District of Columbia, the reason for such high closing costs is the same. The state government takes up a large portion of closing costs through taxes. New York – 3.01% New York is also heavily taxed when it comes to the purchase of property. It is important to note that these taxes may increase very dramatically when a property price surpasses a certain amount. The tax itself also depends on what region an individual buys a house in. A property that is worth less than $700,000 in Manhattan may have to pay more in taxes than a property worth over a million dollars in the Bronx simply because they are located in different tax regions. Regardless of where you live and where you decide to buy a property, there will
Choosing the right construction management software is one of the biggest challenges for construction managers. This is made even harder by the fact that they have to come up with a list of features that they need in their software. Technological advancement has not made this any easier. We have multiple new technologies every time coming into the construction industry, meaning the selection process is more difficult. What should you look at when choosing a construction management software? Even though the cost is one of the main factors, there are other things to look at before deciding on the best software to use. They include; Your Specific Needs It is challenging to find a solution that fits the needs of every construction manager. You, therefore, need to look at your specific needs and choose a construction management software that addresses those needs. However, as seen on Archdesk’s construction management software, there are three categories that a good construction management software should have. These include issue tracking, project portfolio, and construction estimation management. Issue tracking helps in the monitoring, management, and elimination of bugs and issues. Project portfolio features help in the reduction of performance risks through cost tracking while construction estimation integrates various features with the finance department. Evaluate Features After looking at your specific needs, you will be able to identify the features that you need in your construction management software. You do not need management software that comes with multiple features yet you use just a couple of them. To evaluate the features that you need effectively, look at the current software that you have – if you have any. Identify the features that you would add if given a chance. These are the features you need in your software. In addition, determine the number of people who would use these features. You do not want to pay exorbitant fees for a feature that will only be used by a few or even one person. Ensure that you choose the right features to streamline your construction projects. Integration and Deployment How would you feel when using a software application with a poor user interface? Chances are that you would look for another application that does the same job. Similarly, the right construction management software should come with a good user interface. This makes things easy for project managers and any other team members using the management software. You also need to look at any other applications that you want to integrate with the management software. You should enjoy the benefits of enterprise application integration with the right construction management software. The deployment process should also be easy, and every construction manager should be able to do everything with little or no help at all. Scalability Most construction projects start with a plan. The project owner knows what the final product will look like and understands everything that will be needed along the way. However, this is not always the case. Sometimes, a construction project takes a different route or rather goes out of plan. You might be required to add more features to the project to accommodate the changing needs of the project owner. When that happens, you need construction management software that can adapt to the changing requirements. This means that the software you choose should be scalable enough to accommodate any changes. Security and Safety As technology advances, so do the techniques used by cybercriminals. They are adopting new techniques to beat every new security feature. Even though their success rate is low, most businesses have been affected. The construction industry is targeted by online criminals, and your construction management software stores a lot of information. This might include the project details, financial information, and team members’ personal information. All this needs to be protected. When choosing a construction management software, make sure that you choose one that values data protection and implements modern security techniques. In addition, make sure that your data is encrypted at all times. In conclusion, the success of your construction project depends on the tools and the skills of your team members. One of the most important tools is the construction management software that you use. Follow the tips discussed above to ensure that you choose the right one.