In the video above, the reporter delves into the intricacies of construction bidding, emphasizing its pivotal role in the success of a construction company. The challenges associated with obtaining accurate bid information, compounded by the reluctance of many in the industry to share these trade secrets, are thoroughly explored. In navigating this landscape, the emergence of contractor bidding apps introduces a technological dimension that may assist professionals, both seasoned and new, in streamlining the bid preparation process and adapting to the evolving dynamics of construction bidding.
The reporter outlines two major pitfalls in construction bidding – bidding too high, which may result in fewer job opportunities, and bidding too low, risking financial losses. These challenges are presented as common hurdles faced by those in the construction industry, particularly during the initial stages of running a business.
The video serves as a guide for navigating these challenges and offers insights into the requirements of the bidding process.
The guide concludes with practical advice for newcomers, urging them to meticulously detail bids, incorporate waste percentages, and account for unforeseen expenses. The recommendation to bid a few jobs as labor-only to gain valuable data is provided, emphasizing the importance of keeping thorough records for future reference. Overall, the video serves as a valuable resource for those entering the construction business.