When you work in the property preservation vertical and carry out the task of updating and maintenance of the properties, one of the key things you need to be thoroughly familiar with has to be the process of submitting a bid. The success of the vendor handling property preservation depends largely on your ability to come up with the right kind of property preservation bids which can convert more and get approved easily.
When banks or even other personal property holders delegate the task of fixing the property to another company, they make a meticulous analysis of the bid and decide which contractor seems to be apt for the job. If you too would like to get your property preservation bids converted and procure the right kind of jobs, we will need to acquaint you with some of the key specifics of the bidding process.
Let us first get down to the very basics.
The Measurement Units
Whenever you are submitting a bid, you have to observe minute attention to details. Until and unless, you do so, it is going to be ridiculously hard to stand out. Bids need to dissect every detail and quantify the work because this gives the property owners the base to make comparisons between the different property preservation bids and find the competitive one which best suits their budget and quality guidelines.
So, you need to be thoroughly familiar with the cubic yard. A cubic yard equates to 27 cubic feet.
- Mostly, the debris is always measured in the cubic yard.
- If the bid is pertaining to the flooring, the drywall or even the roof, the measurement units are square feet.
- For bushes, trees, and shrubs, the unit would be linear feet.
- When it comes to the heavier stuff like the left out car that is damaged, appliances that are no longer in the usable state and so on, the measurement unit is Each (EA).
So, you need to be thoroughly familiar with each of the measurement units and when framing a bid, be very specific about the amount of these metrics. It needs to be thoroughly quantifiable even if it entails a little extra time to accurately measure the area. You need to do so to justify your pricing as well.
The Bidding Software
Of course, we can fall back on technology to ensure that there is something to automate a lot of manual tasks. This is precisely where the bidding software comes into the picture. The top bidding software which is mostly used is
- Repairbase: The software is from the BlueBook Company
- Xactware or XactPRM
- Homewyse
Before you start the bidding process, our recommendation is to get familiar with one or all of the software as this will help you substantially in ensuring a flawless bid.
Additional Cost
No one wants to submit a bid and later realize that they didn’t foresee the additional cost which will be incorporated into it. For instance, to make things clear, let us give you an example.
Suppose you had bid for debris removal at the property. After the removal of debris, it definitely needs to be dumped at the nearest yard. So, you would need a dump receipt and also the precise detail of the amount of debris which is to be dumped. It needs to be mentioned along with the address of the dumping site as well.
Further, imagine a situation when the amount of debris is too much to be simply carried away to the dumping site. So, you would need to rent a trailer that could transport the debris to the dumping site. This is an additional cost and needs to be mentioned in the bid. To do this, once again specify the quantity of debris, the distance of the dumping site from the property site and the cost you are entailing.
The Bid After The Fact
Sometimes it so happens that when you are working at the property, you end up spotting a case which requires an immediate attention. For instance, if you find that two of the windows do not have locks installed in them, it could pose a threat to the property as it makes it easily accessible for the intruders. So, despite not mentioning in the bid, you may carry out the work of securing the locks and then you can submit the bid after the work is done. This process is known as the bid after the fact.
Mostly the process of bid approval is in place as multiple vendors bid for the property preservation work with clear details of the following parameters.
- The measurable units
- The precise location
- The work nature
- The time taken
- The price quoted
In case, you feel that you are bidding at a premium price compared to your competitors, it is best to justify the reason for the added cost of winning the bid.
So, stick to these details and you should be able to make property preservation bids that convert.
Contact Us:
RPR Services, LLC.
+13022002880
300 Delaware Ave,
Wilmington, DE 19801
IMS’s all-encompassing property inspection quality audit, tracking, and reporting offer a secure solution to property inspection services, ensuring orders are processed with the highest degree of care and accuracy.We provide Property Inspection Quality Audits & Outsourced Data Entry that are catered to your exact business needs.
Our industry-leading expert's audit work orders as well as carry out many essential areas of property preservation inspection, like valuation summaries, locating and processing maintenance work orders, interpreting and analyzing inspection and crew reports, downloading, arranging, labeling, and processing photos and bids, etc.Property preservation services are no doubt one of the most arduous of tasks and getting it wrong can seriously impact your ROI, clients, and company reputation.
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