Accurate cost estimation is one of the most critical aspects of any construction project. Studies suggest that cost overruns account for nearly 70% of construction projects globally, leading to delays and financial strain. Choosing the right buildings costs estimator can help minimize these risks. But how do you ensure your selection is a sound one? Here’s what you need to know.
Expertise and Experience Matter
The global construction market, valued at $7.3 trillion in 2021, is projected to grow substantially in the coming years. With this growth comes increasingly complex and large-scale projects. When choosing an estimator, ensure they have relevant expertise for your project’s specific scope.
For example:
Residential Projects often require a strong background in local residential building codes and material costs.
Commercial Projects may demand an understanding of multi-stakeholder approvals and bulk material forecasting.
Statistically, experienced estimators reduce cost overrun risks by approximately 30%, making their expertise invaluable.
Attention to Technology Adoption
Globally, 85% of construction companies are starting to integrate digital tools like cost estimation software into their workflows. Choosing an estimator familiar with advanced software such as ProEst, RSMeans, or Buildertrend can provide more precision. Studies show that using AI-enhanced tools improves estimate accuracy by 23% to 30%, cutting down costly forecasting errors.
If your potential estimator is not leveraging these tools, they may fall behind in delivering reliable calculations for modern-day demands.
Track Record of Accuracy
A 2020 benchmark analysis found that reliable estimators consistently deliver project figures that fall within a ±5% variance of the final costs. Ask your shortlisted candidates for case studies or testimonials. Examine whether their past projects align with your project’s complexity and see if they’ve maintained tight accuracy margins in varied conditions.
Communication is a Key Factor
Miscommunication leads to 53% of project inaccuracies, according to the American Society of Civil Engineers (ASCE). Your chosen estimator must provide clear explanations of how costs are calculated and be open to collaboration with architects, engineers, and other stakeholders. Look for someone who communicates effectively as this plays a crucial role in fine-tuning any changes to the original plan.
The Bottom Line
The building costs estimator you choose can make or break your project’s financial success. Decision-makers who assess expertise, tech competency, track record, and communication skills are better positioned to stay within budget and timeframe. Considering that 9 out of 10 mega construction projects face cost overruns, these factors are not just recommendations—they are vital for success.
How to Choose the Right Buildings Costs Estimator for Your Project
