Whatever your trade—plumbing, carpentry, tiling, roofing, or electricity—your customers want to see a clear and precise price list. If you’re a contractor, a swift and non-binding budget quote can be instrumental in growing your business and attracting as many clients as possible. In this article, we’ll go through the pros of offering an initial estimate for your work.
Initial Estimates for Contracting Work: A Selling Point for Prospects
When individuals and businesses are looking to get work done, they want to have a sense of what it is going to cost. Whether it’s for their living room or their office complex, they’ll appreciate when contractors offer a catalogue that outlines their range of services and prices. This gives them an overview of your skills and idea of what they can expect in terms of budgeting, making it easier to compare their options.
The more transparent you are about the final cost, the more likely the prospect will be able to build their trust and choose your company over the competition. An initial estimate also saves time, both for you and your customers. You’ll have fewer enquiries from prospects who aren’t in your price point, so you won’t waste energy discussing a project that won’t ever happen. Knowing how to estimate your project’s total cost represents an essential step for contractors.
For clients, a solid estimate offers a clear picture of their imminent investment, allowing them to choose a service provider that is conducive to their budget. Though it doesn’t need to be elaborate and detailed, your initial estimate should still provide a fairly accurate and reliable set of numbers. It should reflect the potential project as much as possible. Generally, contractors provide this estimate based on factors like the required workload, labour costs, transportation, and materials.
Important: An estimate, often called a “budget quote” should not be confused with the final quote that you’ll present to the client later. A quote will indicate exactly how much your work and services cost. Generally, this does not change and you will need to commit to this sum at the end of the project. An estimate, on the other hand, will simply present a range to give the prospect an idea of the final cost—for larger projects, this can vary by thousands of dollars.
How do you price your services to come up with an initial estimate?
Your prices will vary depending on your trade and expertise. To stay competitive, you want your estimates to fall within the price range of professionals in your sector.
To start, consider your labour costs. If the going rate in your field is between $50 and $70/hour, we recommend that you set your labour costs within this bracket. If you’d like to see the price grid for contractors in your field, get in touch with our experts at Linkeo. We’ve been working with construction professionals for decades and will be able to help you to set a competitive rate. Certain business owners will have higher prices since their trades are more technical. A specialized roofer will charge a higher rate than a drywaller or painter. To provide an initial estimate, you will need to calculate the number of hours for the proposed project and in some cases, the required labour and materials.
What is the value in an automatic, online estimate?
Like all sectors these days, construction professionals are not afraid of making the digital leap. According to a Linkeo study, 49% of contractors consider the Internet to be essential if you’re looking to gain visibility amongst new prospects. To grow your business and keep up with the competition, you need to adapt to your customers’ habits and get your business online.
Younger consumers are more and more connected, with an increasing number of potential construction clients comparing, sharing, and recommending the many different contracting services out there. Before committing to a major project, prospects want reassurance. To help them make up their minds, most consumers are going online to find the information they need.
In an ever more digital customer journey, it behooves contractors to boost their online visibility and ensure that their website offers fast, easy answers to all their clients’ questions. An online estimate tool offers an incredible, one-stop solution.
Tech-savvy consumers will love that it lets them obtain an initial estimate directly online. For construction professionals an online estimate solution is becoming essential. The tool lets your prospects check out your service catalogue in just a few clicks with the option to obtain an initial estimate for their project. This way, they get rapid answers to their questions so they can quickly move through the purchase decision process.
Quote: A Fast and Easy Online Estimate Tool
To help construction companies make their mark on the Internet, Linkeo has created Quote. The automatic online estimate solution comes with quote and billing features to save time and boost your productivity. Designed for contractors, this tool provides fast online estimates as well as electronic quotes and invoicing.
Quote adapts to all sectors, whether you’re a carpenter, mason, locksmith or painter. And it gives you the chance to connect directly with your prospects. When you launch your solution, your prospects will have access to an online form. Linkeo’s experts will help you set everything up so it works for your activity. You’ll be able to integrate all the specific details of your business and services. Customization is endless with space for your photos, products, prices, and service descriptions. With Quote, clients can obtain an initial estimate in just one click.
Besides saving time, Quote is an excellent tool for reassuring your prospects and offering then an immediate idea of what their project will cost. And as a bonus, you’ll be able to create a customer file which you can use to build your database, an invaluable tool for growing your mailing list and working your email marketing strategy.