The 5 Best Software For a More Accurate Construction Cost Estimate

If you are a part of the construction industry, you probably know that any project is not merely a huge investment but also a long-term venture for everyone involved in it.

And, when a considerable investment and time is involved, any rational person will undoubtedly make sure to get a construction cost estimate to get a clear idea about things.

So, what exactly is a construction cost estimate? Why is it important? And how construction estimating software solutions can help. Let’s find out!

What is a construction cost estimate?

A construction cost estimate is a fundamental principle used in assessing the cost of construction (roof, outdoor areas of a residential building/house, commercial construction, etc.) Project owners prefer using the construction cost estimation to learn about the project’s feasibility, budget, scope, etc.

An estimate is the first step to building a trustworthy relationship with the client. It also helps gauge the project’s risk, scope, and feasibility.

Here are some reasons why construction cost estimation is important: 

•     Helps project proprietors in deciding the appropriateness and achievability of a project.
•     Helps to hire/allocate resources depending on the project’s financial structure.
•     Helps to evaluate fundamental choices on the design or materials that could affect the venture’s budget.

Role of construction cost estimation tools

Construction cost estimation tools have three main roles:

•     Project Management
•     HRIS (Human Resource Information System)
•     CRM (Client Relationship Management)

Three types of tools for a more accurate construction cost estimate

The success rate of a construction project increases when you provide the correct cost estimation for the project. Tracking the previous projects’ reports to understand the risks, best processes, and mismanagement causes is the first thing to consider before preparing your estimate.

Subsequently, you’ll need to factor in the plans for the task force, workflow management, and client expectations for a more precise cost estimate preparation.

Here are the three construction estimating software tools that can help you create the most accurate construction estimate.

Project management

Project management is an integral part of any job, especially when it comes to construction. This is because many people are involved in different tasks, and it is tough to keep track of everything manually.

Here are a few ways Project Management Integrations help: 

•     Helps in project planning as well as scheduling.
•     Makes tasks like allocating resources, setting deadlines, identifying dependencies, creating deliverables easier.
•     It helps in streamlining the project.
•     Makes the communication seamless for members of all departments.
•     Helps in making delegation of tasks easier.
•     Files or data can be shared easily.
•     Supports the manager to improve risk mitigation techniques by deploying effective measures.
•     Real-time data can be tracked.

Human resource information system or HRIS

The workforce is a pillar of every organization, and that is why every industry lays a lot of emphasis on Human Resources Information Systems or HR software.

HRIS (Human Resource Information System) is a huge aid to construction companies as the recurring tasks can be done quickly with automation.

Some of the advantages of using a Human Resource Information System or HRIS integration are:

•     Self-service options make more prominent employee commitment.
•     Open enrollment advantage.
•     Helps in team building.
•     Coordinated effort throughout the organization.
•     Preparing for future tasks can be done easily.
•     Finance and worker data issues decrease.
•     Examination and authoritative information settle on more educated choices.

Client relation management or CRM

The construction industry is based on good relationships. CRM or Client relationship Management for the construction-based industry encompasses cloud-based software that aids the user with maintaining relationships, communication, tracking leads, and opportunities with ease.

A couple of benefits of using a Client Relationship Management or CRM integration include: 

•     Lead qualification and conversion
•     Achieve greater insights
•     Organize and track opportunities
•     Increased sales productivity
•     Better customer experience
•     Enhanced collaboration
•     Increased efficiency
•     Email and communication automation

5 Best Construction Estimating Software

Below are the market-leading construction quoting software.

Bridgit Bench

Bridgit bench presents a comprehensive solution for general contractors, roofing contractors, subcontractors, and design architects. The solutions provided by Bridgit Bench supports three aspects of the construction business: 

•     People intelligence
•     Project intelligence
•     Pursuit intelligence

With various tools such as risk management, interactive dashboards, remote planning, labour tracking, and several other API integrations, Bridgit Bench has proven to be one of the best construction estimating software in the industry.

Clear Estimates

Designed especially for residential contractors and small projects, this software provides a comprehensive estimate generation and proposal drafting solution. With the easy integrations with BuilderTrend and QuickBooks, you can seamlessly incorporate this software into your existing workflow.

Clear Estimates offers two subscription options: 

•     The standard version is priced at $59 per month.
•     Clear Estimates Pro is priced at $99 per month.

You can choose a free trial to check the software’s functionality before purchasing the subscription.

simPRO Estimating Software

This software is ideal for both residential and commercial projects. Founded in 2002, this software features a powerful suite for field management workflows. 

The software is ideal for electrical, HVAC systems, plumbing, and other unique construction niches.

The fundamental roles of this construction estimating software include:

•     Project management
•     Accounting
•     Field service management
•     Estimation drafting
•     Customer/project information storage
•     Labour cost calculation

Sage Estimating

Sage Estimating is one of the most practical software for intricate and large projects. You can easily create accurate estimates and understand market trends and industry competition by offering endless integrations and features.

The product is available in limited and advanced versions.

The basic version can sync with a construction industry database and generate insightful estimates. You also have customization options.

The advanced versions include impressive features such as generating bills from materials reports, extracting data from with RSMeans cost database, etc.

Some popular integrations include: 

•     eTakeoff
•     PlanSwift
•     3D modelling software by Autodesk

Connect with Sage Estimating teams for customized pricing information. 

Buildertrend Estimating Software

Launched in 2009, this construction software caters to residential contractors, commercial developers, and even specialty construction businesses. 

The USPs of this product include: 

•     End-to-end solutions, providing support for pre-sales, project management, and delivery.
•     Exceptional client services to help you use and integrate this software within your business.
•     A 30-day money-back guarantee supports the monthly pricing scheme if the software cannot perform as per your expectations.

Conclusion

A reliable construction estimating software is indispensable for performing daily activities and managing regular workflows.

A wrong estimate can affect your organization in different ways, including labour mismanagement, cost overruns, disappointed clients, loss of opportunity, and ultimately bankruptcy. 

While providing the estimate for your client, you’ll need to ensure that you have a certain profit margin for yourself. Manual calculation with outdated methods might not be helpful! With cost estimating software, you can easily get a comprehensive idea of your human resources, client expectations, and project scope.