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Learn the Basics of using the Rehab Repair Estimator to Estimate Rehab Costs for your Rehab projects.
Publish Date: 12/18/2018
Estimating Basics Transcript
The Repair Estimator tool can be used to Estimate Repair Costs and Create detailed Scopes of Work for your projects.
When you first start a new Estimate you will be initially prompted to Select an Estimate Template that will be used as Starter Template for your Estimate. FlipperForce includes multiple Starter Templates that you can use to help get you started. These starter templates are pre-built with common trade categories and hundreds of common repair items and unit prices.
Select the Estimate Template that you want to load from the Template List and click Start. Once you click start estimate, the Estimator will load with the Estimate Database that you selected.
The Estimator is broken down into 4 areas, Exterior, Interior, MEP Systems & Other. Each of these areas includes Categories which are broken down by Trade or by Room. You can Add New Categories, Delete Existing Categories, and drag, drop and reorder categories as needed to truly tailor the estimator to your business and project needs.
If you click on the plus sign next to these Category name, the Category will expand and provide the list of common repair items and unit prices for that category.
The pricing in our Estimator Databases are based upon the National Average, but we suggest that you review all of the prices in our database and adjust the pricing to fit your local market, and specific project needs.
The Estimator calculates your total costs for each item by multiplying your quantities by the unit prices.
You will need to measure your quantities of the work that needs to be performed and then input your quantities in the quantity column which will be multiplied by the unit prices to calculate the totals for the item.
So for example, for roofing, let’s say that we have measured the roof and we need approximately 20 squares of Architectural Asphalt Shingle Roofing that need to be replaced.
We will input 20 in the Quantity column...20 times the Labor and Material unit prices equals the Labor Total, Material Total & Grand Total for that repair.
So 20 squares of roofing multiplied by $250/ per square = $5,000.
You will notice that some of our repair items have, a notation for L + M which means the items includes both Labor and Material pricing for that item… a lot of times roofing contractors will provide a all-in number for the roofing and won’t breakout their labor or material...so in our example, our database has an all-in number of $250 per square which includes both the labor and material for the roof.
You can adjust these unit prices based upon your local market and contractor pricing, so for example let’s say your roofing contractor tells you to budget around $300 per Square, you can adjust the pricing in the Labor column.
Or lets say you received a contractor bid for $6,000 you can simply input a lump sum value of $6,000 at the top instead of estimating by a unit price.
Once you start to fill out your Estimate, and quantities, the Totals will be totaled for each category, for each area and the total project.
To review a summary of all of your Repair Costs you can click the Summary Tab at the top which will give you a Summary of all of your costs for each category.
The Adders tab at the top can be used to add in Additional costs to your estimate to adjust for your location, contractors overhead and profit, estimating contingency & taxes.
There are also options for you to save additional SOW notes and information for your repairs. Next to each category you will notice a little notes icon, which is where you can save SOW notes for each category. Theses notes will feed over to your SOW report which you can then share with your Contractor.
If you want to add additional information for each individual repair, click on the edit icon on the right hand side which will open up a side panel. The side panel allows you to add in additional Labor & Material notes, as well as assign tasks to your Contractors.
If you want to save your Estimate info for future projects, you can click Save As Template at the top which will allow you to Save the Estimate Descriptions, Quantities, Pricing and Sow of Work Notes which can be used as a Starter Template for creating estimates in the future.
Once you complete your Estimate, this information will feed over to your Investment Packet, Estimate Reports & your Scope of Work Reports which you can share with your business, partners, lenders and contractors.