Construction Estimating and Budgeting Basics

Learn construction estimating and budgeting in today's video! I'll go through a typical estimating process on a commercial construction project, and talk about grouping materials in assemblies to make estimates easier. Enjoy!
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[@sebastianmontiel2878]

I love ur vids man. Thank you for all this content. Im 21 and just started a job as a project engineer in a GC here in Cal. I work with RFis and submittals etc. You know the drill. Ur videos have helped me learn about all there is to being a contractor. Literally every video of yours is of relevance to me. I'm learning so much and that makes my job easier and I love the fact that I understand a lot of things of what Im doing and now have a much broader view of my job.

[@planandspec]

That is awesome! Appreciate you dropping this comment and glad these videos are able to help!

[@BryceHasquet]

I second this. These videos are word for word accurate and relevant.

[@Jessica_Gipson]

Thank you for sharing your knowledge. Very helpful for individuals entering the construction industry.

[@planandspec]

Thank you for taking the time to watch and leave this message, much appreciated! 😎

[@bernardhammonds3718]

Amazing work!!! Sharing with everyone I know in my industry to get you paid!

[@planandspec]

Thank you !!! So very appreciated!

[@TheAMOTVBrunei]

I only started my construction business. This is useful. Thanks!

[@planandspec]

Great to hear! Best of luck on your journey!

[@huelord]

this video is everything i needed for an estimating interview. thanks sm!

[@huelord]

if i could like this video twice i would

[@planandspec]

If I could like this comment twice I would! 😎

[@Sorod]

Appreciate your videos. Would appreciate a video on how project managers organize their time and tasks. Thanks!

[@planandspec]

Definitely will! It was on my list, but I might bump it up in the timeline

[@olorunyomisalami1970]

Thanks for sharing this video with us. Very educative

[@planandspec]

My pleasure

[@victorsandoval7602]

Great Channel! I recommend you to my old school construction program!

[@planandspec]

Thanks! What school would that be?

[@tabithahedgspeth5579]

Great video! Thank you!

[@planandspec]

Glad you liked it!

[@operationhotshotinc.6887]

Nice. Just hired my first estimator . Can you do more videos on the begin process of a Construction manager .. I’ve been a project manager for years and now on my own , a developer has asked me to be the CM on her next upcoming project .

[@planandspec]

Are you talking about how to setup a job or like all the processes of a CM?

[@BryceHasquet]

Will you make a video on average/expected salaries for cm positions and their progressions; project engineer, project manager, field engineer, super

[@planandspec]

I somewhat cover this in my video "is a college degree worth it, but I can definitely expand in depth on the progression of roles and salaries at each stage

[@samueldromgool9848]

I’d love a detailed progression of the roles 👍

[@leighhawker2056]

You sir are a beast

[@planandspec]

Trying to go beast mode on this channel, not there yet 😅

[@DBL907]

SO INTERESTED

[@planandspec]

👍👍

[@ishaqkhodor1388]

What determines the difference in labor prices between assembly 1,2 and 3?

[@planandspec]

The labor cost per hour is dependent on the regional pay scale, union vs non union, benefits, etc. The labor hours to install are dependent on the duration it takes to actually complete the task. Hope this helps

[@AliAboutaleb-vu6gf]

You are the best bro

[@planandspec]

🫡🙏👷

[@Shabadesafar]

hello sir i am naresh and i did civil engineering in india and now i am living in canada and want to prepare for constructione estimate jobs. i really dont know how to start and from where to start so that i can get some knowledge about the job for crack my interviews. if you guide me sir it would be really greatfull for me.

[@robertgentile6799]

awesome video

[@planandspec]

You're awesome 😎

[@buildmore5237]

Where is the video of working in the estimating programs plz?

[@planandspec]

In the future!

[@javaadkhattak]

Great videos love your channel. But can you please talk little slow. You talk to fast

[@planandspec]

Noted!

[@TophoriMusic]

Just use .75 speed

[@alexdelgadillo1569]

How does a start up company just managing projects land projects if they don’t have the funds to bid on these jobs if they can’t “float” hundred of thousands

[@planandspec]

They typically cant float this as startups, most large construction companies have been around for a while to establish this piggy bank. Most big companies utilize pay when paid - but that doesn't cover operating expenses during the course of construction which would kill smaller companies. Midsized companies can use construction loans/lending, investment funds, or worst of all - credit cards, but again one big swing in cash flow is all it takes to bankrupt a company (even if they have alot of jobs on the books).

[@alexdelgadillo1569]

@@planandspec so a paper gc new to the business couldn’t require a deposit and milestone payments to help with paying for materials and subcontractors or is that not how bigger projects work??

[@planandspec]

Larger projects work on a monthly draw basis. The subcontractor completes work - send in an invoice at the end of the month to the GC, GC packages it up to Owner, Owner pays, GC gets paid, subs get paid. Typically GCs/CM's don't work with down payments because Owner's don't work with down payments due to risk of default - unless they have a good working relationship. Large companies also typically require prequalification of contractors on the front end which is the process of reviewing financials to ensure they're qualified to handle the size of job.

[@alexdelgadillo1569]

@@planandspec so is it mainly subcontractors that have to “float” the money to begin with if the gc gets money typically within a month

[@planandspec]

GC's have self-perform scope, meaning they perform the work (including labor, material, equipment) as well as possibly having subs. So GC's float costs for the X amount of days (based on payment cycles per Owner agreement), just like subcontractors. When GC's get paid, it's usually a few more days for sub payment release - this is fairly typical of larger commercial projects

[@HRCJAPS]

🎉thanks