Whether you are a large or small residential builder, your business could be significantly impacted by current business trends. Don’t worry, you have the power… if like many builders you have wisely invested in general contractor software. Because as a Greek philosopher said: “It’s not what happens to you, but how you react to it that matters.”
A lot of it comes down to competition:
- In the coming year, the ten largest homebuilders may account for half of all new home sales, according to Builder magazine.
- Large homebuilders enjoy economies of scale, with national purchasing power for materials and greater access to capital, and national firms will continue to grow through acquisitions.
- Small homebuilders will likely continue build about 30 homes per year because of the intensely local nature of real estate.
- General contractor software can be leveraged to improve bidding capacity, tighten numbers with accuracy of cost database for materials, etc., while increasing profit margin and handling negotiations with confidence.
- More commercial builders are considering residential construction an extension of their regular business, which heightens an already competitive marketplace.
- Although homebuilding involves different skills and different demand cycles, commercial builders are attracted by the often higher margins, although homebuilding offers increased risks.
- Again, residential builders can utilize software for general contractors to bid more work with less estimating overhead, increase productivity across operations, improve financial stability to help secure bonding, and stay competitive by keeping people in the office in sync with those in the field.
Whatever size your business, you could undoubtedly benefit from using industry-specific software general contractors to improve your bidding process, your labor and material allocation, the way your team communicates and collaborates, and managing changes for maximum profitability.
Watch a free online demo to learn more about the capabilities of software that improves your estimating, accounting, project management, and more, so that you are better equipped to handle the competition and increase profit on every project.