General contractors often find themselves sending individual bid invitations for their projects day-to-day, which can be time-consuming and exhausting. To get genuine, quality bids from subcontractors or suppliers, general contractors have the chance to use an invitation to bid system to send their bidding opportunities effectively. In this post, we’ll explain why an invitation to bid software is essential to send effective bid invites that can lead to you getting better bids.
What is Invitation to Bid (ITB) Software, and How Does it Help?
Bid management is time-consuming, and as a general contractor, you can spend hours prequalifying subcontractors, creating ITB’s, and sending each invited bidder with project details for each project. Many general contractors resort to investing in an Invitation to Bid software to streamline their projects, organize their team, save time throughout their day, and, more importantly, have a competitive edge on their invites.
How to Send an Effective Invitation to Bid
Add Accurate Project Details
This might seem obvious, but making sure your project details are correct before sending your bid invites is crucial. Having the correct project details will allow you to:
– Find subcontractors in the right trade
– Reach accurate subcontractors in the work area
– Make an informed decision when choosing the most qualified and cost-effective bid.
Stay Competitive
Let’s face it: competition in the construction industry is relentless. Finding the right subcontractors for your projects is essential in the overall productivity and quality of their services. By standing out from your competition, you can increase the demand for better bids and better prices. Some professional construction softwares like Pantera Tools allow you to fully customize your bid invitations to match your brand, company, and website. Make a lasting impression on your bidders by standing out from your competition.
PreQualify Bidders
As a general contractor, being selective when choosing the subcontractors you work with is vital in providing quality work to your company standards. To find these subcontractors, implementing a prequalification process is essential. Not only does the prequalification process help you select the right subcontractors, but it also helps you reduce risks that could impact your business and future contracts.
Learn more about our prequalification process here.
#4 Tips for Better Bid Responses
1.Use Bid Forms
Standardizing bid forms allow you to explain all of the details in your project bid. Not only does it help protect you legally, but bid forms also help you establish and compare the best bid for your project.
2.Utilize Job Awarded Features
When sending out thousands of bid invitations, it’s easy to select the awarded bid and close out the rest. Though, to stay ahead of your competition and positively impact future subcontractor bidders, easily communicating the bid status helps ensure you have the opportunity to create lasting impressions with additional subcontractors.
3.Communicate Actual Results
Letting the subcontractors know why they did not win the bid, and thanking them for the time to provide a bid, will ensure that subcontractors will bid competitively (if at all) on your future projects. When sending out thousands of bid invitations, it’s easy to select the awarded bid and close out the rest. Though, to stay ahead of your competition and positively impact future subcontractor bidders, easily communicating the bid status helps ensure you have the opportunity to create lasting impressions with additional subcontractors.
4.Expand your Private List
In addition to your private contact list, having the ability to access additional, qualified subcontractors can help you expand your reach, and find the right fit for your projects.
