How to Calculate a Renovation Quote
Last modified: 2017/03/23 | 2 mins
Feeling intimidated at the thought of writing a renovation quote for your customers? RenoQuotes.com has a few tips on how to prepare an estimate and how to present it to your clients.
Before a client hires you for a renovation project, you need to give them a detailed quote which presents the total value of the work and describes the services that will be included within that sum. Therefore, in order to be a successful entrepreneur, you have to present renovation quotes that are precise and easy to understand for the client.
Elements that should be included in your quotation
When filling out your quote, put yourself in the customer's shoes. They want to be able to look at the quote and understand what is written on it. Therefore, using a standardized form will make you look more professional. Make an effort to write well and use vocabulary that is well-adjusted to this type of setting (i.e. don't be overtly friendly and try to avoid spelling mistakes). During the course of the meeting, try to earn your client's trust by letting them know that you understand their needs and will be able to fulfill them. By adding plenty of detail to your quote, you will seem more trustworthy.
Beware: once you submit a quote, it should be a final version. Last-minute modifications are rarely possible. Here are some of the components that should be included on your estimate form:
- The total price of the renovation project;
- A breakdown of all the elements that explain the price;
- A timetable (beginning, end of the project, etc.);
- Terms and conditions;
- Terms of payment (spread out, at the end of the contract; with or without a deposit, etc.)
The importance of calculating the right price
When asking for an quote, no matter their budget, most clients are looking to hire a person that will give them the best price/quality ratio. Establishing a quote for your potential client can be complicated given that you have no comparative analysis and have no idea on what your competitors can offer. Knowing that, when preparing your quote, you will have to pay special attention to your price.
Since you're trying to sign a contract, it may seem tempting to quote a lower price. However, you should never sacrifice the quality of the work, just for the sake of signing a contract. If you're making less money, chances are you'll try to finish the job faster, skipping out on a few optional steps that could've added to the quality of the project. If your client isn't happy with the final result, this will end up hurting your company much more than having not signed that contract in the first place. Therefore, unless your clients have a very tight budget, you're better off charging a fair price which properly reflects the amount of work to be done.
One of the key ways to come across as convincing is to demonstrate the best reasons that a client should do business with you. Find a way to showcase your strengths (portfolio, customer reviews, website). If you are able to show that you offer good quality work that is worth the price you are charging, people are more likely to accept a higher price.
Get new clients for your home renovation company
RenoQuotes.com can help you get clients. We get requests from clients looking for trusted home renovation professionals just like you. Fill out the form on our homepage (it only takes a few minutes), and you will receive information on how to get new clients for your renovation company through our service.