Bidding is the process of awarding contracts in the construction industry. Contractors can find suitable projects through request for proposal (RFP) or request for quotation (RFQ). To solve the problem of finding appropriate RFP or RFQ opportunities, contractors can use bidding service companies that research and review RFP opportunities and communicate relevant RFPs or RFQs to their clients. These services offer several benefits, including time savings and targeted leads.
In the construction industry, most contracts are awarded through a process known as bidding. The tenders enable organizations looking to build a new project or carry out renovations to find suitable contractors at a fair price. The bidding process begins when the project owner or developer issues a request for proposal (RFP) or request for quotation (RFQ). Contractors who see this RFP or RFQ can view project details and provide a quote. Bid includes contractor’s estimated price to complete the job, including materials, labor, overhead, and profits.
For contractors, the problem with this bidding process is often related to difficulty finding appropriate RFP or RFQ opportunities. The contractor, who is busy running his business and managing ongoing projects, does not always have time to look for bidding opportunities. To solve this problem, the contractor can look for a bidding service company. Bid service firms are privately held companies that research and review RFP opportunities, then communicate relevant RFPs or RFQs to their clients.
Bid service companies can be paid per lead or based on a subscription deal. The contractor can access the bidding opportunities provided by the bidding service by email, fax or online access. Some bidding services may specialize in providing leads for federal and state government projects, while others may include private sector leads as well. In North America, one of the most widely used bidding services is the Dodge Report, produced by McGraw Hill Construction. The Construction BlueBook also offers a free bidding service through its BB-Bid program.
Leads provided by bidding service companies can typically be sorted by criteria selected by the contractor. For example, leads can be organized by region, project schedule, or size. Opportunities can also be sorted by trade or job type involved. Some bidding services even provide highly specialized leads, such as those designed for green building companies or contractors who want to bid on certain types of facilities, such as hospitals or schools.
These construction lead services offer several benefits to contractors. First, there is often a significant time savings when contractors don’t have to hunt for bidding opportunities. Instead of spending their time generating leads, they can spend their man-hours running the business and producing offers for future work. Bidding services can also deliver targeted leads that are relevant to the contractor’s needs and eliminate time spent sorting and evaluating RFPs. Finally, these bidding service providers are experienced in finding bidding leads and have the necessary connections and resources to access hard-to-find opportunities.
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