A low price is very seductive, however it seldom results in a lower cost, in fact it’s usually the opposite. It can be very difficult to understand the difference on complex or large scale issues and it’s important to understand the difference before signing on the dotted line. In the HOA environment the dollars and complexity of many issues can multiply quickly due to the scale of the property coupled with the expectations of performance we call useful life or lifecycle.
To minimize risk and make understanding bids easier with more confidence, make sure you:
- Scoped the project correctly;
- Have a good specification and plan set for the bidders;
- Know what you want;
- Provide a bid form designed to generate the information you want and don’t accept bids that are not on your form; and
- Carefully review the bids, ask questions and fully understand the answers before you consider an award.
If the repair/maintenance/improvement issues are large, hire a professional Construction Manager to represent you and provide the insight and experience necessary to guide you through the process, their fees are a fraction of the project costs and generally their experience will lead to better decisions, greater value and a longer lasting product making their fee a value.
