Homewyse Lists Pricing Adjustments
Lists Reference Pricing Adjustments
Homewyse List Items and Templates are pre-configured with average US costs. While acceptable for average businesses, these values may not be accurate for your business - particularly as time passes and local market conditions changes.
Because of this, it is very important that you periodically check and adjust pricing data in any List or template that you reuse often. The following explains how you can easily check and update the most important cost factors.
Start with results from a recent Bid ...
Whenever you provide a bid, ask the customer for "constructive feedback" about your bid - and learn by how much your estimate was higher or lower than competitor's bids (for comparable work!). If you identify a bid that you feel needs correction:
- Copy the List that you want to adjust Create a copy of the List that you feel was inaccurate for a particular job. You'll be reusing this List in the future, so give it a name that reminds you that it contains corrections. You'll also need to assess how much the bid was in error ("correction amount").
- Check Item Material Costs Quickly scan Items with Material costs that are larger than the "correction amount". Is the Material cost reasonable for the calculated Item quantity? If not, choose "edit" for the Item, select the "Costs" tab, modify the "Unit costs" field and choose "Save".
- Check Item Labor Hours Inspect Items having Labor costs significantly larger than the "correction amount". Are the Hours for these Items reasonable for the Item quantity? If not, choose "edit" for the Item, select the "Costs" tab, change the "Labor production"(increasing this number will decrease Item hours and Labor cost; decreasing this number will increase Item hours and Labor costs).
- Adjust the Labor Wage It is often the case that changing individual Items can not "reasonably" achieve the needed cost correction. In these situations, you will need to change the List Labor wage (the wage that can be applied to all Items in a List) to achieve the desired adjustment. To edit the List Labor wage: choose "settings" for the List, select the "Costs" tab, modify the "Fully burdened wage" and choose "Save" (alternatively, you can achieve a similar change by editing the "Labor adjustment" in the Markup tab to add or subtract a specified % of Labor costs).
Reuse your changes
Once you've saved your List pricing adjustments, create future estimates by creating copies of the most recently edited List. This will ensure that you're always using your most current and accurate cost data:
- Sign into Lists.
- Choose "Add new List".
- Choose "Copy existing List".
- Chose the List containing your price adjustments.
- Name the new estimate and choose "Save"