The Art of Estimating Fees
Learning Objectives:
- Identify the correlation between project scope, estimated cost of project, and fee.
- Develop a Rough Order of Magnitude (ROM) of construction cost in a simple way.
- Create a top-down approach to fee estimation based on a percentage of costs as a guideline.
- Estimate fees whether hourly or fixed fee projects.
Credits:
Ready to start mastering fees and better understand what they mean for your bottom line? To do so, let’s start at the very beginning—when you receive a request for a proposal. In this course, you will learn how to define your project scope, develop a Rough Order of Magnitude of construction cost, and estimate your project hours. We’ll finish off with how fees are broken down and explore a simple system to improve your overall project profitability.
Photo courtesy of BQE Software
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Douglas Teiger, FAIA, graduated from Cornell University, in 1982 with a BARCH. He opened his own firm in 1989 and grew from a solo practitioner to become managing partner of his 32-person firm. In 2009, Douglas received a Master’s in Spiritual Psychology from USM, where he learned tools and skills he is sharing with his staff and clients. His ability to effectively streamline the operations allowed for more time to be spent on design and project research while creating a culture that fosters a holistic approach to a work life balance. In 2017, he served as President of the AIA Los Angeles Chapter and previously served on the AIA National Strategic Council. In 2019, Douglas transitioned out of his firm elevating three associates to partners, sold his shares and started his next venture, Teiger Consulting. |
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