The Complete Guide to Bid Tracking for General Contractors

As a contractor, have you ever been in a position where you invite bidders to bid for a specific project, and instead of having a simple way of managing those bids and awarding a winner, you end up with a bunch of scattered emails, spreadsheets, and half-remembered conversations that make it hard to find the information you need? That’s what happens when you don’t have a streamlined bid tracking process.

Construction bid tracking is the crucial phase where you decide which subs to entrust with your project’s execution. Behind every successful build are constantly shifting deadlines, documents, competitors, and dollars, all moving and changing at the same time, so when bid information lives in multiple places instead of one centralized place, bid tracking becomes a complicated, time-consuming process and opportunities slip through the cracks. 

When bid tracking is done right, it turns that chaos into clarity, giving you a clear line of sight from intent to a final bid award, and helps you select the right bidder for the job. This article will outline all the ins and outs of construction bid tracking for general contractors, including how you can make this process more clear, efficient, and profit-driving for your business.

What Is Construction Bid Tracking?

Construction bid tracking is a system used for inviting bidders for a specific project, managing bid submissions, and finally awarding the bidder who is most qualified for the job. A bid tracking system allows you to solicit bids from subs, compare the quality and cost of bids, track all bids from intent to submission, and select the most qualified and cost-efficient bidder, so you can keep the bidding process moving quicker and seamlessly.

What a Typical Bid Tracking Workflow Looks Like:

A typical bid tracking workflow involves creating bid packages and bid sheets, inviting bidders, documenting intention to bid, tracking bidder activity, comparing bid submissions, and finally awarding work.

Why a Seamless Bid Tracking Process Is So Important In Construction

Soliciting bids for construction jobs is a crucial part of the pre-construction phase, because in most cases it’s the last step before choosing which sub is right for the job. That’s why it’s important for submitted bids to be accurate, easy to understand, comparable, and complete with all the crucial details. 

Proper bid tracking helps your construction business in the following ways:

• Centralize bid package details so you can view all submitted bids in one place
• Create clear, comparable bids so you can make an informed decision when it’s time to pick a winner
• Track bid activity from intent to submission so you have full visibility into bidder participation

Poor bid tracking can hurt your construction business in the following ways:

• Having unorganized, uncentralized bid packages in the form of multiple, scattered spreadsheets and files that you can’t easily track
• Receiving unclear, confusing bids from subs which makes picking the winner much harder for you
• Inefficiently managing (or even losing) incoming bids because you don’t have a centralized and streamlined way of organizing them

The quality of your bid tracking system can make or break your projects, which is why it's so crucial to have an efficient bid tracking system in place.

Want to see how ConstructionOnline's Bid Tracking Software can give you all the tools you need for quick, seamless bid tracking? Schedule a demo of our software by clicking the buttons below:

Essential Elements of a Construction Bid Package

Detailed and comprehensive bid packages should include all the relevant details that allow you, the project owner, to compare each bid and select the right bidder for the project. This is why it’s important to have a uniform system for soliciting bids so bidders know exactly what to include and how to input the information.

Here are the essential elements you should consider when requesting bids from subs:

• Itemized Bid Sheets

  The meat and potatoes of a bid package is the cost estimates, so that you know exactly what to expect as far as budget and finances go. Requiring bidders to submit itemized bid sheets improves bid quality and ensures there is no confusion surrounding costs.

  ✅ Pro Tip: With ConstructionOnline’s bid tracking software, you have multiple options for how bidders should submit cost estimates, including quantity and cost, lump sum, or another more fitting format.

• General Bid/Project Details

  The basic project and bid details are always necessary so that both you and your bidders are clear about the details when it’s time to compare and analyze bids. Basic details to require include relevant project details (name, location, etc.), bidding contact (yourself or a designated team member), and important dates like bid submissions due date.

• Scope of Work

  Project scope is crucial for every construction bid, because it outlines exactly what will and will not be completed during project execution. This ensures all bidders know exactly what to include in their cost estimates. Without a clearly defined scope of work, you risk confusion and potentially incorrect bidding.

• Relevant Files & Sheets

  For a more complete and comprehensive bid package, it’s good to include any relevant project files needed to accurately inform bids. As a contractor, you should consider uploading all the necessary project files bidders might need when submitting bids. This can include planroom sheets, change order contracts, estimate reports, and more.

Including these essential elements in bid packages will ensure your bidders have all the information to submit clear bids and it makes your job of choosing a winner easier when everyone is clear on what to include. For construction bidding software that allows you to include all of the listed data when creating bid packages for bidders, read more about ConstructionOnline’s Bid Tracking Feature.

Helpful Tips for Tracking & Managing Bids

When bid tracking is done right, it allows you to create clear bid packages and award the best bidder without any hassle.

Here are some industry best practices for managing and tracking construction bids so you can pick the right bidder for your project(s):

• Organize Bid Elements Into a Centralized Bid Package

  Instead of trying to juggle multiple spreadsheets and documents related to a bid, organize all elements of a bid into one bid package so you can easily access the essential information, including bid sheets, related files, planroom sheets, and any more relevant bid details. This means you should have an organized system for telling bidders what information they need to submit and organizing all of those files in one place.

• Provide a Consistent Bid Sheet Format for Easier Cost Comparison

  When you require all bidders to input their information into one similar format, it’s easier for you to compare cost estimates. For instance, if you require for all bidders to input cost data using quantity and unit pricing or lump sum pricing for a particular estimate category, it’s easier for you to compare those estimates, whereas if bidders send you their estimates in varying formats, you’d have to do extra calculations to compare accurate numbers.

• Keep Bidders Informed With Real-Time Updates

  As a contractor, you know the somewhat unpredictable nature of construction projects, even in the bidding and pre-construction phase. The last thing you want to happen is for subs to create bids based on outdated information that could change at any moment, so it’s important to have a system in place for notifying bidders about updated files, project data, scope changes, etc., so they can create accurate bids for you to review.

• Use Bidding Software for a Streamlined Process

  For a more optimized, time-efficient bidding process, use specialized construction bidding software that was built to handle the ins and outs of the bidding process. Typically, a bid management system will have a way for you to invite bidders, document intention to bid, track bidder activity, compare bid submissions, and finally award work in one, centralized place.

Implement these essential tips the next time you need to solicit bids from subs and you'll see just how much easier bid tracking becomes.

Use ConstructionOnline’s Bid Tracking Software for a Seamless Bid Management

Optimal bid tracking can be done in numerous ways, but as we went over in this article, it’s best to use a bid tracking system that was built to handle everything that’s involved in the construction bidding process. ConstructionOnline’s Bid Tracking Software gives you the online tools needed to efficiently handle bid tracking with clarity, which makes both you and bidders’ jobs much easier.

Here’s how ConstructionOnline Bid Tracking helps you award bids with confidence:

• Build clear and detailed bid packages that are centralized and easy to use in the ConstructionOnline platform
• Give bidders the clarity they need to bid accurately including project scope, files, and planroom sheets so you only receive clear, complete bids
• Provide real-time updates for bidders so they always have the most up-to-date bid information
• Allow bidders to submit cost estimates in a single, uniform format so you can easily compare costs
• Track all bidder activity from intent to submission in one centralized place
• Review all bid submissions side-by-side which makes your job of comparing bids and selecting the winner much easier
• Award work directly in the ConstructionOnline platform 

🚀 Ready to experience seamless bid tracking, faster award decisions, and projects that stay on schedule and on budget? Click the button below to schedule your free demo of ConstructionOnline, including our bid tracking feature:

Conclusion:

As a contractor, streamlining the bid tracking process is important to ensure you are selecting the most qualified winner for your projects. When you’re inviting subs to bid for a job, it’s important that you give them the necessary tools to submit clear bids that are easy for you to understand and compare. That process is made easier when you have a system – like ConstructionOnline’s Bid Tracking Software — that streamlines the bid management and bidding process for you and your subs.

Want to see exactly how our bid tracking feature works to make selecting the right bidder a breeze? Watch the replay of our bid tracking webinar below:

Webinar: Meet New Bid Tracking for ConstructionOnline!