In a recent blog post, we discussed the importance of trusting your general contractor to manage subcontractors. Working with subs and even speaking to them directly can lead to miscommunication, causing costly project delays. Managing the subcontractors is a major part of your general contractor’s scope of work. For this reason, New Avenue’s General Contractor partners provide one bid with all prices for all sub-contractors included. Then we bill for work as it is completed and this includes all payments for everyone working on your project. Organizing the payments on one budget and paying directly is a communication too. By paying through the system you have four benefits:
- The project’s “bank” or clearinghouse – All payments are tracked by the platform and is accessible 24/7 on the system. All project team members can see as payments are processed in real time, providing transparency.
- Quality control – We vet and support our architects and general contractors. Our system allows the owner, architect and contractors to review and agree that work is completed.
- Record keeping – We standardize and clearly present all proposals, bids, invoices and payments. This creates one true source of record.
- Saves you time – We recently heard from a client that they spent eight hours (8!) each Friday trying to make sense of their contractor’s invoice. This client was an accountant too. In the end they just gave up and wrote checks to their contractor. With New Avenue, your invoices match the bid you accepted and you just review the percentage of the work that’s completed. It only take a minute and you’re done.
When a homeowners signs up with New Avenue, they automatically get a Design Agreement that includes all of the best practices in design/build. In the industry we call this “Integrated Project Delivery”. The owner, architect and contractor are communicating and working together. Our process motivates collaboration throughout the entire design and construction process by tying the design success and construction success to your overall project success.