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I recently discussed how to make money in remodeling with someone who said, "I always thought I needed to do more sales to make more money." After working with me for about a year, he realized that improving all the necessary functions of a company was key to making money. Here are the top tips for making money in remodeling:

1: Have an Estimating System, Not a Guessing System: There are many ways to establish an estimating system. You can have a trade day at the job, implement unit pricing with subcontractors, and develop unit pricing for your employees. This process requires time and effort, but the reward is immediately felt in profitability.

2: Create Detailed Contracts: Make your contracts your work orders. Include all the details needed to manage the job and make money. Detailed contracts also clarify change orders.

3: Manage the Job by the Cost to Build: Take your contract, remove all retail costs, and replace them with the cost to build the job (from your estimate). When meeting with subcontractors to discuss the scope of work, agree on the price and timeline. Ideally, meet with the subcontractor a week or so before you need them to finalize these details. This way, if any extra work is identified, you can get the price approved or declined by the homeowner before the subcontractor starts the job.

4: Review Job Costs Weekly: Accurately track job costs on a weekly basis, or every two weeks at most. This allows you to adjust your estimating system to ensure better profitability on future jobs.

Implementing these tips will significantly improve your profitability. I can help you establish and refine these systems and guide you towards making a predictable profit in your remodeling business.