Engineer · Wichita, KS · Member since 2012 · 396 posts · 36 votes
Anyone have any experience with this software? ALOT of insurance companies and contractors use it as an estimating tool. Claims are it can accurately estimate any rehabs, material (“according to local pricing and labor”). XactRemodel lets you sketch it, rendor in 3D views, drag and drop in virtual tours, you can even estimate the replacement cost of an entire home or design and build one. Has line items for fire and flood restorations etc…
We have the demo but they have locked out the estimating tools, just wondering how accurate it is? Once you buy this there are no refunds.
Real Estate Agent · Birmingham, AL · Member since 2012 · 73 posts · 11 votes
13y
I use xactimate extensively in my day job. J Scott is correct about the retail costs. Basically it will give you the cost to call up a big general contracting firm and have them take care of everything; this will be significantly higher than finding a smaller independent contractor or handyman.
For instance, in the above example for the garbage disposal, that $400 price likely includes a base fee for both a plumber and an electrician to do the disposal. But of course the job is so simple that it doesn't really require either a licensed plumber or a licensed electrician, much less both of them.
However, it is really impressive software and can be useful for an investors purposes. For example, you can use the labor and materials pricing to get a pretty good idea of what materials will cost for a job. In general, it is more accurate as the size/scope of the job increases. Smaller jobs can be very skewed.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Are you interested in retail renovation pricing or investor pricing? Software like this will spit out retail renovation costs, which in many cases are several times more expensive than what investors typically need to pay in order to maintain reasonable profit margins.
For example, in my area, the retail price to install a new garbage disposal is about $400 (not kidding, my brother actually got several bids). For a rehab, I wouldn't spend more than $100 on materials and $50 on labor, nearly a third the retail cost.
Real Estate Agent · Birmingham, AL · Member since 2012 · 73 posts · 11 votes
13y
I use xactimate extensively in my day job. J Scott is correct about the retail costs. Basically it will give you the cost to call up a big general contracting firm and have them take care of everything; this will be significantly higher than finding a smaller independent contractor or handyman.
For instance, in the above example for the garbage disposal, that $400 price likely includes a base fee for both a plumber and an electrician to do the disposal. But of course the job is so simple that it doesn't really require either a licensed plumber or a licensed electrician, much less both of them.
However, it is really impressive software and can be useful for an investors purposes. For example, you can use the labor and materials pricing to get a pretty good idea of what materials will cost for a job. In general, it is more accurate as the size/scope of the job increases. Smaller jobs can be very skewed.
Engineer · Wichita, KS · Member since 2012 · 396 posts · 36 votes
13y
Thanks for the responses.
My company is a paper GC that manages jobs paid by insurance companies. The insurance co. adjuster estimates using xactimate and gives it to the homeowner my client. Most times the homeowner makes good on payment, but sometimes they play the “hide the paperwork game”. Be nice to know what the adjuster has issued for one. Agree, the estimate includes my cuts but I know what my contractors cost, and I buy materials.
I am also looking at my first major rehab and new construction in the future, also fire restorations, and a way to estimate these jobs fast and accurately. For roofs right now I use acculinks, but it does not go beyond that. It has a interface to quickbooks, xactimate to both I think.
I'll probably offer estimating as a service too.
Sounds like the estimates will require some scrutiny. Cooper would I be able to change the estimated values to not show my cut, adjust down when licensed contractors are not required? Have you much experience with XacRemodel? Is it user friendly, do blue prints?
Investor · Allentown, PA · Member since 2013 · 10 posts · 3 votes
11y
I'm n exteriors contractor. I know what I can pay my guy to do the work I know of. But some of my guys can do work that I don't know pricing on. So wouldn't it be beneficial to use xactimate to know what the rate is even though it is higher? So I get the best deal when negotiating, knowing I may be able to get a lower price via my guys or subs? Or am I off base with my thinking.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
6y
Just found this thread searching "Xactimate" for kicks. Xactimate calculates retail costs if you set it to calculate retail costs. You can set it to calculate nonretail repairs or adjust other variables as necessary. It's probably the most versatile software program if you know how to use it. The downside is it takes a lot of training and experience to know how to use it and it's expensive. Crazy expensive. I've spent just about 30k on licenses for it for 14 years now but it's worth it to me because I serve as a building consultant and expert estimator in legal disputes. Xactimate is like a boat - as in the best boat to have is one a friend has and knows how to use.