90% of project owners report that they do not know what subcontractors or suppliers were on their projects.
The complications of the construction funding process has always lacked transparency – until now. DrawAlert protects and tracks the funding source on construction projects while providing time, cost savings and value to all project stakeholders. So what does this mean to the industry?
The DrawAlert team recently conducted a survey in the Western United States with over 2,000 General Contractors and Subcontractors that had not yet been a part of a DrawAlert Certified Project. In addition, we also polled over 150 organizations that contracted for construction services. The results might surprise you.
• 46% of Subcontractors report that they rarely feel confident that they will know when they will be paid for any given draw on a project.
• 73% of both General and Subcontractors report that they would bid more aggressively on a project if they knew that the project provided full funding transparency.
• 76% of respondents report that they would reduce their typical bid amount by 1% or more on a project with increased transparency.
• 40% of General Contractors estimate that they can would save more than 15 hours in administrative time if each stakeholder could upload all their required documentations to a single, secure portal.
From the significant survey results received, the logical conclusion is that building confidence in the construction team from the very beginning is likely to save time and money.
DrawAlert is the only Owner/Lender controlled solution in the marketplace. A DrawAlert Certified Project supports a transparent, professional and respectful business relationship between all stakeholders.