Calculating fees is challenging and can be stressful, especially for younger architects trying to make a living, pay staff, and grow their practice. But calculating fees is primarily about estimating practice costs and adding room for profit and growth.
How to Calculate Fees
Topics: Practice / Finance / Project Management
Length: 1 hour | What's Included: Video, Quiz, and Certificate of Completion
This webinar is available to stream!
This webinar will explore two methods for fee calculation: percentage based and “bottom-up” based. We will walk through the process of estimating design project costs based on the “bottom-up” cost estimating method. “Bottom-up” means using the project’s Work Breakdown Structure to define the deliverables, sub-deliverables and tasks, estimating the resources needed to execute each task, and applying the practice’s blended rate to determine an estimate of your costs.
We will also use the RAIC’s 2019 publication A Guide to Determining Appropriate Fees for the Services of an Architect to calculate a percentage-based fee. We will compare the percentage-based and the bottom-up-based fee calculations to establish what we believe will be a competitive fee acceptable in the market place. Each registrant will receive a complimentary copy of A Guide to Determining Appropriate Fees for the Services of an Architect.
At the completion of this webinar, participants will be able to:
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