Inviting a Contractor Video (4:35 min)
BuildWallet is a Collaborative Platform that brings together all parties of a project onto a single platform, to engage, modify, and execute projects in the best method possible. As an Owner, you have initiated a Project and crafted the first draft of your project SOV to the best of your ability.
- Now it is time to bring in the rest of Your Team and shape up this project so it can be the best it can be! Let’s invite the Team.
Inviting Your Contractor:
We recommend you invite your Contractor first to modify and finalize your SOV before presenting it to Your Lender. Lender feedback has confirmed that they are much more willing to lend on a project that has a Contractor onboard and has affirmed the SOV and it is ready for action, than just looking at an Owner’s SOV and not knowing if it is “actionable” or just a “fairy tale budget”.
The best option as an Owner is to get the SOV under contract with a GC, then show your Lender a project that is “shovel ready” and all that is needed is the funding.
Action: On the Project Home Page – Click “Invite a General Contractor”
The next pop-up is engaging you to remind you that the SOV file will be locked while the Contractor is bidding the file. (think about sharing a file at work, 2 parties cannot access and modify the same file without corrupting or double/entry. This is how we protect the SOV file, by passing back and forth between Owner and Contractor.)
Action: Click "I'm ready"
Note: If the Contractor you want to invite is not on the BuildWallet platform yet, the system will still send them an email invitation and invite them to join to view your project.
- Contractor’s Business Email
- Add a note: Anything specific just for this Contractor to be received and viewed when he/she opens the Email/Link for the invitation.
Action: Click “Send Invitation”
If Successful, you will see:
Action: Click “Back to project” to return to the Project Home Page
**Also, on the Project Home Screen you will see the Schedule of Values indicator change from “Draft” to “Awaiting Bid”. This is a status indicator that will continue to change as progress occurs from your Contractor.
If for any reason you need/want to recall the invitation and send it to another GC, you can do that with the “Recall Invitation” button on the Project Home Page.