The Development & Construction Partnership Inc.
Founded in 2008, May Residential is an award-winning construction management and consulting firm that provides comprehensive construction consulting services. Our professional staff is comprised of construction managers, engineers, architects, certified cost engineers, schedulers, commissioning specialists, roof inspectors and technology experts. Some of our professionals are recognized expert witnesses who prepare expert reports on virtually all of the typical entitlements and associated damages.
What May Residential Does
May Residential provides a wide range of construction advisory services in the Mid-Atlantic & Southeast Regions and beyond, including many significant engagements in Maryland, Washington, D.C. and Florida. Our innovative approach enables us to consistently deliver a quality program, from concept through closeout. We strive to exceed client expectations and our reputation for integrity and excellence is impeccable. Construction cost auditing is just one of our many specialties.
As owner’s representative, we serve as an extension of the owner’s staff. May Residential provides guidance through the lifecycle of your project, protecting the owner’s interests at all times. May Residential provides owners with the value-added resources they will need to make their project a success. For an owner whose team may not have the required depth of resources to look after each component of a project, May Residential literally serves as an extension of their staff.
As the project’s eyes and ears, we can provide on-site representation to make sure that construction proceeds in accordance with contract documents, on time and within budget. Working as your advocate, May Residential experts enable clients to focus on their core business without distraction.
May Residential’s staff of engineers, architects, estimators, schedulers, claims and surety specialists, and other construction professionals have hands-on experience and skills that are applied throughout each phase of a project. We provide clients with this technical knowledge to keep you abreast of events, enabling you to make informed and timely decisions. Utilizing these services negates the need for expensive Construction Cost Auditing services on that backend of the project.
Construction Cost Auditing
In most construction projects the contract prices are generally assessed using an item rate model with approximate quantities subject to complete re-measurement. This mechanism has the Risk of cost and cash flow uncertainty and also minimizes the scope for value engineering, as the preparation of detailed design and quantity assessment overlap extensively with the construction.
In response to the above market condition, May Residential has carried out a research and developed a unique Construction Cost Auditing Service for the developers and investors. The service is carried out using our customized templates, structured database and defined methods for the contracts implemented using composite unit rates for work items as well as contracts using direct material and labor rates.
We initially review the way the procurement is structured, the scale and complexity of the project and agree the frequency of audit and the various inputs required from the Client’s team for carrying out the services. A base cost is established using the available design information and the actual costs are compared with the base by valuing the progress of completed work and material at site. Reconciliation of major materials is also carried out parallel. The report is issued to the Client highlighting any variance that needs to be analyzed and corrected.
Benefits of May Residential Construction Cost Auditing
- Increased Cost Efficiency
The completed work value is periodically assessed using optimum market rates and compared with the actual expenditure to analyze the cost efficiency and corrective action proposed whenever required.
- Increased Cost Certainty
The value of works yet to be completed is also assessed periodically and compared with the planned value including tracking of variations in a structured manner.
- Better Financial Planning
The Periodical assessment of incurred Cost and Cost to complete provides a more accurate basis for financial planning.
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