Builders The two types of currencies used in Australian building

The two types of currencies used in Australia

Did you know there are two types of currency in Australia? In fact there are just two types of currency on the planet and they are not US dollars and Australian dollars. I’m talking about domestic dollars and commercial dollars and while they have the same face value, they definitely have a somewhat different emotional value. Let me explain.

When you are doing building quotes for consumers or households to say renovate a bathroom, the customer is paying for the building works out of their own mortgage or savings. When you are doing building quotes for a laundry in a block of flats, that money is coming from the body corporate and most likely a strata manager has engaged the builder.

The difference is emotion. Domestic dollars have high emotion attached to them. It is the customer’s own money and generally, they want to maximise the result and minimise the spend. They want to feel they are getting real value for money.

On the other hand, the real estate agent you are dealing with to renovate the laundry in the block of flats, is paying your invoice with commercial dollars which they have access to from the strata building fund. It’s not the real estate agent’s money and if you have a small variation, the real estate agent will most likely agree to the additional cost without hesitation.

When you are doing building quotes, BuildManager allows you to change your labour rates for each and every job.  It is important that your building estimating software can adapt to residential, strata and commercial customer. With BuildManager you can choose the hourly rates to suit each and every customer.

How much would you charge a strata manager compared to a residential customer?

Scroll to top