Fastest and Slowest Paying Contractors Revealed by Levelset's New Contractor Profiles
Construction payment data and industry reviews make it possible to get an inside look at how GCs pay and treat their subs.
NEW ORLEANS, January 8, 2020 (Newswire.com) - Seventy-five percent of contractors feel left in the dark about their payment terms or payment timing and wonder whether they are getting a fair shake on the job, according to the 2019 National Construction Payments Report.
Today, Levelset unveiled Contractor Profiles to address these challenges head-on, allowing anyone to read and share anonymous, real-time reviews, ratings, and details about GC payment behaviors, all for free.
Contractor Profiles provide in-depth information on industry payment practices by pulling in data from various sources and making them publicly accessible. Since 2005, Levelset has facilitated the exchange of over 860k payment documents between over 42K users on the platform, touching close to 3M construction jobs in the U.S. This data is combined with over 7500 reviews and ratings left directly on the Contractor Profiles and public permits and other filings around the county. To date, Leveset has published more than 7,700 Contractor Profiles, including profiles revealing the payment behaviors of the 300 biggest U.S. general contractors. It plans to publish another 10,000 over the next three months.
Key features of Contractor Profiles include:
● Contractor Reviews: Contractors, subs, and suppliers share what it’s like to work with other contractors in their own words.
● Payment Terms, Speed, & Retainage Ratings: Contractors and suppliers are asked to rate other contractors on payment factors including payment terms, payment speed, retainage, and more.
● Payment Problems: Mechanics liens, bond claims and other documents that signify slow or non-payment issues are displayed publicly.
● Payment Warnings: Users can “follow” and monitor contractors and will get real-time alerts when payments are moving slow or if there are other problems connected to the contractor, all for free.
Nearly 5,000 contractors across the U.S. are currently on Contractor Profiles, with 10,000 more on the way. This platform gives the public access to the largest contractors in the USA and the fastest paying contractors state-by-state.
“We designed the Levelset Contractor Profiles with both general contractors and subcontractors in mind,” says Scott Wolfe CEO of Levelset. “These profiles provide an important forum to exchange information about the payment practices that can benefit the whole industry. By adding a new layer of transparency to how payments are exchanged, it’s now possible to stay on top of issues and potential bad outcomes like mechanics liens.”
Contractors and suppliers are stressed about cash. Both are scared about not getting a fair shake from the other. A recent national construction survey found that:
● 75% of contractors said they wished they had a better understanding of how owners and general contractors were paying others on their job and in their markets.
● 69% of contractors would be more comfortable sharing payment terms if they could do so anonymously.
Contractor Profiles are a direct response to the industry’s desire for more transparency around construction payment practices. For the first time ever, subs and suppliers can see the payment risk and reviews associated with General Contractors and take measures to avoid bad outcomes.
Reviews are anonymous to the public but verified through an internal process to ensure their validity. This helps GCs compete for the best subs by showing how much subs love working for them. General Contractors can join an advisory panel that helps increase the quality and accuracy of the scoring model used to calculate the risk scores. GCs are also welcome to respond to any negative reviews or marks, all ratings and reviews are monitored and must meet community guidelines.
Levelset’s mission is to empower contractors to always get what they earn. Levelset’s products help millions in the construction industry each year to make payment paperwork and compliance easier, get cash faster, monitor the risk on jobs and contractors, and better understand payment processes and rules. The results are faster payments, access to capital, and fewer surprises. Backed by investors like Horizons Ventures, S3 Ventures, Altos Ventures, Operating Venture Capital, and Brick & Mortar Ventures, Levelset is headquartered in New Orleans, Louisiana, with offices in Austin, Texas, and Cairo, Egypt, and is over 200 employees strong. Search or browse the full list of contractor profiles or learn more at www.levelset.com.