Successful Project Management in Real Estate

Successful Project Management in Real Estate

by Jonathon Hardcastle

If you're managing a real estate project, you're going to have a job on your hands. Project management is always a difficult task to keep on top of and it can become quite complicated at times, especially with a number of different components to bring together. However, with a logical and persistent approach, combined with effective and careful planning, project management needn't be too much of a headache.

The first thing you need to think about is planning your project. This stage should take place well before you even begin to secure funding or even think about hiring labor. Plan out your project: what are your aims and objectives, what resources will need to be in place, and when do you expect to complete the project? Ultimately, these questions will be posed by investors, and if you don't know the answers, you're in for a tough time.

Get everything down on paper and make sure you give your project some direction. Set milestones and know exactly when the builders leave, or when the finishing stages begin. Furthermore, allot your expenses between each cost center and stick to it rigidly. Budget in a miscellaneous account, but make sure you don't dip too far into it too easily. Make realistic predictions and you'll do better for it, which will be reflected in your project at the end of the day.

Project management in real estate project also relies heavily on running a tight ship, that is to say ensuring everything runs to plan and nothing takes longer or costs more than it should do. This is obviously also dependant on your planning stage, but if you take a no-nonsense approach and make sure everything is done to the deadline, you will realize that project management become a whole lot easier.

Be brash and be in your face - don't sit back, and don't accept what your told. To get your own way you've got to be assertive enough to command a situation. After all you're the boss, so do things your way if you want to achieve the results.

Project management is often seen as a problem area, and it can be if you don't grip the reigns. Provided you think things through and implement your plan, you should be ok, and improve with experience. Project management really shouldn't cause you too many problems, but remember it is a full time job, requiring effort and dedication like any other.