5/28/2023 0 Comments The listing real estate management![]() Companies that oversee their own real estate projects or that regularly tackle real estate projects across a network of buildings must cultivate systems for managing projects for the following reasons: Large-scale real estate projects are expensive and often high visibility undertakings with many stakeholders. Why Is Project Management Important in Commercial Real Estate? The necessity of all this planning evinces the fact that smart project management is a vital aspect of any successful real estate project. The developer must conduct research, secure financing, negotiate the purchase, hold conversations with city or county zoning and permitting departments to determine whether the property’s planned use is permissible, hold public comment sessions, coordinate with engineering experts about matters such as the property’s site plan or parking lot drainage, submit plans to a city or county planning board, and so forth. Now port those concepts to the commercial real estate world: Buying a large empty lot for a future building requires similar steps, but on a much larger scale. Think of buying a house: You secure a loan, research available properties, choose and bid on a property, inspect it and secure insurance, negotiate the purchase, close on the purchase, and move into the space. Property transactions and construction initiatives (whether new builds or remodels) require multiple steps, lots of money, and input from multiple stakeholders. The Commercial Real Estate Industry Runs on Smart Project Management Sometimes a project manager isn’t designated or given a title, but the work of a project manager is completed under someone’s purview within an organization or given project. A project manager is a person who brings all the disparate pieces of a project together, ensuring that the different phases of work are completed efficiently and within a predefined budget. The Project Management Institute (PMI), which certifies project managers, defines projects as both temporary and unique endeavors that require the hire of a temporary team and completion of a series of tasks within a defined timeframe. Project management is a growing field, and professionals employ it interchangeably across many industries.
0 Comments
Leave a Reply. |