Tips for Successful Project Management in Commercial Real Estate

Tips for Successful Project Management in Commercial Real Estate

Mar 04, 2022

Commercial Construction

Tips for Successful Project Management in Commercial Real Estate

Property or real estate development is a multifaceted business process involving myriad components and activities, including acquiring new land, construction of new property, and the sale of developed property. Additionally, it involves multiple participants, including, among others, developers, city planners, inspectors, leasing agents, and engineers. This is where project management comes into play. To ensure successful project completion, a project manager needs to orchestrate and manage the different activities and participants involved.

Here are five tips for successful project management in real estate development or construction.
  1. Schedule Time Well

    Proper time management is important in project management. Therefore, you should always schedule your time well, prioritizing important tasks and allocating more time to complex tasks. This will avoid unnecessary project delays or rushing through activities due to time constraints.

  2. Have the Right Project Management Skills

    To succeed as a project manager, you need to have the necessary academic qualifications as well as some relevant experience. Additionally, you need to have leadership, technical, oral and written communication, adaptability, reasoning, and interpersonal skills, among others.

  3. Set Goals Alongside Strategies

    Before you start a real estate project, you should first set the goals that you intend to achieve. This will give you and your team a sense of direction and keep you motivated to achieve them. While setting goals is vital, you should also put in place the right strategies that will lead you towards achieving them. Remember to involve your team every step of the way, as being on the same page is essential for a team's success.

  4. Have Organizational Ability

    Being a project manager means that you will, almost always, be working with teams. They could be your fellow project managers or the subordinates you're managing. Therefore, you should be able to organize them according to their abilities and tasks at hand. Ensure that they work together, coexist in harmony, and deliver the required quality of work.

  5. Don't Be Afraid to Outsource Some Tasks

    Regardless of your qualifications, you may still find it difficult to perform some tasks, even with support from your team members. Time constraints can also cause tasks to overwhelm you and your team. Forcing yourself and your team to perform the tasks despite the difficulties involved may affect the quality of the final result. In such situations, it is prudent to seek help elsewhere. In fact, outsourcing may be a good chance to benefit from top talent in the industry. For instance, if your marketing models are not working as expected, you can outsource the marketing task to a reputable marketing company.

Follow these tips to become a successful project manager in real estate construction and development. At ParkWest General Contractors, we can expertly execute and complete your remodeling project within your budget and on time. Contact Nikki Fox at ParkWest General Contractors at nikki@parkwestgc.com today to get started!