Explained How Project Management Streamlines Operations in the Real Estate Sector?

Explained How Project Management Streamlines Operations in the Real Estate Sector?
Project management is one of the fastest-growing fields in which professionals are employed as an individual project manager or as a team of managers. Project management is a broad term and it is used across industries. The Project Management Institute (PMI) defines project management as an endeavor that needs the hiring of a team or an individual to carry out the successful completion of either an individual project or a series of tasks within a predefined timeframe with proper monitoring right from the beginning to the end. 

Who is a Project Manager?

A project manager is a person who is responsible for streamlining all the aspects of a project while making sure that each phase of the task is carried out efficiently and effectively within predetermined budgets. There are also instances where a temporarily hired project manager is not given any particular designation or a title, but his job responsibilities remain the same under the close purview of someone holding a senior position within an organization. 

Project Management in the Real Estate Sector 

When it comes to defining project management in the real estate industry, it can be concluded as a methodology that came into existence to control costs, schedules, and a large number of other specifications associated with a particular project. As time went by, the same methodologies and techniques were adopted by industries other than real estate to carry out certain operations. This started happening in the industry verticals ranging right from manufacturing to Information Technology. But it is also mentionable here that a real estate project including 4 BHK Flats in Model Town differs from other domains concerning the components it involves.  
While some companies hire an entire team of multiple managers temporarily as per their requirements, others might opt for individual project management consultants to meet their needs. Some prefer to seek the services of a singular project manager for a particular project or even projects that might take several years for completion. Construction and real estate projects including the 5 BHK flat in Model Town require the following from the project managers-
  • Comprehensive knowledge of each aspect of the construction
  • Ability to work in teams 
  • Excellent communication and interpersonal skills
  • Ability to take tough decisions
  • Ability to monitor the project for smooth and hassle-free operations
  • Ability to understand different stages of the project and decide things accordingly.  
Reputed project management consultants meet all the specific needs of various industries including real estate by providing manpower on any magnitude and scale. 
Prominent reasons that make real estate project management crucial
Companies operating in the real estate sector need project for a large number of reasons. Some of them are discussed below-
The nature of real estate projects is such that they need to align a heap of inputs from a large number of third parties. There are occasions when such projects might need to account for public outreach as well as comment periods. The project managers play a great role in streamlining all the voices reasonably well and create a very cohesive environment around the project. 
Tracking and reporting form an essential part of any real estate project. They not only keep the project within scope and on track but also drastically minimize a large number of common issues that are often associated with a real estate project. Tracking and reporting are carried by the project managers to make sure there is a continuous oversight on the project.
Risk reduction
Going over the predetermined budgets, timeframe and scope are one of the most common problems with almost all real estate projects. Various real estate projects are also prone to risks because of their business partners. At this juncture, the project managers help companies in evaluating and managing the risk of litigation as well as expenses by way of necessary insurance policies and supervision of contract creation, and more. 
Owner’s/firm’s only representative on-site 
When a particular real estate project is underway, the project managers act as the sole representative of the owner or the construction company on-site. They make sure that each aspect of the project is going on as per the predefined specifications, instructions, and planning. With the project progressing right from planning to execution, these professionals shift their attention to-
  • Contractor scheduling
  • Payment processing 
  • Change order management
  • Addition or reduction in manpower 
  • Further resource management, and 
  • All other aspects that might affect the efficiency and progress of the project.  
Time Management
Effective and efficient time management is the key to the success of any real estate project. The project managers from the reputed project management consultancy keep track of timelines right from the beginning of a project to its completion. Be it ordering different types of supplies on time, establishing seamless coordination with contractors, or pulling any particular permit, they take care of everything with complete care and concern. Timelines not only have a drastic impact on the project completion but also affect a project’s overall cost. 


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