Importance of Project Management for Real Estate <\/h2>\n
Think of all the ways that a typical real estate deal can fall through, then multiply that number by 10. The potential is endless! Commercial real estate projects inevitably have construction setbacks, communication snafus, permitting issues, and so much more\u2014especially without the guidance of a PM.<\/p>\n
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<\/figure>\n<\/div>\nThere were approximately 919,000 construction sites<\/a> across the US in the first quarter of 2023. With such a high number of ongoing projects, the need for property project management is higher than ever\u2014just think about the impact that such a large number of real estate developments could have on the economy.<\/p>\n Not all brokerages or companies have a dedicated real estate PM, but it can be an incredibly valuable role. A PM wears many hats to oversee each project\u2019s progress. A few of their primary duties are as follows:<\/p>\n A real estate PM is ideal for large teams and companies but isn\u2019t always possible for growing agents and brokers. If hiring a PM role isn\u2019t in the cards yet, plenty of options exist to help with your project management tasks. Here are the most essential tips and tools to manage projects for individuals and teams.<\/p>\n Since project management in real estate varies so much and encompasses various tasks and roles, a successful PM will immediately set clear expectations. Expectations include communicating with all parties and creating solid legal contracts. Project managers don\u2019t need to be legal professionals, but they should do plenty of due diligence to prevent major issues before, during, and after the project.<\/p>\n Communication is one of the primary roles of a PM. Since many different parties are often involved in each project, the manager should create one or two places where parties can communicate with them or with all involved parties. This involvement prevents missed messages, wasted time, and miscommunications.<\/p>\n Real estate project management connects to every part of a project, from finances to construction to sales. If team members aren\u2019t carrying their load, the project management tasks can become overwhelming for even the best manager. It\u2019s important to have strong experts in each area of the project so the manager can focus on keeping the wheels running smoothly\u2014not on trying to compensate for lacking areas.<\/p>\n Since residential and commercial real estate project management includes such a wide variety of tasks, choosing the right tools will be instrumental. From using a customer relationship manager (CRM)<\/a> for follow-ups and communication to using predictive analytics tools<\/a> to market to new leads, the software is vital for dedicated PMs or individuals who need support to manage their tasks.What Are the Duties of a Real Estate Project Manager? <\/h2>\n
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Tips & Tools for Project Management in Real Estate<\/h2>\n
Tip 1: Set Clear Expectations<\/h3>\n
Tip 2: Establish Clear Communication Channels<\/h3>\n
Tip 3: Build a Strong Team<\/h3>\n
Tip 4: Strategically Choose the Right Project Management Tool<\/h3>\n
A few of the best real estate software<\/a> for project management include the following:<\/p>\n
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