One of the first things you find out about taking on a real estate project is that things only sometimes go to plan because you will meet unforeseen problems and challenges along the way. Every project is different, with its own challenges to solve and diverse people to manage as you progress. There are no specific rules to follow to ensure a successful project is completed on time and within budget. Still, if you do them correctly, there are three things that will significantly increase your chances of success. So let’s look at each one.
Consistently Review Progress.
One of the most important aspects of the project that you will need to address is staying on top of what is happening on-site, talking to your contractors and tradespeople, and knowing what is happening in real-time. Being consistently present will also help identify potential issues that may pop up further down the line. Reviewing the work progress on site against the project plan will ensure you can move fast when things go wrong. As we discussed, time is money when managing real estate projects. You don’t want people doing nothing because things such as materials, staff, or deliveries didn’t show up or complete their work on time.
Setting Time Limits.
There is no better way to ensure things get done on time than setting achievable timeframes for specific project tasks. Following a roadmap with different milestones will help you complete the project on time. When everyone is singing off the same hymn sheet, they know the timelines to deliver their work. A study at MIT found that students work a lot more efficiently after a large piece of work is broken into smaller tasks with set milestones. When you assign each task, the person must have the skill set and capacity to complete it on time. Setting unrealistic time limits may place undue stress on Project Resources resulting in poor quality of work and team member burnout.
It’s important to meet regularly to ensure contractors and tradespeople are on top of their work. If they are left to their own devices, they will take their time, which will impact completion time. You will have to ensure they have everything they need, such as tools and materials, and that they are arriving and leaving the site on agreed times. Some contractors won’t show up some days and do not inform you. Therefore it’s necessary to meet regularly to ensure an efficient workspace. Remember, you are the boss; they need to know this, so don’t be afraid to push them a little.
There you have it. So now you know the essential things to implement to increase the probability of success in your project. Success in real estate means getting it done in the most efficient manner and the quickest possible way. So remember that you have to review the plan against what is happening. Set the time limits for all your contractors and frequently meet with them. Visit the property as much as you can. If you are doing this remotely, have someone take care of these issues at the location. That is the best way to do it when working remotely. Please be aware that this is a guideline only. If you require more assistance, please let me know. Check out the notes if you need more information about starting real estate investing.
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