Hello, and welcome to the blog. Today we will discuss time management when refurbishing a real estate investment property. I come from a background of working for many years in project management in the corporate sector. During that time, I learned how important time management is for any project. When I started my real estate investment career, that experience helped me to manage properties on the ground. When I brought those skills across to my real estate business, I identified three main steps that ensured a smoother and more effective process when repairing properties to rent or buy. They are managing your expectations, clearly identifying the scope of work and then following a tried and tested template adaptable to real estate investing. Now let us take a look at each one individually.
The first step is to manage your expectations. Organizational skills are crucial to repairing properties. If you don’t possess them, I recommend that you partner with somebody that does. Always remember you are the boss, and you call the shots. Don’t let anybody walk over you and dictate what you should be doing. To be successful in your project, you need to balance deadlines, budgets and the quality finish of the work. This can be stressful, even for the most straightforward projects. Managing expectations from the start will ensure that your contractors and tradespeople will understand what you want. This should include the finish you desire, who is responsible for which tasks and how your team should communicate with each other. The sooner you explain to your team members what’s expected of them, the easier it will be to ensure everyone is working towards a common goal. This will also ensure that everything runs smoothly as clarity and assumptions are eradicated. You want to avoid hiring an electrician after the walls are drywalled or painted. There is a sequence to follow.
This leads to the second step identifying the scope of work. This second step requires you to be as clear and precise as possible. Identify a timeline and what each one will do, when and in what sequence. Establish milestones to accomplish so they don’t get in each other’s way. Sometimes one thing needs to be finished before the next one can start, and you need to be aware of that as you don’t want people to be idle in the project, which will cost you money. So this is where the definition of the scope of work is essential. You also need to understand the project deliverables and what everyone expects to finish. Will there be a budget, or will each independent contractor have their budget to complete their portion of the work. Look at the resources because sometimes you will have a project that needs an element completed before something else can be started. So remember, it always comes down to time, money and the quality of work.
The final step is to follow a template that will oversee the work. This will ensure a pattern to complete the process on time and within budget. It also provides you log and record everything so you will work with detailed notes on dealing with problems. If this is your first project, use document templates as a solid starting point. It will make your job easier, and you will have workable templates for future projects. I am happy to assist you with any templates, so don’t hesitate to contact me.
These three steps can help you get started in your real estate time management. Remember, no matter how much planning you do, there will always be some juggling and changes in the process. It will be easier if you have a plan than if you don’t. You can adjust the plan as you go along, as there are always some changes during the project. Some will be under your control, others won’t, but you are responsible for making the necessary changes to complete the project on time and within budget. Setting the right expectations from the beginning is key, and then make sure you know your scope of work and what you want to change. Finally, try to follow a template; if you do not have one, please check the link below and learn how to get started in real estate investing. I’ll be happy to help you. Until next time, invest wisely.
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