Property development can yield impressive returns. Real estate, after all, is how 190 of the world’s billionaires have grown their wealth. With a great deal of investments involved, you’ll want to carry out your development projects carefully.
Construction project management is complex because there are a lot of moving parts, from inception to completion. It makes sense to secure project management services and get expert support.
Whether you decide to outsource project management, knowledge of the best practices to follow is critical to navigating inherent challenges.
How to Manage Your Construction Projects Successfully
Managing construction projects is a specialised form of project management. At any stage of the project, you may deal with labour management, regulatory compliance, delivery management and procurement issues. Some projects may also require addressing design complexities.
But when you know how to approach such challenges, you’ll have greater control over your project.
Here are some of the best practices to follow.
Define the objectives and scope.
In the simplest of terms: measure twice, cut once. This entails careful planning. A detailed plan covers defining objectives and detailing the project scope to inform every professional involved in the project on schedules and milestones.
Real estate developers not only work with architects, contractors (and subcontractors) and suppliers. Some may work with a real estate broker from the inception of the project, particularly for off-plan properties. If this is the case with you, you’ll also need to communicate the project’s schedules and milestones because potential buyers will have expectations.
Manage the expectations of stakeholders.
Problems could occur when stakeholders are not aligned about the acceptable level of quality of the completed project. The contractors may be doing the best they can, but if the architect or the designer has an entirely different perception about the contractors’ work, frustration and confusion will take place.
It’s crucial for everyone involved in the project to be aware of and understand the plan, processes and practices to establish acceptable outcomes.
Develop a communication plan and implement it.
This brings us to a key element in managing your construction project: communication. From inception to execution, every phase of the project will go smoothly with sufficient communication.
Stakeholders must know what is happening, what issues are cropping up and why they’re happening, and what solutions are being implemented. Communication is particularly crucial when parts of the plan must be changed for whatever reason.
Document key details.
Still a key piece of your plan for the construction project, documentation prevents delays and scope creep. Scope creep occurs when changes to the initial plan take over, blurring the intended coverage of the project.
Changes could mean adding an exterior feature that was never in the original design or expanding a room. Scope creep could also mean eliminating some of the original design elements.
Whatever reasons lie behind the changes, you must discuss and document all of these changes to prevent excessive costs on labour, materials and equipment. Documentation also ensures everyone is aware of the changes.
Leverage technology.
Plan, execute and monitor multiple construction projects using innovative tools. Technology is paving the way for project managers to have greater capabilities and control over different projects.
Among the tools you can use are:
- Project planning software – create and manage schedules, resources and budgets.
- Site management software – track and manage the progress of on-site work, and identify potential delays.
- Building information modelling – simulate construction processes and track progress.
- Drones – inspect sites and collect data on progress.
- Virtual reality or augmented reality – train construction workers, allowing them to visualise and prepare for work onsite.
The right technology will allow you to improve the efficiency of your projects, reduce costs, increase visibility and control, and enhance communication and collaboration with stakeholders.
When investing in technology to manage multiple projects, make sure that each tool or system is integrated. Integration ensures a smooth flow of information, making it easier for everyone in your project to use them.
Identify risks early on.
No project is ever without risks. The key is to identify what type of risks you’ll encounter and to determine them early on. Identifying potential risks can prevent delays and costs. It can also enhance onsite safety.
When you anticipate problems, you can devise a clear strategy that may not incur additional costs.
Implement regular inspections.
Finally, visit the work site on a regular schedule. You may be in constant communication with the contractor, architect or engineer, and drone footage may provide you with information while you’re away. But a visual inspection is still necessary to ensure that everything is going according to plan.
An inspection reveals whether your contractor has kept you up to date with problems. It shows you whether the changes have been implemented as agreed. A walk through the site lets you know you have not missed anything, and that the project will be completed and delivered as scheduled.
Ensure a Successful Project
Every construction project is complex, and each comes with multiple challenges. How it is managed from inception to completion is vital to its outcome.
Ensure favourable results. Follow these best practices for managing construction projects.