The importance of good project management goes far more than just keeping the project management iron triangle in order and delivering within time budget, time, and scope, as it brings together teams and clients, creates an ideal vision of success, and ensures everyone is in the same boat about the things that are needed to ensure success.
In the real estate industry, project management is a necessary expense. Large or small, big budget or small budget, real estate projects have so many moving parts. You can also search the web to get more information about the top property development and project manager.
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Here are three reasons why real estate project management is important:
1. Communication. Real estate projects have to align inputs from multiple parties; they might even need to account for public comment periods and public outreach. The project manager’s job is to gather all inputs—weighing each voice equally—and create a cohesive story about the project.
2. Oversight. Tracking and reporting are critical for real estate projects. Not only does it help with reducing issues, but it also keeps the project on track and within scope. Daily, weekly or monthly status reports are key to making sure there is continuous oversight on the real estate project.
3. Risk reduction. For real estate projects, there’s always a risk of going over budget, scope, or time. In addition, real estate projects may expose companies to risk when it comes to partnering with other businesses. The project manager helps manage the risk of litigation, overseeing contract creation, and more.