Project Management in Real Estate Industry – Project management term is a new term developed in the world of business illustrating the steps of a project; it is the skill of arranging all the constituents of the project inline to each other. The concept of binding all the different constituents together through effective management and planning enhances the possibilities of delivering a successful project.
Project management in real estate industry definitely shares the main concepts of project management, but with different approaches due to the difference between the nature of this and other industries.
Project management in real estate industry is different from other fields in terms of the number of various constituents involved in the stages of the industry. The difficulty of each of these constituents, if not analyzed and solved in a mature and from a professional perspective, might lead to undesirable consequences.
There are different methods to estimate cost for a real estate project: the cost of bulks or quantities is the best. The easiest method for estimating it is to divide the project management in real estate investment into smaller and definite tasks.
Once the tasks are set, and the resources are evaluated, here comes the time to value the costs of the unit. The overall unit cost is determined through summing up all the costs or expenses spent on each task. The different terms of the sources of expenses could be labor, personnel, raw material, transportation, etc. which could all be mentioned under the umbrella of
In the project management in real estate investment, the costs of construction is only a part of the total cost of the project, which also includes the cost of the design, costs of legal approvals, and marketing costs.
The process of designing a real estate property includes many steps: the primary design, the master one, and the detailed plans of design; this process is very crucial and important, as it is almost determining the work scope of the property designed.
A real estate project manager must always keep in mind that the project’s construction takes about three to four years. This variation of the value of expenses through years is a very important factor in calculating the costs of the project. A price index should be added with respect to the cost index resulting from the lifespan of the construction stage.
One last important thing in project management in real estate is determining the flowing cash; this step helps to determine the money estimated to be spent over a specific duration.
Finally, it is not only about the real estate project management, the project manager personality, level experience, but also the number of soft skills he or she had, which are very crucial for implementing as well as accomplishing a successful project.
For more information you may contact us using the contact form here or by calling us on:
M: +966 54 4695067
T: +966 12 6614340
F: +966 12 6615245