The power of project initiation by a Project Manager

Let’s begin with the why?

Why are you creating what you are creating and why does it hold meaning for you (as an individual) or your company?

Defining the purpose behind your project is crucial as it sets the foundation for everything that follows, think about the following:

• Decision Clarity; understanding the "why" provides clarity and can be referred to as a basis during the project delivery when decisions need to be made during the project.

• When the reason is clear for any form of real estate construction, it unlock the ability to delegate and outsource more effectively to your team members, stakeholders, and investors, aligning everyone towards a common goal.

• Effectiveness; The why supports making informed planning and spending decisions, prioritizing tasks, and allocating resources efficiently.

Bottomline; being able to articulate the why of any project increases the chances of its success and impact in the long run.

What is the power of “think before you run” when it comes to maximizing real estate development success?

A Project Manager plays a crucial role in organizing tasks throughout the development lifecycle and presenting decisions to you in a way that suits your needs, adding significant value to the process.

At the start of any project the following items are just a snapshot of the tools and information that is needed to plan ahead and see if there are any optimizations possible:

Development objectives and target Project Deliverables Stakeholder mapping Delivery planning Approval workflow Work management plan and tools Checklists Scope templates Project trackers

Payment and accounting Cashflow Design reviews and approval approach Permitting and approvals Project Risk Management Risk register Cause/Effect Diagram Issue/Challenge resolution process

Consultant and contractor change management Change request templates and approach Change log Change curve model Procurement templates Contractual templates Commercial models Evaluation parameters

Bringing all together can be overwhelming, however a project management firms specializes in these activities and unlocks the ability for you to maintain a form of control as you are pro-active instead of re-active in the approach of your real estate development.

A Project Management Firm is your independent party looking out for you

As an independent third party, a project management firm will provide you vital information with no conflict of interest, since they do not sell, build, or design anything, nor are they tied to a commission for a transaction being completed. A project management firm’s freedom from such interests enables it to guide you to make the best decision for your organization, not its own.

Manage your project from the start with the end in mind

At the end of the day, your project manager should be the first consultant to be involved with your real estate project, your main go-to person over its duration, and the final overseer at closeout and move-in time. This concept-to-completion formula that only an independent project management firm can offer will allow you maximum savings on your real estate project, a better return on your investment, and insurance that your interests—and no one else’s—are being accounted for every step of the way.