The first step in managing a property development project is to make sure that you have a clear understanding of your objectives and goals. This will help keep everyone on the same page as they work towards completing their tasks. Say’s Mark Mariani , once you’ve established your goals, make sure that they align with the needs of your stakeholders (including investors) and other interested parties. Once this is done, here are some best practices for managing a property development project:
Create a Project Management Committee.
- Make sure the committee is made up of the right people. The members should be able to contribute to the project in a meaningful way and have relevant experience, education, or training in property development management.
- Make sure that all members have the right skills for their roles on your PMC. For example, if you are looking for someone who can provide legal advice when needed then make sure that person has been practicing law for at least 5 years before joining your PMC; otherwise they may not be qualified enough to give advice on matters relating to legal issues associated with property development projects (such as drafting contracts).
- Make sure each member understands what their role entails (e.g., attending meetings once per month) before inviting them onto your PMC because this helps ensure there won’t be any misunderstandings later down the road when things get busy!
Define project roles and responsibilities.
In order to manage a property development project, you must define the roles and responsibilities of your team. This includes:
- The project manager
- Project team members
It’s important that everyone on the team knows what their role is and how they fit into the overall process.
Establish a clear timeline.
Establish a clear timeline. It’s important to set a deadline for completion, but it’s equally important to include reasonable amounts of time for each phase of your project. This will help you avoid rushing at the end or cutting corners that could cost you in the long run.
Additionally, include some extra days for unexpected delays–like bad weather or an injured worker–so that your team doesn’t feel pressured into working overtime just to meet their deadlines!
Set up communication channels, including regular project meetings and regular reporting to stakeholders.
- Set up communication channels, including regular project meetings and regular reporting to stakeholders.
- Establish a schedule for these meetings that includes the same time and place each time.
Make sure to include all of the stakeholders in project updates regularly.
You should make sure to include all of the stakeholders in project updates regularly. The more people who are informed, the less likely they are to be surprised or upset by changes and decisions made on their behalf. Regular updates keep everyone engaged and invested in a project’s success. This can also help you avoid last-minute changes that could cause delays and unnecessary costs later on down the road.
Project management is a critical part of any property development project. The ability to manage projects well is what separates successful developers from those who fail.