Managing development project requires you to be more dedicated. Besides, there are many choices you need to decide based on thorough consideration. It is not a secret that property development project is complex task to finish. Both professional and beginner has their own challenges in handling a project, no matter how small the project is.
It is not only your skill you need. You also need a team consisting of skillful and reliable members. The team consist of different people with various expertise such as architect, project manager, financial planner, lawyer, etc.
How to properly manage your property development project
The success of a project doesn’t rely on one person when it comes to property development. All effort gathered from every member of the team really counts.
You also need to ensure that preparation in the initial of the project is done thoroughly such as doing your research to gain reliable data and information. Here are things you can do to manage your property development project properly:
- In managing your project, you need to know there is thing called project triangle. This is critical factor is development project referring to cost, time, and quality. You need to ensure to learn more about this project triangle even before starting your project. You need to include all three factors into consideration. To help you learn and understand more about project triangle, you can ask from professional for advice. You also have development manager to hire and help you make right decision about your plan.
- Another important point of managing and executing your development project is to find out what your goal is. To help you clarify where you want to be, you can use the project triangle. For example, your goal is to complete the project quickly. To reach your goal, you may need to pay a premium for faster construction. If your goal is to complete your project at minimum cost, it may create extra tension on the time and quality. If your goal is to have high quality project, you are likely to pay more. It is also likely to take longer time.
- Most beginners often aim for time, cost, and quality for one project. It is possible but also hard to achieve. Besides, you won’t go anywhere when you are too greedy. Thinking rationally is what you need when you handle property development project. To make your project goes smoothly, you need to choose what goal you really want to achieve. You also need to consider your capability, financial situation, etc.
- Most new developers tend to insist in creating high quality project and go over budget at the same time. However, this approach often end in small profit or failure. It is great to follow adapt the traits of experienced developers who focus on strong cost and time. The best thing to do to complete perfect project is to balance all three factors with bias for one particular point. This will make your work easier because you can more focus on one goal.