Wanting to get started in the property development business, but thinking of DIY? Can you manage the development process with only the project planning and scheduling programs you can buy? The truth is, these are tools specifically for project managers – not a guide on how to project manage!
It is ideal for both beginning and seasoned property developers to engage a good development or project manager, as doing so can save them wads of cash in the long run. Project managers are often architects, engineering graduates or construction site supervisors.
The development manager oversees the successful delivery of the project on time and within the budget. They are the representative in dealing with consultants, builders, and councils, among others. They are involved from start through to completion of the project and assist the developer in the conceptualisation, feasibility study, development approval, delivery, and leasing or selling of the property.
Development managers are typically experienced with the whole development process and have similar attributes as good developers. They coordinate and motivate various teams and are accountable for the entire project. Most importantly, they can foresee potential challenges, risks and opportunities to maximise profits. Development managers may need the assistance of a construction or project manager for larger projects.
It’s important to hire the services of an experienced and professional development, or project manager who know what’s involved in development, along with the issues and complexities associated with different types of projects.
A good development or project manager has technical competence, excellent communication and people skills, a high level of dedication and discipline, and the ability to see the bigger picture. They are experts on the “project triangle,” having the ability to find a good balance between time, cost, and quality. As a property developer, you need to examine your goals and prioritise between the three. Understand your bias – is it time,
money or quality?
Project managers oversee the development and oversee quality assurance, time management, and people management. They conduct ongoing evaluations of all trades to ensure quality at every project stage. They also make sure the builder adheres to the specs in the building contract.
Time is money, and delays can be very costly. Project managers manage timelines and ensure you have a penalty clause in the contract that will compensate you for any unjustifiable delays. They make sure everyone works harmoniously together. Knowing all these responsibilities, you can ask yourself again if you can manage the project yourself.
Are you eager to get started in the property development business? Have a chat
with our team and arrange for a complimentary consultation. Speak soon!
Your Outside Team
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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