Importance of Good Project Management

Article excerpt

EFFECTIVE project management is vital in the fast-moving world of property.

Whether it's a new-build scheme, a property refurbishment or relocation, ePScient planning, a quick turnaround and a healthy return on investment are essential.

'e world of property is a complex and competitive one and good project management can bring lucrative rewards.

Get it wrong, however, and rms risk losing that all-important client for good, says Neil Hart, a director at Bradley Hall.

"Specialist project managers, such as Silverstone Building Consultancy, are regularly called upon for specialist advice on risk, due diligence, t-out design, building maintenance and costs," he said.

"But eective project management is needed throughout the property supply chain, whether you're a chartered surveyor, developer, lawyer or landlord.

"In many cases, several parties will be working together on a particular deal so good communication is vital."

From the point of view of a chartered surveyor, there are several reasons why good project management is so important.

Carrying out property valuations is just one small part of the job.

'ose who are working on the project must have a solid understanding and knowledge of the local market so that a suitable property can be sourced to meet the client's requirements.

In addition, if a property comes on to the market there is an immediate need to promote LET it widely to facilitate a quick sale or lease.

Hart said: "'ere is nothing worse than seeing swathes of empty properties on the market - a scene which was quite common in the years following the nancial crash of 2008. A chartered surveyor can bring other qualities to the table to ensure that a project is managed correctly.

"A solid understanding of property valuations is necessary to negotiate a good rental deal or property sale/ purchase price, often working with the project manager to ensure that any scheme is viable taking into account build, refurbishment or t-out costs. …