Member Article

Good project management is the key to success

Effective project management is vital in the fast-moving world of property. Whether it’s a new-build scheme, a property refurbishment or relocation, efficient planning, a quick turnaround and a healthy return on investment are essential.

Specialist project managers, such as Silverstone Building Consultancy, are regularly called upon for specialist advice on risk, due diligence, fit-out design, building maintenance and costs. But effective 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. Those 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 onto the market there is an immediate need to promote it widely to facilitate a quick sale or lease. There is nothing worse than seeing swathes of empty properties on the market – a scene which was quite common in the years following the financial 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 fit-out costs. A good surveyor will be able to anticipate and identify opportunities and threats posed by various parties (and work with these parties to reduce risk for the client).

Finally – and this may seem an obvious point – an in-depth understanding of the client’s needs is essential regardless of the size or scope of the project. Good project managers can obtain best value for a client by knowing which suppliers, contractors and consultants are best placed to carry out a particular piece of work. They can also achieve best value by following the basic principles of project management: to get the job done on time, within budget and with minimum disruption to the client.

The world of property is a complex and competitive one. Good project management can bring lucrative rewards. Get it wrong, however, and risk losing that all-important client for good.

By Neil Hart, director at chartered surveying firm Bradley Hall

This was posted in Bdaily's Members' News section by Bradley Hall .