This article is about what project management is all about and the services that is offered in the property sector. |
What is Project Management in the property sector?
Project management is a group of processes in combination for planning and organising activities that should be performed to achieve a goal.
The people who make the projects happen are ‘Project Managers’.
Project managers are located all over the UK and have the technical knowledge, experience and market awareness to meet complex challenges in construction, property development and relocation projects.
Property managers can also be essential in keeping an eye on the project i.e property.
Property managers offer a wide range of services, here are a few below with an explanation.
Budgeting is very important when it comes to property management.
Property performance should always be tracked to a financial year budget of income and expenditure.
By setting for both these categories the investor can prepare the property for growth.
A quick note - office property and retail property would have budgets to reach every year.
So you could say budgeting seems like a basic business function in the property management service.
Develop management is best described as the process by which managers learn and improve skills.
The three D’s in development management are: Developing Competencies Developing Strategic and Long Term Plans Developing Formalised Plans
Building the skills of managers through development management options is critical to the effective functioning of the project. This is because of the power of the project manager to impact the organisation through their oversight of the work.
Risk Assessment and Management
Risk management is the identification,assessment and prioritization of risks.
All projects involve risks, even the most well-prepared plans must be flexible and overcome unexpected challenges.
Project managers must thoroughly analyse and quantify risk before and during a project.
Below are a few golden rules of project risk management:
1) The Project Manager must identify risks early 2) Communication about risks 3) Consider both threats and opportunities 4) Prioritise Risks 5) Analyse Risks 6) Plan and Implement Risk Responses 7) Track Risks 8) Register Project Risks
A project manager should always have the golden rules in mind.
In summary project managers are generally responsible for the overall accomplishment of the project.
A project manager with a combination of strong project management skills and relevant leadership will find the position of strength in their organisation and valuable resource overall.
These are the project managers you want to work with on projects, because you know your project will not only be accomplished but to a high standard.
When done well property managers can be the answer to a lot of investor issues.
Managing project risks and developing contingency plans to keep projects on track are competencies for today's project managers.
I hope this article has given you more of an understanding of Project Management London and how property managers can be a massive benefit to your business.
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