175: Home and Real Estate Development: Mastering Real Estate Project Management

Aug 5

Written By Lauryn Creager

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What is Residential Real Estate Project Management: Residential real estate project management involves overseeing and coordinating all aspects of a residential property development or renovation project. This can include tasks such as planning, budgeting, scheduling, hiring contractors, managing construction, and ensuring compliance with regulations. The goal is to successfully complete the project on time, within budget, and to the desired quality standards. This would also include fewer than 5 properties both land and properties for housing purposes and none that are for commercial use.

Key responsibilities often include:

Project Planning: Defining the scope of the project, creating timelines, and establishing budgets.
Coordination: Managing communication between various stakeholders, such as architects, contractors, clients, and local authorities.
Budget Management: Monitoring expenses to keep the project within budget and making adjustments as needed.
Risk Management: Identifying potential issues that could delay the project or increase costs and developing strategies to mitigate these risks.
Quality Control: Ensuring that all work meets the required standards and specifications.
Compliance: Making sure the project adheres to all relevant building codes, zoning laws, and other regulations.
Finalization: Overseeing the completion of the project, including final inspections, obtaining necessary permits, and ensuring client satisfaction.

In essence, residential real estate project management is about ensuring that a residential property development project runs smoothly, from inception to completion.

A few other key points of this episode:

The Planning Phase-
This is where you would decide where the money comes from, ask yourself is this in the budget?, do you have the finances even available?

The Construction Phase-
Permits obtained, you finally “break ground”, The construction phase in residential real estate project management is one of the most critical stages. It involves the actual building or renovation of the property.

Tune in now to hear more!

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