News

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.

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

Get it wrong, however, and firms 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, fit-out design, building maintenance and costs,” he said.

“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.

Hart said: “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).”

Gordon Hewling, director and head of building at GVA Newcastle said “value added” project management is pivotal to successful project delivery, responsible not only for bringing projects in on time, within budget and to agreed standards, but for identifying and managing risk and minimising disruption to day-to-day operations.

Hewling said: “Total control of the management and progress of a scheme by creating a collaborative framework where project aims are robust and clearly communicated is absolutely fundamental.

“From project planning through to commercial management, time and budget constraints on construction projects will dictate that financial and contractual management is essential to ensure objectives are met successfully.

“Through acquired experience on a whole range of challenging properties and development cases, effective project managers understand the aspects that are important to clients in the delivery of the project from commencement to completion. This will include advice on procurement strategies and contractual issues to protect the client’s interests. It is also imperative that project managers, beyond understanding the core process, ensure that they add value to projects in tailoring more specific advice to adapt to ever changing commercial market issues and new legislation.

“For project managers such as GVA, workplace consultancy has become a key area to provide advice as “nothing is constant but change”.

“Organisations today have to cope, often simultaneously, with the consequences of mergers and acquisitions, downsizing/rightsizing, cost reduction and profit improvement projects as well as the implementation of new technologies.

“GVA’s approach to finding the best solution to changing company property requirements is built around extensive knowledge of property combined with a detailed understanding of the client’s business objectives. It allies an appreciation of the commercial property drivers of the client’s operations with an expert approach to both procurement and delivery.

He added: “Communication is the key to the success of any major change project.”

By http://www.thejournal.co.uk/business/commercial-property/commercial-property-focus-project-management-7548873