Project Management Tips for Real Estate Investors
Project management is a critical part of winning in the real estate industry. So how can you become more proficient at managing individual projects? The effectiveness of project management dictates everything from the speed of progression to your ROI. Unfortunately, this is one aspect of entrepreneurship that cannot be 100% delegated or outsourced to someone else. This applies equally to brand new house flippers and the CEOs of large corporations. You can have a whole army of project managers underneath you, but at some point you are going to have to relay your vision to at least one of them in order to get what you want done. So whether it is managing the remodel of an individual rehab, organizing a highly profitable marketing campaign or even setting up a new real estate investment business from scratch, how can you upgrade your project management skills? 1. Timing Timing is often one of the most undervalued and poorly executed parts of any project management plan. Poor timing can derail everything in an instant. Whether it is organizing an event or conducting home renovations, the execution relies on great timing and coordination. The other side of this coin is timing your project management meetings. Conducting them on your schedule or sabotaging others with surprise meetings might seem like a strategy, but the bad feelings it may create might be counterproductive. 2. Length of Meetings Meetings have become one of the most dreaded occurrences in the business community. Some even refuse to entertain them at all. Obviously, there is a time and place for them in moderation, but they will only be fruitful if they are kept to a reasonable length and not abused in terms of frequency. Get to the point, do it quickly and get on to the next task. 3. Directions You can never assume someone else knows what your mental vision looks like or what you are really looking for unless you convey it accordingly. This is not the time for ambiguity. If you want a specific result, you need to deliver extremely detailed instructions and guides when it comes to real estate project management. Every extra minute you put into spelling it out can reap many times that in time and money. It saves wasted time, preserves the edge speed gives you, and can save a ton of money and stress. Be clear to a fault if you have to. It’s better than the other alternative. 4. Format The format in which you convey your project management skills can make all the difference. There are now several cloud based project management programs that offer free use for small investors and trials for those looking for new solutions. This can help streamline delegation and maintain accountability while saving lots of time and confusion. However, it also makes sense to get a good handle on how a real estate company’s key employees communicate and learn best. Some people are visual, others auditory. Some hate having to wreck their focus by answering the phone, others find it more difficult to work 100% autonomously. Find the right match and improve processes and outcomes. Why create video instructions or hold Skype meetings if you team is fully capable and prefers just working off of occasional email direction? Why send a dozen emails over weeks to clarify original directions to someone that will get it in a 30 second Skype meeting? 5. Listen Too No matter how much of a genius you are it certainly makes sense to listen to others!