Whether constructing a building from the ground up or completing interior property upgrades, commercial real estate projects can be big undertakings. As a busy property or business owner, you may not have the time or interest to oversee every aspect of your project. Not to mention the complexities and challenges that often present themselves can be intimidating. For these reasons, you may benefit from hiring a commercial real estate project manager.
We are sometimes asked, “What exactly does a commercial real estate project manager do?” Before we answer this question, it’s important to understand what exactly a commercial real estate project entails.
A commercial project generally involves three stages.
In short, a project manager oversees your entire project from start to finish and handles all the day-to-day tasks associated with these three stages.
A major role of a project manager is to help you assemble your team. Your team may include vendors, architects, engineers and contractors—just to name a few. Project managers have relationships with all these key stakeholders, and they will provide you with quality referrals. The project manager also sets clear expectations and facilitates communication between members of your project team to ensure everyone understands and executes your vision. This upfront communication helps prevent costly and uncomfortable situations down the road.
Your project manager will meet with you and your contractors to review plans and select materials. The project manager will conduct regular site visits to ensure everything is progressing according to schedule.
Project managers are also crucial to the success of your project by helping you develop and stick to a budget. If unexpected circumstances arise, they will share recommendations to prevent costly mistakes and avoid delays.
As your project comes to a close, many factors must come together, such as completing final inspections, coordinating your move-in and installation of necessary equipment, and making sure all financial aspects are in order. Project managers keep track of all these details, so that moving into your new space is a smooth and successful process.
So, what does a commercial real estate project manager do? To summarize, a project manager saves you time, money and stress. Contact Menlo Group’s Project Management Team to discuss your upcoming projects.