Project implementation is one of the most complex activities that a project team has to undertake. It is common knowledge that the task becomes even harder when the project under implementation is a real estate project. Nick Vertucci, the author of the Seven Figure Decision, who also happens to be an experienced and knowledgeable real estate investor notes some important points that individuals should incorporate as they work towards implementing a real estate project. Some of these important factors have been discussed below.
Nick Vertucci notes that timeliness is one of the most important factor that individuals should incorporate any time they want to implement a real estate related project. The demand of real estate properties has demonstrated a significant increase in demand despite the increasing supply of the properties. Therefore, completing the project within the desired time ensures that no extra costs are experienced by the project owner while at the same time ensuring that the property is ready for use.
Most of the real estate project have, for a longer period, been completed past the anticipated period. Nick Vertucci notes that this tendency has caused a significant number of real estate investors to incur additional labor costs, some of which they had not planned. Moreover, real estate investors sometimes lose a large number of customers who gets frustrated and moves to another project after realizing that the project will be taking much time than they had anticipated or agreed with the owner.
The other important concept in the project implementation stage, which has been discussed at length by Nick Vertucci is the fact that communication is an important factor in any real estate implementation process. All the stakeholders involved in the whole process should exchange vital details about the project on a daily basis. This strategy will help all the individuals involved to understand each step of the project. It will also help in minimizing errors as people will raise alarms concerning deviation from expected standards.
Lastly, Nick Vertucci records that project implementation stage should be thoroughly supervised with the sole aim of ensuring that the standards are maintained and any deviation from the expected standards is addressed within a shorter period. Supervision at this stage should also be top notch so that all the resources can be used as planned. Failure to supervise accordingly will lead to a situation where resources will be misused, which can compromise with project quality and standards.