A thoughtful, structured start can make all the difference for CRE owners and developers running multi-year real estate projects. Instead of course-correcting throughout the lifetime of the project - which slows teams down and leads to budget overruns - feel prepared and ready to handle any challenges or opportunities you may face. Follow these five suggestions to make sure you’re giving your team everything it needs to successfully deliver your project on-time and on-budget.
- Set up a centralized database that acts as your single source of truth, or create an organized process to manage all information, documentation and data in a single location.
- Secure access to comparative and benchmarking data to ensure you’re making the best decisions when it comes to vendors, financial partners, and your project’s strategic direction.
- Create a data-driven roadmap to accurately forecast where your project is headed and keep it running on-time and on-budget.
- Establish open, easy communication + info-sharing capabilities with key stakeholders, so no one is left in the dark or guessing on a project's status.
- Design purposeful workflows to ensure your team isn’t overburdened by tasks that will slow them down or detract from the bigger, strategic direction of the project.
These five suggestions are only the beginning. They create a strong foundation on which to build out additional processes and strategies to keep your project on track. Interested in taking the first step to start your real estate project on the right foot? Upgrade with Northspyre.