The monthly cost report is one of the most important documents for a real estate project team. It is the trusty report that documents all project activity from the past 30 days, securing necessary financing (the “draw request”) and ensuring that all key stakeholders are kept in the loop regarding project status. It is not, however, your go-to report for accurately forecasting what may occur days, weeks or months down the road for your project or portfolio.
For that, you’ll want to maintain an Anticipated Cost Report, or project roadmap, which ties together all key financial metrics across the lifetime of a project, analyzing what has, is and could happen on a project. Read on to better understand the difference between these two very critical tools and why they should be used in tandem to keep even your most complex project running on time and on budget....
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