6 Important Tips for New Real Estate Project Managers
The rising house prices and the growing consumer demand for smart and efficient properties could not have made it more clear: the real estate market is booming. And, if you have chosen a career in this field, there is no doubt that you’ll be able to access unparalleled job and growth opportunities.
At the same time, the competition for new real estate project managers has never been fiercer, and setting yourself apart from the mass of average professionals might require a conscious effort.
Here are some of the habits and mindsets to adopt to hone your competitive edge.
Keep an Eye on Market Trends
The real estate market is in continuous development and evolution, and your ability to identify and leverage rising trends will impact the chances of success of your next project.
From keeping an eye on what experts say about home price fluctuations to learning more about what home buyers look for in their next property, your education and knowledge of the market can pay off when developing, cost benchmarking, or marketing a real estate project.
Be Open to Learning and Innovating
No matter whether you have been working in the real estate market for a few months or several decades, the role of project manager will come with a steep learning curve.
Indeed, beyond understanding the local and international real estate market, you’ll also need to find and exploit a competitive edge that will set you apart from the competition. Because of this, it isn’t surprising that the best real estate project managers are also thought-leaders and innovators!
If you are unsure how to get started, consider partnering with mentors, taking training courses, and learning from other industries.
Use Technology, Data, and Automation to Your Advantage
Over the past years, new systems, processes, and technologies have made the real estate market more efficient and productive. And, if you have not yet introduced these systems in your framework, you should consider doing so as soon as possible.
In particular, ad hoc CRM software and real estate project management systems allow you to control costs, streamline operations, and capture nontraditional data that can get you ahead of the market.
Continue Expanding Your Network
The success of a real estate project relies on the entities, businesses, and people who contribute to it.
So, although you might be responsible for most aspects of your project, you’ll also need to understand how property management companies work, who are the best real estate agents in the area, and what are the costs and timelines of getting permits from local authorities and entities.
Because of the wide range of individuals involved in each project, having a solid network of contacts to rely on can help you offer your clients added value in the form of lower costs or faster timelines.
Get Into the Habit of Proactively Thinking Ahead in Your Project's Schedule
When it comes down to gaining a competitive edge against other project managers in the industry, learning how to prioritize high-impact work and maintaining a strong work ethic can truly make a difference.
But, according to Northspyre, great real estate managers are the ones who can have a proactive and innovative mindset. After all, your lateral thinking abilities and problem-solving skills - and not static or outdated processes - will be what increases your project’s chances of success.
Unsure how to become more proactive? Start by looking at each stage of your project, analyze its risks and come up with contingency plans and out-of-the-box solutions!
Don’t Be Afraid To Delegate Tasks and Outsource Services
As we have seen above, there will be multiple parties involved in each real estate project, including construction companies, real estate agents, and local authorities. And, while you might be the figure to coordinate each party’s efforts, it is crucial to understand the importance of delegating and outsourcing.
After all, your real talent should be the ability to choose leading companies and individuals to work with and focus on high-impact tasks - not trying to do it all by yourself!
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