The 3 Main Components (3 P's) of a real estate project.
Project – Defined by the Project Management Institute, a project is “temporary…with a defined scope and resources…is unique in that it is not routine operation” A real estate project could be anything from global headquarters relocation, stay in place renovation project or an out of the ground construction of a new building. Typically these projects are unique to organizations because they do not fall within the traditional daily operations. The overall goal of a real estate project could be to accomplish moving to a different city, building a new building with better amenities to attract new talent; or to simply renovate existing space and give it a fresh makeover.
People – Throughout an entire real estate project, project managers must manage not only the external team of architects, construction managers, general contractors, AV providers, furniture vendors, specialty consultants, etc., but also the internal team of owners, board members, and the client’s designated internal staff. Management of such a complex team is never an easy task. But a good project manager will do so by setting expectations for all internal project team members and holding all of them accountable for their designated roles and assigned tasks through an effective use of people skills.
Process – Real estate projects have many moving pieces with defined and important milestones. It is required to have a set of procedures and processes to ensure success. A project manager will put in place a process of wide range activities such as the process of communication, selection of consultants, decision making, etc. Without proper processes in place, a project will not be organized and milestones will be missed.