Role Of The Project Manager

by Quatro Legal Real Estate Team | June. 20, 2024 | Video, Real Estate

Welcome to another video of the Quatro Legal Real Estate video series. Today we’re talking about “What is the role of the project manager in real estate projects”.

If you’re like me, you probably have a hundred things going on at the same time and maybe building a house or a project might be too much for you and you require assistance. This is where a project manager can be useful. The project manager is a trending position.

The role of the project manager is to lead and coordinate with all team members of the project and make sure everyone is on the same page, manage resources, and making sure the project is moving forward in order to guarantee its successful completion within the pre established parameters. A good decision is for the project manager to be the 1st position appointed under which all other participants will revolt. Project manager have different capabilities. Therefore, you need to choose someone that has experience in real estate projects in design and knows about the construction experience. Project managers can be compensated via monthly fee or salary, a monthly fee with a bonus upon compliance of milestones or a percentage basis of the value of the project.

Therefore, you have options to retain your project manager. Now, does every project need a project manager? No. It will not be cost effective to retain a project manager for all projects. Having a project manager is only advisable for large projects, projects of great complexity, and that exceed a $1,000,000 in total construction.

For smaller projects, the solution is to have the proper checks and balances structures between architects, engineers, or inspectors. What are the project manager most common roles? Well, planning and coordinating, as developing the project roadmaps, defining the scope of the project timelines, budgets, and coordinating with all the parties is this essential role of the project manager. Another one is risk management. As the quarterback and from its vantage point, the project manager must be capable of identifying potential risks that may affect the real estate development project.

Therefore, it needs to have the skill to implement strategies to mitigate it. Budget and schedule protection. All projects are subject to a schedule and a budget, therefore, ensuring that it stays within the allocated parameters and using the tools to track the information is an important quality that a project manager should have. Communication. Facilitating clear communication between all the parties involved, including clients, contractors, regulatory authorities, and even the stakeholders is a necessary component of the role of the project manager.

Good project managers are not afraid to call out anyone, including the principals or stakeholders. Compliance with permitting. Ensuring that all permits, license and filings are tracked is part of the role of the project manager. Quality control. The project manager should create quality control procedures and standard operating procedures for maintaining the quality of the work throughout the project.

Client and vendor relations. Maintaining a positive relationship with the clients and vendors can be assigned to the project manager as part of its scope of work. Constant improvements. The project manager should be in a position to suggest and recommend improvement opportunities for the project and internal processes. This is a key part of the role.

A project manager is an important member and tool that investors and developers can have in hand in cases where the complexity, size, or amount of work requires it. Hopefully, this video will clarify this important figure and how to maximize its benefits.

If you want more information, visit quatro.legal and go to our resources page. If you can’t find what you’re looking for, send us an email and we will prepare what article or video addressing your questions.

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