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How can you manage a property renovation or remodel as a commercial management professional?

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Managing a property renovation or remodel can be a challenging and rewarding task for a commercial management professional. Whether you are upgrading an existing building, expanding a space, or transforming a property for a new tenant, you need to plan, coordinate, and execute your project efficiently and effectively. In this article, we will share some tips and best practices on how to manage a property renovation or remodel as a commercial management professional.

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1 Define your goals and scope

Before you start any renovation or remodel project, you need to have a clear vision of what you want to achieve and how you will measure your success. What are the objectives and expectations of your client, your tenant, and your stakeholders? What are the budget and timeline constraints? What are the legal and regulatory requirements? What are the potential risks and opportunities? You need to define your goals and scope in a written document that outlines the scope of work, the deliverables, the responsibilities, and the communication channels for your project.

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Guy Bell

Owner at Guy The Painter
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*Clearly outline the goals and objectives of the renovation or remodel. Understand the needs of the property owner, whether it's to enhance aesthetics, improve functionality, or address specific issues. *Develop a detailed budget that includes all anticipated costs, from construction and materials to labor and permits. Ensure the budget aligns with the property owner's financial expectations. *Create a comprehensive project plan that outlines the timeline, milestones, and key deliverables. Identify critical paths and dependencies to manage the project efficiently.

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2 Hire and manage your team

Once you have your goals and scope defined, you need to hire and manage your team of contractors, subcontractors, vendors, and consultants. You need to select your team based on their qualifications, experience, reputation, and availability. You also need to negotiate the contracts, fees, and terms with your team and ensure that they comply with your project specifications and standards. You need to manage your team by setting clear expectations, providing regular feedback, resolving issues, and monitoring progress.

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Guy Bell

Owner at Guy The Painter
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*Build a team with the necessary expertise, including architects, contractors, engineers, and interior designers. Clearly communicate roles and responsibilities to ensure a collaborative effort. *Understand and comply with local building codes, zoning regulations, and other legal requirements. Obtain the necessary permits before commencing any construction work. *Identify potential risks and develop a risk management plan. This includes contingencies for unexpected delays, cost overruns, or unforeseen issues that may arise during the renovation.

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3 Coordinate and communicate

A key aspect of managing a property renovation or remodel is to coordinate and communicate effectively with all the parties involved in your project. You need to establish a communication plan that defines the frequency, format, and content of your project updates and reports. You need to communicate with your client, your tenant, your team, your stakeholders, and any other relevant parties on a regular basis and keep them informed of the project status, milestones, changes, and challenges. You also need to coordinate with your property manager, your building engineer, your security staff, and any other on-site personnel to ensure a smooth and safe operation of your project.

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Guy Bell

Owner at Guy The Painter
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*Establish clear lines of communication with all stakeholders, including property owners, contractors, and relevant authorities. Regularly update stakeholders on the project's progress and address any concerns promptly. *Daily check in's with your team. I like to use Skack to communicate with the whole team or a specific team. I find this tool very useful. *Create a timeline. This will help with anything whichs prolong the timeline, and also if things are completed sooner than expected that is communicated as well. On large jobs, with many moving parts I add a "cushion" of time. This way if there are no problems, the client feels like you completed eary. And the flip side is that if something comes up you have that cushion to rely on.

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4 Track and control

Another essential aspect of managing a property renovation or remodel is to track and control your project performance and quality. You need to use various tools and methods to measure and evaluate your project progress, costs, quality, and risks. You need to compare your actual performance with your planned performance and identify any variances or deviations. You need to implement corrective actions, change orders, or contingency plans as needed to keep your project on track and within budget. You also need to conduct quality inspections, audits, and tests to ensure that your project meets or exceeds your quality standards and expectations.

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Justin Goodin

I Help Busy Professionals Create Passive Income With Multifamily Development??| Founder of Goodin Development
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Utilize a range of tools and methodologies to gauge and assess the progress, costs, quality, and risks of your project. Excel documents, Monday.com, and construction management software can be useful here. Compare your real-time performance with the initially planned benchmarks, pinpointing any variances or deviations. Implement necessary corrective actions, change orders, or contingency plans to ensure your project stays on course and remains within the specified budget.

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Guy Bell

Owner at Guy The Painter
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*Implement quality control measures to ensure that work meets or exceeds the specified standards. Regularly inspect the construction site to identify and address any quality issues promptly. *Monitor expenses closely to ensure they align with the budget. Implement cost control measures and seek cost-saving opportunities without compromising the project's quality. (add cushion) *Effectively manage relationships with contractors, suppliers, and other vendors. Ensure they deliver on time, within budget, and meet the required quality standards. *** Maintain thorough documentation of all project-related activities, including contracts, permits, invoices, and communications. This documentation is essential for accountability and future reference.

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5 Close and handover

The final stage of managing a property renovation or remodel is to close and handover your project to your client, your tenant, or your property manager. You need to complete all the required tasks, deliverables, and documentation for your project and obtain the necessary approvals, certifications, and sign-offs. You need to transfer all the warranties, guarantees, manuals, and keys to the appropriate parties and ensure that they are satisfied with the project outcome. You also need to conduct a project review and evaluation to capture the lessons learned, the best practices, and the feedback for your project.

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Guy Bell

Owner at Guy The Painter
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*Providing regular progress reports to property owners that highlight achievements, address concerns, and keeps everyone informed. *Conduct final inspections to ensure that all work meets the required standards. Obtain necessary approvals and ensure compliance with regulations. *Facilitate the smooth handover of the renovated property to the owner. Conduct a post-project evaluation to identify lessons learned and areas for improvement. By carefully managing each stage of the renovation, you can help ensure the project's success and meet the expectations of property owners and stakeholders. Effective communication, budget control, and attention to quality are key elements of successful property management in a commercial context.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you manage a property renovation or remodel as a commercial management professional?

1

2

3

4

5

6

1 Define your goals and scope

2 Hire and manage your team

3 Coordinate and communicate

4 Track and control

5 Close and handover

6 Here’s what else to consider

Commercial Real Estate

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How can you manage a property renovation or remodel as a commercial management professional?

1

2

3

4

5

6

1 Define your goals and scope

2 Hire and manage your team

3 Coordinate and communicate

4 Track and control

5 Close and handover

6 Here’s what else to consider

Commercial Real Estate

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