How can you avoid missed deadlines in Real Estate Development?

In any real estate deal I'm working on, development or existing project, I always put together a "critical dates" list for any and all deadlines. I then share that critical dates list with all brokers, buyer, seller, attorneys, lenders, and anyone else involved and I ask them to confirm all dates so we're all on the same page. Once we're all on the same page I then enter those deadline dates in my CRM. In addition to the actual deadline dates, I put in entries several days before those deadlines so I know about them before they are here. Works well for me.

We entered the marketplace with a goal of replacing "design, bid, build, litigate, and occupy" programs with predictable "on time, on budget" results. Certainly meticulous planning is a key element, but to the extent that you can employ "Design-Build" as a delivery system you're well on your way to meeting not only completion deadlines, but guaranteed maximum pricing commitments as well. Until COVID hit us all, we had never failed to hit budget and schedule obligations. With some difficulty, our last three developments built during the COVID pandemic with its inflation and supply chain disruption, certainly challenged us. These last grand openings occurred with slight cost increases and some slight delays, but with very satisfied clients.

Start with having the development goals set. Then scan the environment to understand the development situation. Real estate development is a program with many interconnected projects. Thus, having the program and project charters for all is essential. Failure to do so leads to confusions in delays in the future especially with decisions and approvals.

The answer is that you can't; however if you have a realistic transaction calendar and Gant Chart, the focus should then be on controlling the controllables, and managing the un-controllables. Manage the uncontrollables by staying in your lane of expertise and tapping trusted, credentialed and well-connected LOCAL experts as your project partners.

To avoid missed deadlines in Real Estate Development, it's crucial from the outset to have a deep understanding of the project. This enables you to establish clear, achievable milestones. Being honest and transparent with clients about these timelines is key. Additionally, identify opportunities for quick wins throughout the project. These early successes not only build confidence but also help maintain momentum, ensuring you stay on track and meet your deadlines effectively.

A detailed schedule is a valuable tool if, and only if, the entire team buys into the schedule and commit, in writing, that milestones will be achieved. From pre-development, design, permitting, and construction, each should be accounted for with realistic durations. Always include schedule contingencies, such as: ? Modifications to Design ? Value Engineering ? City Agency revisions and resubmittal ? Onboarding consultants & contractors ? Weather Days ? Holidays - Local and Abroad ? Inspections ? Paperwork Many of these items are excluded from a schedule but can be a significant duration of time and be a predecessor for future scheduled tasks. Accounting for these items creates a realistic schedule for all parties involved.

Start by mapping out every phase of the project with as much detail as possible, including key tasks, dependencies, and deadlines. However, it's equally important to build flexibility into this schedule. Real estate projects often encounter unforeseen challenges, so having the ability to adjust timelines without derailing the entire project is crucial. This approach allows you to adapt to changes or delays while keeping the overall project on track.

Gantt charts and critical path analysis: Map out dependencies between tasks and identify critical activities that must be completed on time. Resource allocation: Ensure sufficient resources, personnel, and equipment are available for each task. Regular updates and adjustments: Be prepared to adapt the schedule based on progress and unforeseen circumstances.

At our shop, we do development start to finish. We typically take projects through construction. During the construction, is usually where we see the biggest slips and schedule. We like to set expectations with our contractors and designers early on. we require our contractors to provide their own construction schedules on a consistent basis. We compare these schedules to those previously received. Keeping a tight ship, and holding people accountable, or reduce the number of days your schedule slips.

I am a strong believer that project success starts with strong partnerships! Understanding your suppliers and collaborators is crucial. Past performance is a valuable indicator of future success. Know your team, leverage their expertise, and pave the way for a seamless project journey avoiding delays and delivering a high quality product.

Regularly communicate with your team, contractors, and stakeholders to ensure everyone is on the same page regarding project timelines and expectations. Foster a collaborative environment where issues can be openly discussed and addressed promptly. This proactive communication helps in identifying potential delays early and allows for swift action to keep the project on track.

Maintain clear and continuous communication with all stakeholders (contractors, suppliers, regulatory bodies, etc.). Regular meetings or updates can help address issues quickly and keep everyone aligned with the project's timeline.

Open lines of communication: Foster transparency between stakeholders, including contractors, investors, and regulatory bodies. Clear expectations and deadlines: Set expectations for each team member and hold them accountable for their deliverables. Utilize technology: Project management software can facilitate communication, document sharing, and task tracking.

Se o processo está bem definido, ent?o a comunica??o é algo natural dentro deste contexto. Pois dentro do cronograma está bem definido e pré-estabelecido as pautas.

As a standard part of my construction management routine, I conduct a weekly check-in to assess the project's status, this helps control the accuracy of our timeline. Additionally, I personally visit the site every couple of weeks for on-site monitoring. Regularly, I provide the customer with weekly updates to keep them informed of our progress.

Regular progress reports: Track progress against the schedule and identify potential deviations early. Risk management: Proactively identify potential risks and develop contingency plans to mitigate their impact. Quality control: Implement quality checks throughout the process to avoid costly rework and delays later on.

Have clear internal processes to help manage risk, cost and milestones in real time to have a 360 degree view of the project across the entire life cycle and make quicker/smarter. Visibility and accountability.

En effet, il faut accorder plus d’importance au progrès journalier ou plus exactement toute cette série de petit progrès que nous pouvons faire. Plus qu’au résultat final. C’est pour cela qu’il faut constamment contr?ler mais sans pour autant être sur le dos de nos équipes.

To avoid missed deadlines in Real Estate Development, consistent project monitoring and control are key. Track progress diligently against the timeline, identifying and addressing discrepancies quickly. Use project management tools for an overview of all aspects. In case of delays, communicate openly with the client, discuss the reasons, and collaboratively agree on a revised plan, maintaining trust and finding a viable solution together.

I think a project manager to monitor the project is important, you should incentivise them to complete on time with a good quality finish and reduce costs where possible or within your justified budget.

The past is your compass in Real Estate Development.Drawing on previous experiences is vital for avoiding missed deadlines. Reflect on past projects to understand what strategies succeeded and where challenges arose. Additionally, engaging with other professionals in the field to discuss how they've navigated similar obstacles can provide valuable insights. This combination of personal reflection and external consultation helps in fine-tuning your approach, allowing you to anticipate and mitigate potential delays more effectively in future projects.

Missed deadlines in real estate development are often caused by unforeseen issues within our control. Experience provides tools in managing these challenges by implementing in advance clear processes, ensuring stakeholders are well-informed with opportunities to provide updates and feedback. Engaging experienced local professionals during the planning stage is an effective strategy to ensure everyone understands the deadlines and their respective roles in meeting them. In addition, anticipating milestones for each phase of development and allocating resources in advance, thanks to experience, assists in staying on track towards goals. On the other hand, frequent changes to protocols can introduce additional work and time.

For due diligence, zoning entitlement and building plancheck expediting services- there are some consultants that are local mouthpieces and well known for this type of work in a particular jurisdiction. But they are not always the best to work with. Consultants that work on a BROAD range of projects, including affordable AND market rate housing, hospitality, education, facilities of all kinds- public charter, tutoring and private, automotive services, and hospitality- have a better sense of creativity and wider/ more impressive expertise, because they are not pigeonholed into one type of project for one type of developer or development. Jurisdictional staff respond often times much better to Consultants with a broad range of experiences.

Analyze past projects: Identify what worked well and what contributed to missed deadlines. Implement lessons learned: Adapt your processes, tools, and communication strategies based on past experiences. Continuous improvement: Foster a culture of learning and innovation to constantly refine your project management approach.

Experience is key within our industry. It allows professionals to understand what a reasonable project timeline is, how many weeks/months each milestone should be allocated, when a call/email is warranted, and most importantly, how to efficiently navigate through a project from start to end. The beauty of the RE industry is that every deal is different and there will always be something new to take away at the end.

The “bitter truth” is that vast majority of real estate development projects are doomed to be late. Developers have to plan ahead for 2-3 years of the project lifecycle in VUCA-times - what to expect? But there are good examples of delivering product on time. Few things to consider: (1) to have enough reserves of time when planning project, also be realistic on plan in feasibility study and while obtaining project financing (2) divide project in phases (like even smaller than initially planned) - having 1 building completed on time will secure the reputation (3) developers need to be involved in construction and have strong PM and project controls in-house teams (instead of trusting all to the consultants) (4) use the technology to monitor

Mercado de incorpora??o imobiliária no Brasil eh feito de ciclos . O posicionamento do land Bank e ter op??es de lan?amentos da prateleira sempre é o que vejo centros das empresas… e o que venho presenciando a anos é as empresas sempre estarem correndo atrás do cronograma , correndo para finalizar as etapas burocráticas e legais para conseguir colocar projeto na rua e bater as metas determinadas…

All the points are so essential, but I would say learn to manage self and manage others. Basically, become your own PM and a great one at it, because at the core , principles of Project management essentially are key, follow them and you will see results. The other thing is learn to understand and know who's is a master of a certain skill that will assist to effectively get the job done, we all are great minds, learn to ASK.

Publicly declaring deadlines in real estate development creates accountability and transparency. Providing monthly updates on the construction stage, along with videos, can help avoid missed deadlines by: Stakeholder Awareness: Keeping the public informed fosters understanding and sets expectations. Stakeholders, including buyers and investors, can plan accordingly. Early Issue Identification: Regular updates allow for the early identification of any construction challenges. Addressing issues promptly helps in preventing delays. By combining public communication with regular updates and videos, developers establish a transparent and accountable environment that mitigates the risk of missed deadlines.

Invest in preparation: communication, structured and to the point meetings. Invest in the people you’re stuck with: Not only the people from your own Company but also get to know your opposites. These project for real estate Development are quite long and complex so a good atmosphere helps to increase the rate of succes. Invest in celebration (little) successes: See also point above. Good atmosphere make you’re work nice and more succesfull.