How can you ensure that your commercial real estate project stays on schedule?

1 Define the scope and goals

The first step to keeping your project on track is to define the scope and goals of your project. What is the purpose and vision of your project? What are the specific objectives and deliverables? What are the budget and timeline constraints? How will you measure success and quality? By answering these questions, you can create a detailed and comprehensive project charter that outlines the scope, goals, roles, responsibilities, assumptions, risks, and milestones of your project. This document will serve as a reference and a guide for you and your team throughout the project lifecycle.

2 Hire and manage the right team

The second step to ensuring that your project stays on schedule is to hire and manage the right team. Depending on the size and complexity of your project, you may need to work with various professionals, such as architects, engineers, contractors, subcontractors, consultants, lawyers, brokers, and lenders. You need to select the best people for each role, based on their qualifications, experience, reputation, and availability. You also need to establish clear and realistic expectations, contracts, and agreements with each team member, and monitor their performance and progress regularly. You should also foster a collaborative and respectful culture among your team, and resolve any issues or conflicts promptly.

3 Create and update the schedule

The third step to keeping your project on schedule is to create and update the schedule. A schedule is a tool that shows the sequence and duration of the tasks and activities that need to be completed for your project. It also shows the dependencies, resources, and constraints that affect the timing and completion of your project. You can use various methods and software to create and update your schedule, such as Gantt charts, critical path analysis, agile project management, or project management software. You should also review and revise your schedule regularly, based on the actual progress, changes, and feedback from your team and stakeholders.

4 Communicate and coordinate effectively

The fourth step to ensuring that your project stays on schedule is to communicate and coordinate effectively. Communication and coordination are essential for keeping everyone informed, aligned, and engaged in your project. You need to communicate the scope, goals, schedule, expectations, and status of your project to your team and stakeholders clearly and consistently. You also need to coordinate the tasks, activities, resources, and deliverables among your team and stakeholders efficiently and accurately. You can use various tools and channels to communicate and coordinate, such as meetings, emails, phone calls, reports, dashboards, or collaboration platforms.

5 Anticipate and mitigate risks

The fifth step to keeping your project on schedule is to anticipate and mitigate risks. Risks are potential events or situations that can negatively affect your project's scope, goals, schedule, budget, or quality. Some common risks in commercial real estate projects are market fluctuations, regulatory changes, design errors, construction defects, environmental issues, legal disputes, or financial problems. You need to identify and assess the likelihood and impact of these risks, and develop contingency plans and strategies to prevent or minimize them. You also need to monitor and control the risks throughout the project, and respond to any issues or changes that arise.

6 Track and measure progress

The sixth and final step to ensuring that your project stays on schedule is to track and measure progress. Tracking and measuring progress are important for evaluating the performance and quality of your project, and identifying and addressing any gaps or deviations from the plan. You need to collect and analyze data and information on the tasks, activities, deliverables, costs, and outcomes of your project, and compare them with the baseline and targets. You also need to report and communicate the progress and results of your project to your team and stakeholders regularly, and celebrate the achievements and milestones.

7 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?