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Use Project Management to succeed in Real Estate.
Let’s discuss how to use Project Management’s best practices to succeed in real estate. Project Management methods have been used, examined, and improved upon for more than 50 years. Using their best practices gives the best chance for success in one’s real estate endeavors.
Why use Project Management methods?
Project Management has standards. The American National Standards Institute has described the standards for engaging in project management. The Project Management Institute has used these foundational standards to create the Project Management Book of Knowledge (PMBOK).
Projects drive change
Why shouldn’t we just call someone, like an agent, and let them lead the project?
Why not utilize the resources available to you?
Create a business case and a benefits management plan
The business case along with the benefits management plan will be used to create the Project Charter. We will talk about the Project Charter later.
Examples of a business case might be:
Examples of benefits that you might list on a benefits management plan might include:
Use EEF & OPA to Create the Project Charter
The Project Charter is the document that we will refer back to. Our Project Charter is made using our previous work; the business case and the desired benefits.
When creating the Project Charter, we must understand what enterprise environmental factors may influence the project. They can be external or internal. External factors may be current interest rates or current market conditions. Internal factors may include; the resources we have at our disposal or the capabilities of the people involved in the project.
Organizational process assets are also important for the project. These assets are policies, procedures, and knowledge bases of the organization that aid the project by providing documented “lessons learned”, policies, procedures, checklists, and other helpful documents.
The Project Charter references the business case and the benefits management plan for its creation.
After the Project Charter is created, we need to make the plan.
Developing a Project Management Plan is the process of defining, preparing, and co-ordinating all plan components and consolidating them into an integrated project management plan. The key benefit of this process is the production of a comprehensive document that defines the basis of all project work and how the work will be performed. This process is performed once or at predefined points in the project. The inputs, tools and techniques, and outputs of the process are depicted below.
A Plan is a written document containing subsections for the project’s relevant needs. These requirements and methods clarify the project’s goals, objectives, responsibilities, and timeline.
Now we can get to work! Just kidding, planning is a lot of work.
Our plan’s work breakdown structure (WBS) is the critical component. We decompose our goals down into individual parts that will need to be done. The WBS we use will depend on what kind of real estate endeavor we pursue. Let’s use a residential listing as an example.
Let's review what we have done thus far:
Let's see how we can keep everyone included in the Listing & Sale of 123 Main St.? If you would like to work with my organization directly, we will create:
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