Welcome to the North Point Property Development news portal! We’re excited to share with you our first article where we can answer a question we receive a-lot. The question, ‘do you need a development manager‘? We’re here to help you decide whether you need one or not and if it’s the right choice for your project.
If this is your first development project, then we would absolutely suggest surrounding yourself with the right people to guide you through the process. The value of a good development manager here can’t be understated as they can balance the ‘project triangle’ – that is, the critical tension between cost, time and quality. With any development, you really need to understand your goals and be specific about where you want to be in the ‘project triangle’.
For instance, if your goal is to complete your project at minimum cost, this will create extra tension on the time and quality elements. If you want to do things quickly you may have to pay a premium for faster construction, whereas if quality is your primary concern, you are likely to pay more and it will take longer.
As it turns out, most new developers want it all, but in reality the key to successful project management is to understand the developer’s bias, be it time, money or quality, and then fight with the other two components that are working against you. Of course the preferred outcome should be a healthy balance of all three factors.
Whilst we’ve mentioned first time developers here, most of our work is with experienced developers who know the value in experienced project managers. A good project manager is worth their weight in gold and is often the difference between a highly profitable venture and an expensive exercise.
So what does the development manager do?
The development is primarily responsible for the successful delivery of your project, preferably on time and within budget. They act as your representative in dealings with architects, various consultants, councils and builders. Typically, the development manager is involved right from the project’s inception through to completion.
As such, they can assist you, the developer, in the conceptualisation of a project, determining its feasibility (with a feasibility study), obtaining development approval, delivering the end product and finally leasing and selling the project on behalf of the development client.
For larger projects the development manager may be assisted by a project or construction manager.
Development managers must be familiar with the entire development process and have all of the same attributes as a good developer, including the ability to coordinate and motivate a diverse team of professionals and external consultants.
A good development manager will be able to foresee potential risks and challenges, as well as opportunities to maximise the profits of a project.
As part of the quality assurance on your development, a project manager conducts ongoing evaluations of all the relevant trades as they work on your site to ensure quality at every stage of the project.
A good project manager will ensure your development flows smoothly and everyone works together harmoniously to make the project a success.
Remember that even in a small project there is a multitude of people doing tasks that are dependant upon others completing their tasks, so no matter how large or small your project, the various people involved will need constant co-ordination and will benefit from effective communication.
Smart property developers utilise advisors who can help to maximise their returns. There’s no need to go it alone and with a good development manager, just about anyone can build a highly profitable development. Contact us today if you’d like to discuss your next development!