Whether or not to undertake a commercial or industrial construction project is a crucial business decision for a company. Such an initiative will have an impact, especially on productivity, the work environment and customer relations. In short, it will affect the way a company evolves and the success of its business. Knowing how to reduce the risks and taking control of the outcome is essential. The experts at CIBS Group have the skills and experience to guide you and provide answers to essential questions.
What are the underlying risks to my real estate project?
Undertaking a real estate acquisition, construction or renovation project without first having carried out rigorous planning, is certainly the most important cause of dissatisfaction, delays and increased costs.
By precipitating the stages or having a blurred vision of the project at the start, the risks dangerously increase; it may have been badly anticipating the evolution of the market, having chosen the location incorrectly – which could have harmful consequences on business – or having underestimated the costs.
It is important to count on an experienced specialist to validate the approach and thoroughly question all the elements in order to ensure the success of the project and also to put potential financial partners in confidence.
Is it a good time to invest in a commercial or industrial real estate project?
It is only after having defined clear objectives, identified the risks, the financial, social and commercial stakes and analyzed the evolutionary character of the project, that it is possible to determine when is the right moment to take action. You have to think that the scale of such a project could harm commercial activities during construction or even reduce ridership.
All scenarios should be considered. If the situation demands it, whatever the reason, you must have the courage to cancel the project or postpone the work. Our experts suggest moving forward only if the interests of the business or commerce are protected.
Are other solutions more appropriate?
It is certainly rewarding and even exciting to embark on a real estate project. But remember that this is a business decision that must have a positive impact on the organization. Perhaps it is better to renovate rather than build.
In some circumstances, the best decision would be to rent rather than buy. Is it better to acquire a new property and dare to sell your land? These are all avenues of reflection and analysis that will lead to the best possible decision. The one that will serve as a springboard to the affairs of an organization.
What to expect from a good project manager?
It is certainly possible to manage a construction or renovation project yourself. However, it should be remembered that such an activity requires a considerable investment of time, given the speed of the decisions to be made, and a large range of varied skills. At the same time, business activities should continue as normally as possible for employees and customers. The management of a real estate project cannot be done on a part-time basis.
Unless you have proven skills in the field and are able to delegate business activities, it is more profitable and reassuring to entrust the management of the project to experienced specialists who will be able to devote themselves fully to it. . Respect for the budget and the deadline depend on it.
A good project manager demonstrates solid field experience in order to be credible with work teams, knows how to make decisions quickly, has communication skills. He shows rigor and anticipation. Among its tasks are:
- plan, control and provide general direction for the entire project;
- establish the project schedule, define the tasks as well as monitor and follow the
- schedule and progress of the planned tasks;
- identify and manage the challenges and risks associated with unforeseeable
- situations on the site;
- liaise with the client;
- act as the main point of contact with subcontractors;
- hold site meetings with subcontractors on a regular basis;
- take responsibility for product and service procurement activities;
- ensure the success of the project during the launching, planning and closing
- phases, and the implementation phase;
- review proposed changes and assess their impact on project costs and schedule;
achieve the project’s objective within the allocated costs and on schedule.
Can I choose the subcontractors who will be assigned to the project?
Some contractors prefer to support subcontractors they know or with whom they already have a good relationship or who operate in their region. CIBS Group makes sure the subcontractor in question is invited to respond to the tender call. The subcontractor’s bid is evaluated the same as every other bid received. Note that CIBS always requires three bids for each work category.
Similarly, the team at CIBS can work with a client’s own professionals and coordinate the labour.