Effective project management is required to complete any renovation project. Just because you hire a general contractor doesn’t mean your project will be effectively coordinated. It’s critical that the renovation is handled in the proper order and you establish a realistic timeline. In this business time is money and time can eat at your profit very quickly especially if your carrying costs are high.

Scope of Work

The first item that is needed to begin the process is your scope of work. The scope of work lays out specifically what you want done. You need to have a good idea of what you want to do and what it will cost before you start the process. You may want to consult with individuals on your team if needed to finalize your scope of work and to make sure your finished product will appeal to your buyer.  Remember it’s not about what you want it’s about your buyer.

Layout and Design

Determining your layout and design is the next critical phase to your renovation project. This is often overlooked; however, this is visual presentation of what you want your final product to look like. It’s also where you can determine potential problems or challenges with your project. It’s helpful to give all of your trades a set of plans to review exactly what’s supposed to happen and make updates as changes occur.  Would you build a house without a set of plans? Actually, put another way would you pay to have a house built without seeing a set of plans? Well the same can be said for your renovation project. The more complex the project the more critical it is to have plans. This can also be very important when you first start working with a new contractor.

Project Planning

Planning is another underrated activity that is so important to keeping your project on schedule. The planning phase is how you plan to execute the completion of the scope of work. This is where you determine what materials are needed and if there are things that need to be special ordered. Part of the planning phase is selecting the vendors needed to obtain specific materials. Here is where you also determine your paint colors and color schemes for bathrooms, kitchens, etc…

 

There are other aspects to the renovation process that can affect your timeline like change orders and punch out. These activities have to be managed and communicated effectively so they don’t drastically change your timeline. However, if you focus on creating a detailed scope of work, identify your layout, and plan the execution of your scope of work you will be well on your way to effectively managing your renovation project.

Registration is open for our Saturday September 17th Estimating Repairs workshop and bus tour!

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Mr. Hairston has been buying, selling, managing and renovating property for the last 10 years. He has completed over 80 transactions totaling over 20 million dollars in residential and commercial real estate. Mr. Hairston has found his passion in residential real estate. He takes pride in helping investors find investment properties and works with them to renovate these distressed properties in an effort to keep neighborhoods stabilized. Being an investor has helped Mr. Hairston in his ability to advise and assist others in completing successful renovation projects. Mr. Hairston is dedicated to helping both investors and homeowners realize their dreams.

 

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