You are planning on building your dream home or perhaps are planning to remodel an existing building. While you may want to manage the entire project yourself, it is somewhat complex with certain aspects of the build or remodel outside your expertise.
Do you still do the job yourself or hire a project manager? The answer will depend a great deal on how much confidence you have in your own abilities, commitment to time and the knowledge to make the best decisions about how to get your real estate project off the ground and into reality.
Real estate agents can help in hiring the right project manager, especially if they were involved in the property that you are developing since their status will be affected. Of course, everything starts by understanding just what a project manager really does.
What is a Project Manager?
A project manager is the person who oversees the project in question, is responsible for creating the schedule and communicates with all the parties involved to make sure that it is accomplished on time and on budget. A project manager handles all the issues that may crop up during the entire process of planning, building and finishing a particular project.
Effective project managers will set accomplishment milestones, hire the right staff, get advice from consultants and motivate all team managers and members to accomplish the goal of completing the project on time and within the budget requirements.
How Much Does a Project Manager Make?
Project managers who have earned their stripes will make on average roughly $115,000 per year depending on their field, location, experience and job assignments which can vary considerably. Project managers who have established their reputation in the field can expect to be in very high demand and those who are willing to travel may enjoy considerable benefits as well.
The Pros & Cons of Hiring a Project Manager for Your Real Estate Goals
For those who are dreaming of building their dream real estate project, hiring a project manager may be a tough decision. There are many advantages and potential disadvantages that having a project manager on your team will bring.
The number of positive benefits of having a project manager is considerable. For those who are considering hiring one, here is what you can expect.
– An Experienced Hand at the Job
– Better Communication with Other Elements in the Project
– Expert Advice and Direction
– Saving of Time and Money
These advantages alone are certainly worth considering, but then again for all of what they bring there are also disadvantages as well.
– Cost of Hiring a Project Manager
– You May Not See Eye to Eye with the Details of the Project
– A Bad Project Manager Can Cost You More Money than they are Worth
For all the pros and cons, whether you hire a project manager will basically come down to an assessment of your own skills, knowledge, and time and communication abilities. Generally speaking, if you have never done a real estate project before, then getting a project manager is probably essential. Otherwise, it will depend on your own abilities to get the job done yourself.