Running projects in the property sector, whether that’s managing multiple projects across your entire portfolio or juggling rent reviews, breaks and compliance deadlines are complex tasks that need a great deal of organisation. There will inevitably be a number of different moving parts that need to be tracked and controlled, which is typically easier said than done.
Luckily, we have a range of attractive solutions being made available that are only getting more effective as time goes by. From project management software to adapting flexible approaches, here’s what we reckon the future holds.
Project management software
Perhaps the biggest advance we’ve seen in project management across the board in recent years has been in the area of PPM software solutions. Online tools such as WorkSavi have had an immense impact in a number of niches, including in the property sector.
In projects where there are diverse processes at play and a wide range of stakeholders that need to be kept in mind, these kinds of tools can be absolutely invaluable. With bigger projects in the property sector, these two main factors are often applicable, making it likely that these kinds of software tools will become even more relevant in the future.
Outsourcing
If we could pick out a trend that has become increasingly dominant over the past fifty years or so, specialisation would definitely be a contender. This applies pretty much everywhere, but especially in sectors such as construction and property development, where there are so many processes at play.
Outsourcing can be key to project management, but outsourcing itself also requires the right approach to running projects. You need to make sure that the often diverse parties involved are all connected somehow, and that they’re able to communicate and share updates in a single, easily accessible location.
AI analytics
AI might be a bit of an empty buzzword in some contexts nowadays, but in project management, it’s never been more relevant. In particular, we’re already seeing the use of AI when it comes to analysing extensive and complex data sets, providing quick predictions and insights that human analysts would struggle to come to.
We’re seeing AI being implemented in increasingly complex and exciting ways, and it’s crucial that you keep an eye out for potentially useful applications in your sub-niche in the property sector. It’s difficult to predict exactly what these tools will look like, but we can be sure that they’ll be exciting.
Flexible approaches
Lastly, in the fast-moving and highly dynamic environment that we operate in today, taking a flexible approach to project management is key to success. That doesn’t mean that there can’t be some hard rules that you stick to, but especially when there are so many shifting goalposts and variables, you need to be able to move with them. This requires a competent management team that’s dealt with a range of issues before, and knows how to pivot as needed.
Keeping an eye on the future is important, but it’s also crucial that you recognise the limitations of some of these emerging solutions. Be experimental, without committing all of your eggs to a single relatively untested basket that could leave you in hot waters.
