What do you do if your corporate real estate project is falling behind schedule?

Discovering your corporate real estate project is lagging can be quite distressing. Whether due to unforeseen circumstances, supply chain issues, or mismanagement, it's crucial to address the delay promptly and effectively. In corporate real estate, time is often equated with money, and a project behind schedule can result in financial losses and strained relationships with stakeholders. But don't panic; there are strategic steps you can take to get back on track. By understanding your project's scope, reassessing timelines, and communicating transparently, you can navigate through the challenges and steer your project towards successful completion.

1 Assess Causes

When your project hits a snag, the first step is to thoroughly assess the causes of the delay. This involves a detailed review of the project timeline, identifying where things started to veer off course. Look into every aspect of the project—from planning and permits to construction and communication. Determine if the delays are from internal processes, external factors, or a combination of both. By pinpointing the exact reasons, you can develop targeted solutions to mitigate the delays and prevent similar issues in the future.

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Dmitry Voscoboinikov

Real Estate Development Specialist @ ASV3 | Master of Architecture
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1. Identify the Root Cause: Analyze the project timeline and milestones to determine where delays occurred. 2. Revise the Project Plan: Identify critical path activities and focus on completing them first. 3. Improve Communication and Coordination: Facilitate effective collaboration between team members, stakeholders, and contractors. 4. Optimize Resource Allocation: Evaluate the availability of resources, including labor, materials, and equipment. Reallocate resources from non-critical to critical tasks. 5. Manage Risks and Dependencies: Identify project risks and develop mitigation strategies. Monitor external dependencies (e.g., approvals) and proactively address any delays. Explore potential backup plans or alternative solutions.

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2 Revisit Timeline

Once you've identified the causes of the delay, it's time to revisit the project timeline. This means re-evaluating each milestone and deadline to see what adjustments can be made. You might need to reallocate resources, expedite certain processes, or even renegotiate deadlines with contractors and clients. It's essential to be realistic about what can be achieved in the new timeframe and to set clear priorities to focus on the most critical tasks that will drive the project forward.

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3 Engage Team

Engaging your team is critical when facing delays in your corporate real estate project. Open communication channels to discuss the revised project plan and ensure everyone is on the same page. It's vital that all team members understand the urgency and are committed to the new timelines. Encourage a collaborative environment where team members can propose solutions and work together to overcome obstacles. A united team is a resilient one, capable of tackling challenges head-on.

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4 Manage Expectations

Transparent communication with stakeholders is paramount when a project is behind schedule. You must manage expectations by informing clients, investors, and partners about the situation and the steps you're taking to address it. Honesty builds trust, and keeping stakeholders updated on progress can help maintain confidence in your ability to deliver. It's also important to listen to their concerns and be open to their suggestions, as they may offer valuable insights or solutions.

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Anatolio Nogueira

Especialista em Lançamentos Imobiliários | Empreendimentos Imobiliários | Gestão Comercial
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Ser transparente com os stakeholders é fundamental. Em uma construtora de imóveis residenciais envolvemos agentes financeiros, prestadores de serviços e especialmente o cliente final com suas expectativas e necessidades. Após o diagnóstico da causa, da reavaliação da linha do tempo de da projeção do novo cronograma, levar a conhecimentos das partes, é algo fundamental. Eventuais atrasos podem acontecer e quando as partes compreendem a causa e tomam conhecimento das ações mitigadoras, ainda que aborrecidos, tornam-se parte do processo de forma positiva.

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5 Optimize Processes

To get back on track, scrutinizing and optimizing your existing processes is a must. This could involve streamlining communication, improving supply chain management, or adopting new technologies that enhance productivity. Sometimes, bringing in external consultants or experts can provide a fresh perspective on how to optimize operations. Every process should be examined through a lens of efficiency, with the goal of eliminating bottlenecks and speeding up project delivery.

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6 Monitor Progress

Lastly, once you've implemented strategies to address the delays, continuous monitoring of the project's progress is essential. Regular check-ins with your team and stakeholders will help keep the project moving forward and allow for quick adjustments if new issues arise. Use project management tools to track progress and ensure that every aspect of the project aligns with the revised schedule. Monitoring allows for proactive management and can help you maintain momentum towards completing your corporate real estate project on time.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your corporate real estate project is falling behind schedule?

1

2

3

4

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1 Assess Causes

2 Revisit Timeline

3 Engage Team

4 Manage Expectations

5 Optimize Processes

6 Monitor Progress

7 Here’s what else to consider

Corporate Real Estate

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What do you do if your corporate real estate project is falling behind schedule?

1

2

3

4

5

6

7

1 Assess Causes

2 Revisit Timeline

3 Engage Team

4 Manage Expectations

5 Optimize Processes

6 Monitor Progress

7 Here’s what else to consider

Corporate Real Estate

Rate this article

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