You’re in the middle of a difficult real estate development project. How can you turn things around?

In my experience checking for alignment with original vision is important. Often times new ideas and momentary solutions have led to getting off track and taking time to refocus on original vision has been critical. I’m willing to admit I’ve let creative ideas lead me down paths that seemed reasonable in the moment but may have not been in alignment. Now I consistently vision check to ensure solutions serve the overall vision of the project and not only surmount the current hurdle I’m facing.

Gather all the facts. Analyze budgets, timelines, permits, construction progress, sales figures (if applicable), and identify the root causes of the problems.

To turn around a difficult real estate development project, start by reassessing the project plan with a focus on risk management and mitigation strategies. Engage stakeholders for feedback and adjust your approach based on market research to ensure alignment with current demand. Enhance communication with your team, ensuring transparency and fostering a problem-solving attitude. Leverage technology for efficient project management and consider financial restructuring if necessary to improve cash flow. Finally, seek expert advice or partnership to navigate complex challenges, applying innovative solutions to overcome obstacles and capitalize on opportunities. Hope this helps :)

Independientemente de si el problema es técnico de construcción, regulatorio o de ventas, lo primero a realizar es evaluar la situación. Detente un momento, trata de ver todo desde un punto de vista objetivo, comparado con las proyecciones que se realizaron previo a iniciar y admite en que situación te encuentras. Muchas veces es necesario buscar a un tercero que no haya estado involucrado desde un inicio, no como crítica, sino que es más fácil evaluar desde un punto de vista externo y objetivo a alguien que está adentro y que posiblemente sabe o cree saber que pasó y por qué pasó.

To elevate your project's success, initiate a thorough assessment to pinpoint challenges, risks, and potential pathways forward. Engage with your team, clients, and stakeholders to garner a comprehensive understanding of the situation. Embrace transparency in acknowledging errors, actively seek feedback, and don't hesitate to request assistance when needed. This approach not only fosters collaboration but also paves the way for innovative solutions, ensuring your project's robust advancement.

It is important to have back up plans when you develop property. If plan A doesn't work, move on to plan B or worst case plan Z. As long as the numbers stack up, you will be successful in the end. Be persistent and positive and make sure that you have enough liquidity to be able to cover unexpected expenses.

It's essential to integrate risk management into the adjusted plan. This means proactively identifying, analyzing and mitigating risks as part of the project's strategy. This approach ensures risks are considered upfront, with specific strategies developed for each identified risk, enabling the project to navigate current challenges and prepare for future uncertainties more effectively.

En un proyecto inmobiliario llegamos al punto de después de haber iniciado ventas y ver que no iba como esperaba, darlo a una empresa de corretaje que toma proyectos complicados. Lo revisaron y nos dieron su análisis y las medidas que consideraban teníamos que ajustar para que ellos tomaran el proyecto y se vendiera como esperábamos. Finalmente el ajuste era demasiado radical y regulatoriamente nos atrasaría demasiado, así que se evaluaron escenarios y finalmente aunque no nos quedamos con ellos si se hizo un cambio y se tuvo que suspender el proyecto por 6 meses, lo cual afecta pero nos ayudó a entregar un proyecto mucho mejor de lo ofrecido y lograr la rentabilidad que esperaban ls accionistas. No hay que tener miedo de hacer cambios.

Navigating the complexities of project management requires agility and foresight. When circumstances evolve, it's crucial to reassess and adjust your project's scope, timeline, budget, and quality objectives. This might mean renegotiating contracts, enhancing communication, or securing extra resources and approvals. Embrace flexibility and realism without sacrificing your core vision and value proposition. Adaptability is key in maintaining project integrity and success in a dynamic environment.

Como toda análise crítica gera resultados, deve-se ser avaliado a situação real e assim ajustar as expectativas. É de suma importância a visão macro do projeto, seus riscos, desafios e possíveis soluções e alternativas condizentes com o cenário atual. Logo, há uma necessidade de maleabilidade, versatilidade para ajustar determinada situação e extrair o melhor dela para o seu projeto, através de outros planos, outros escopos ou orçamentos, e inclusive as premissas iniciais devem ser revisadas.

It's a shame to watch a really smart, capable team stick their heads in the sand about a changing market, broken budget, or immoveable roadblock because any potential solution is too far reaching or undesirable. The longer the issues are left to fester, the more disastrous the outcome. Optimism is one thing, but overt denial is a recipe for a lot of money and time lost. Deal with problems and obstacles when they come up by developing a contingency plan and determining how to execute on it to save your project.

Addressing project challenges requires a strategic approach. First, identify and prioritize issues by their impact on your project. Effective problem-solving involves not just fixing errors but also enhancing efficiency. Adapt to external factors like market shifts and regulatory changes by staying informed and agile. Delegating tasks, outsourcing when necessary, and bolstering your team through hiring or training are crucial steps. Embrace a proactive stance, tackling problems directly with a mix of decisiveness and collaboration. This balanced approach ensures not only the resolution of immediate issues but also fosters an environment of continuous improvement and resilience against future challenges.

Independientemente de las frases que nos dicen que debemos arriesgarnos, perseverar, luchar, etc., Antes de tomar una decisión, es muy importante ser honestos con nosotros mismos, saber calcular el tamaño del riesgo, y medir si tenemos la capacidad económica y la tolerancia suficientes como para llegar a las metas propuestas.

Deve ser feita a análise SWOT onde podemos verificar os pontos fortes, fracos, fraquezas e oportunidades da situação para resolver os possíveis conflitos e entraves que podem não viabilizar o projeto.

It's critical to maintain communications with all parties involved and to actively facilitate those conversations, including championing all open issues on the project. This is best done through collaborative OAC meetings with your development team, all design consultants, and the GC. Treat all parties as partners and work towards getting the entire project team to commit to full buy-in on owning their respective issues/responsibilities.

It is important to meet with the team on a regular basis, online or in person, to keep everybody on the same track and to prioritize. A good project manager is key in this process. Make sure that you invest in the right people, this will turn out to be your most valuable investment!

From the onset of a project my main goal is to instill a spirit of collaboration and creative contribution amongst all team members. This is done through initial individual conversations and group discussions. The goal is ownership of scope, budget, timeline and final project. Throughout the project OAC meetings and site walk throughs provide a platform for dialogue and debate. Keeping a keen eye on overall project vision I am willing to honor all perspectives germane to this vision.

For a thriving real estate development project, fostering a united and driven team is paramount. Key strategies include establishing clear, consistent communication to align vision and objectives, along with providing timely feedback and recognition. Cultivating a positive work environment is essential for productivity and innovation. Additionally, managing expectations, promptly addressing concerns, and effectively resolving conflicts are crucial for maintaining team harmony. Valuing each team member's contributions and supporting their professional growth are integral to building a resilient and successful team. This approach not only enhances project outcomes but also strengthens the overall team dynamic.

Uma dos principais pontos para se obter um sucesso no projeto é a coesão da equipe. Deve-se definir processos com prazos, fluxo de informações, aprovações e feedbacks, tanto do lider para o liderado, quanto do liderado para o líder. Além disso, cada pessoa deve ter ciência do seu papel naquele projeto e como a forma com que ela trabalha vai impactar o projeto.

Na análise do resultados devemos sempre entender o que fizemos, como fizemos, se no próximo projeto será feito dessa forma, o que podemos melhorar. Além de parabenizar todos os integrantes pelo trabalho, motivá-los com feedbacks para que fiquem empenhados para o próximo projeto e formalizar as lições aprendidas.

Evaluating outcomes and embracing a learning mindset are pivotal for growth. Measure your performance against goals to pinpoint strengths and areas for improvement. Gathering and analyzing feedback is crucial; it informs your future strategies. Documenting insights ensures valuable lessons aren't lost. Celebrate successes to motivate, but also recognize challenges as opportunities for enhancement. Stay humble, remain open to learning, and commit to refining your skills. By adopting this approach, you not only avoid repeating past mistakes but also set a foundation for continuous improvement and leadership in your field.

What gets measured gets done. I have worked in environments where metrics where tracked across multiple disciplines on an hourly basis. Think Amazon operations. I look for opportunities to duplicate a high level of accountability and metric monitoring on a weekly basis. I don’t see hourly or daily applicable for real estate development, however I have recently sought after insight from a process engineer to assess my operational function and waste management to make recommendations where process improvements can be made.

Be transparent and proactive: Keep stakeholders informed throughout the process. Address concerns promptly and proactively manage expectations. Seek external expertise: Don't be afraid to bring in consultants or specialists if needed. Their experience can be invaluable in resolving complex issues. Maintain a positive attitude: A difficult project can be demoralizing. Focus on solutions and celebrate even small wins to keep the team motivated. Be prepared to make tough decisions: Sometimes, difficult choices are necessary. Weigh all options carefully and make decisions that are in the best long-term interest of the project.

Keep in mind that when you face challenges, it is important to zoom out and see the bigger picture. Small challenges can become big burdens in your mind if you don't zoom out. In the end, persistence and focus are the most important components of a successful strategy. The biggest challenge is usually a cashflow or liquidity challenge. Make sure that you have enough back up funds to cover gaps in the liquidity or liaison with funders to bridge liquidity gaps.

En el proyecto que mencioné que no nos fue como esperábamos, tomamos la decisión de suspender y re pensarlo. Se hicieron cambios y finalmente al exponerlo al equipo hubo quienes no estaban convencidos, no obstante ello no se tuvo miedo a volver a empezar y re re diseñaron los apartamentos, se volvieron mas pequeños, se cambiaron los espacios y finalmente aunque externamente era el mismo proyecto, internamente resultó uno distinto. Este nuevo proyecto aunque 6 meses mas tarde cumplió los requerimientos de los inversionistas y demás stakeholders con quienes fuimos muy transparentes desde el inicio y ayudó muchísimo para que confiaran en la nueva visión.

Every real estate development project is a difficult project. 😅 The problem is that you just don't know exactly what will be difficult on each project. So (without driving yourself into too much negativity) you have to act like each part of the project will be THE part that goes sideways. That way you can start to foresee problems before they happen and think of mitigation measures as they happen. You also have to be prepared to pivot and then call on your resources including human capital to find solution(s). Real estate development is active problem solving of difficult projects.