Project Management in Real Estate

This project report examines the project management process for Max Lionel Realty (MLR), a real estate company aiming to enhance customer goodwill. It covers project scope, stakeholder identification, communication plans, risk management, budget development, and resource allocation. The report also includes a detailed project plan and a discussion of project management tools.

UNDERTAKE PROJECT
WORK:1

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Determining project scope and develop appropriate initiation and scope documents............1
2. Determining additional documentation for project and develop deliverables........................1
3. Defining project stakeholders and developing communication and stakeholder management
plans............................................................................................................................................1
4. Identifying personal responsibilities and reporting requirements...........................................2
5. Determining relationship of current project to other systems, legislative requirements and
strategic aim of company............................................................................................................2
6. Determining resources and access to resources......................................................................3
7. Discussing project management tools.....................................................................................3
8. Developing project plan..........................................................................................................3
9. Developing risk management plan for the project..................................................................4
10. Developing a budget for project............................................................................................5
11. Meeting with Operations General Manager for various things.............................................6
12. Asking for feedback to be collected for project issues.........................................................6
13. Meeting with project team for improving project.................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Project Management is one of the important tool for managing and attaining activities as
per the plan and offer deliverables. Present report deals with Max Lionel Realty (MLR) which is
engaged in real estate business and want to enhance quality of service by following
requirements. Report will provide project scope, stakeholder involved, deliverables etc.
Furthermore, stakeholder management plan, risk management plan and project plan will be
produced. Thus, project will get accomplished on time.
MAIN BODY
1. Determining project scope and develop appropriate initiation and scope documents
The project scope of Max Lionel Realty (MLR) is to build customer goodwill in a better
way. The project will include deliverables such as to inform stakeholders to about the legal and
ethical considerations with respect to WHS and anti-discrimination standards and legislation in
real estate business. Furthermore, proper planning is required to accomplish within stipulated
time so that deliverables can be offered to stakeholders in effective manner (Mehta. 2017).
Moreover, risk management plan will be made to inform stakeholders regarding safety of
workplace. Thus, project deliverables will be attained and negotiation will take place.
2. Determining additional documentation for project and develop deliverables
Additional documentation is required for effectively accomplishing project in an timely
manner (Harrison & Lock, 2017). It will include statements of identifying attributes, capabilities
of the concern and qualities of the concern in effective manner. On behalf of this, deliverables
can be developed with ease. The deliverables are to raise awareness of anti-discrimination,
legislations related to WHS to communicate to clients, agents and tenants which are the
stakeholders of the project carried out by MLR. Training of clients and analysis of their training
needs will be accomplished. Development of ethical charter will also be delivered in which all
principles will be highlighted to be followed by agents.
3. Defining project stakeholders and developing communication and stakeholder management
plans
The stakeholders which are engaged in present project are agents, tenants, clients so that
they may be provided with project deliverables in the best way possible. In relation to this,
stakeholder management plan is devised below-
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Name of stakeholder Important goal of
stakeholder
Contribution Communication
Agents Well-trained and
competent in selling
real estate
Daily leading the
project and ensuring
selling is made
Weekly emails,
telephonic
conversations
Tenants Consult with team and
not discriminated on
family, culture and
background
Inspections to be done Weekly emails
Clients Getting sure of
obligations of MLR
Increment in sales and
satisfaction level
Telephonic
conversations
4. Identifying personal responsibilities and reporting requirements
The personal responsibilities in the project involves to provide deliverables in an timely
manner so that project may not be delayed. Allocated tasks should be effectively performed with
due efforts, firm determination and full dedication. Negotiating with suppliers and investigating
number of requirements of office equipment (Kerzner, 20174). Greater support of
communication with Operations General Manager so that reporting requirements may be carried
out. On the other hand, firm will offer the deliverables to stakeholders and project objectives will
be met. Furthermore, communication skills will be enhanced so that issues if any in the project
may be analysed and corrected thereof.
5. Determining relationship of current project to other systems, legislative requirements and
strategic aim of company
The relationship of project can be analysed with that of other systems and strategic of
organisation. Aim of MLR is to build and enhance customer loyalty by engaging with clients and
customers (Petito & Petito, 2017). Further, to build integrity for increasing reputation and to
create high-performing company in real estate market of Australia. Moreover, legislative
requirements as per WHS are maintaining healthy and safety working practices in company so
that workers may be able to perform their duties. Effective implementation and review of
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procedures governed by WHS. Provision of appropriate resources for workers so as to undertake
standards of WHS. Hence, relationship with other system can be assessed quite effectually.
6. Determining resources and access to resources
The resources are required so as to accomplish project objectives in a better way. Since,
real estate project resources are entirely based on construction, all costs of construction will be
analysed in a better way. It can be assessed that resources include design costs, bid costs, control
expenses and approval expenditures will be required in a better way (Ogunde, 2017). The way to
access such resources will be attained by carrying out the budget which is stipulated to be
$15000. This means that project will be accomplished with the help of budget and as a result,
MLR will be able to build customer loyalty and goodwill be attained.
7. Discussing project management tools
Project has to be completed in effective manner by deploying various variables and
attributes for offering deliverables to intended stakeholders (Sun, C. & et.al., 2017). For
accomplishing this, there are various project management tools used for getting project outcome
in a better way. It includes MS- Word, MS- Excel and MS- Project which are regarded as better
management tools for the company as it helps to prepare the project in a better manner. MS-
Project is useful tool in which WBS (Work Breakdown Structure) can be prepared, along with it,
Gantt chart and network diagram can also be prepared.
8. Developing project plan
Task Name Duration Start Finish Predecessors WBS Cost
Identify stakeholders 1 day Mon
10/29/18
Mon
10/29/18 1 $1,000.00
Assigning role to
persons 7 days Tue
10/30/18
Wed
11/7/18 1 2 $1,500.00
Communicating
program to
stakeholders
4 days Thu
11/8/18
Tue
11/13/18 1,2 3 $2,000.00
Training for agents
and staff 10 days Wed
11/14/18
Tue
11/27/18 3 4 $10,000.00
Obtaining feedback 3 days Wed
11/28/18
Fri
11/30/18 4 5 $500.00
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9. Developing risk management plan for the project
Risk identified Probability Impact Current control Future actions
Due to increased
competition,
failure to recruit
real estate agents
Low High Office
machineries are
well-reviewed, IT
security
maintained
Benchmarking in
accordance to the
industry for
increasing
company's
performance
Failure to attain
revenue gains due
to slump of real
estate prices
High High Appropriate
insurances
coverage has been
taken to remove
uncertainty
To conduct
reviews on
periodic basis of
agents
Not complying on
anti-
discrimination
Medium High Managers go
through to follow
strict anti-
discrimination
policies to avoid
legal action
Staff trained in
effective manner
and no
discrimination on
it.
Loss of
knowledge from
departing staff
Low High Performance
management
policy for
Enhancing the
procedure of staff
engagement to
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members assessing
performance of
employees
reduce staff
turnover.
Failure of
insurance cover
Medium High Ensuring
insurance is being
taken
Keeping informed
about change in
liabilities.
10. Developing a budget for project
Budget
Particulars Amount
Income
Fees received from clients 110000
Income from investment 85000
Cost of goods manufactured 60000
Gross profit/Total income 125000
Expenditures
Wages 16000
Consultancy charges 30000
Staff travel expenses 13000
Telephone costs 5000
Premises costs 20000
Office supplies 10000
Professional charges 16000
Total expenditures 110000
Surplus/Net profit 15000
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It can be interpreted from above budget that gross profit of 125000 is being
accomplished. Fees received from clients were 110000 and income from investment was 85000,
thereby, deducting Cost of goods manufactured amounting to 60000, gross profit is arrived at.
Expenditures were totalled at 110000 and by subtracting income from expenditures, net profit of
15000 has been arrived.
11. Meeting with Operations General Manager for various things
The meeting has been conducted with the Operations General Manager to arrive at
conclusion whether project is going as per the project plan, scope, deliverables stipulated, budget
or not. It can be analysed that project scope needs to widened so as to accomplish objectives in a
better way (May & Williams, 2017). Moreover, risk management plan has been provided to
Operations General Manager highlighting the risks being involved in getting project done. Thus,
all aspects have been discussed with personnel.
12. Asking for feedback to be collected for project issues
The feedback has been for the underlying project so that company may be able to achieve
desired objectives in a better way and MLR may achieve WHS standards and anti-discrimination
policy quite effectually. WHS requirements have to be complied with and to entertain workers,
clients, tenants, agents with workplace safety. It can be analysed that workplace should be well-
furnished and well-equipped with safety measures to eliminate risk possibilities.
13. Meeting with project team for improving project
The meeting with project team has been done to effectively negotiate roles in the best
way possible (Hines, 2017). It can be analysed that issues have been assessed such as roles and
responsibilities are too revised so as to remove issues of WHS policies which are to be complied
by organisation. In relation to this, project should be handled in accordance to stipulated time
frame and avoidance of delays.
CONCLUSION
Hereby it can be concluded that project management in real estate business is to be
carried out in effectual manner. It is required that project must be accomplished within stipulated
time. The project has been undertaken to offer services to clients, agents, tenants and it seems
that stakeholders have received outcome with ease. Moreover, by revising whole project, it has
been assessed that WHS policies have been followed.
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REFERENCES
Books and Journals
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach.
Routledge.
Hines, M. A. (2017). International real estate investment. In The Most Important Concepts in
Finance. Edward Elgar Publishing.
Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring
and monitoring project performance. John Wiley & Sons.
May, M., & Williams, G. (2017). The Facility Manager's Guide to Information Technology.
International Facility Management Association.
Ogunde, A. & et.al. (2017). Challenges confronting construction project management system for
sustainable construction in developing countries: Professionals perspectives (a case study of
Nigeria). Journal of Building Performance. 8(1). 1-11.
Petito, D. A., & Petito, M. P. (2017). U.S. Patent No. 9,811,805. Washington, DC: U.S. Patent
and Trademark Office.
Sun, C. & et.al., (2017). A literature review of the factors limiting the application of BIM in the
construction industry. Technological and Economic Development of Economy. 23(5). 764-779.
ONLINE
Mehta. 2017 Project Management in Real Estate Industry [Online] Available Through: <
https://www.simplilearn.com/project-management-in-real-estate-industry-article>
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