When you’re talking about a real estate project schedule, the phrase “time is money” proves to be true almost every time. The longer a real estate project drags on, it is very likely that costs are adding up and your budget is getting stretched. We have a few simple recommendations that can speed up your real estate project schedule.
Know your internal procedures and process- This is really important. Clients who know their internal rules, regulations and procedures can navigate their real estate project with much more speed. What internal approvals do you need in order to move forward? Does your company have procurement policies in place? Are there limits to contract amounts that you are able to sign? How quickly can your company produce a PO? Knowing how to navigate through your company can make a huge difference in the pacing of your project.
Procure GC before CDs are 100% complete- This may sound counter intuitive, but it is not uncommon for a general contractor to be brought on board before construction documents are complete. Hiring a GC when CDs are nearing completion can help to speed up the bidding process for sub-contractors. The GC can send out in-progress drawings so that subs can begin the bidding process. This way, when CDs are completed, the bidding process is already well underway.
Identify long lead items- Having your architect and engineering team identify long-lead time items that need to be put on order ASAP is a really important time saving detail. VAV boxes, HVAC systems, pre-cast facades, etc. can have up to 6-8 weeks (or longer) lead times. Putting these items on order so that all equipment has arrived in time for installation can be a huge time saver.
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