Using a Third Party Project Management Firm Alongside an Internal Real Estate Team  

third party project management firm

 

We are often asked how a third party project management firm can add value to an in-house real estate or facilities team. Using a third party project management team adds tremendous value to your project and saves your team time and resources so that they can focus on their everyday responsibilities. A third-party team should really act as an extension of your internal resources. Here are just a few ways that a third party project management firm can streamline your real estate project.

Add expertise – An established PM firm can apply knowledge, understanding of the industry, and experience from past projects in order to implement cost-saving strategies into your project. With recent and relevant experience, a PM firm should be able to provide you with out of the box ideas and industry best practices, all helping you to save time and money through the life of your project.

Vendor Procurement- With years of experience in the industry, your real estate project management team will provide wide variety of vendors from architects, engineers, furniture vendors, technology services, and more. Even better, your PM firm will know the best vendors for your job and even the best people and teams within these firms. If your company has a preferred vendor, odds are that your real estate project manager will have worked with them in the past.

Singular point of contact for all vendors- Having one point of contact for all vendors is invaluable in a real estate project. With a singular point of contact, no information is lost in translation. This makes communication with vendors easier for everyone involved and frees up your internal team to continue with their everyday duties and responsibilities.

Managing all invoices- Your real estate project manager will be able to review all invoices for accuracy, compare them against contracts, submit for approvals and compile all invoices together in a detailed, organized package. This is a huge timesaver for your internal team.

Act as your advocate- A third party PM team acts as an extension of your internal resources. Your third party project management firm should be your company’s champion and advocate throughout the life of the project. Your PM will make sure that your best interests are upheld at all times.

 

Related: What is an Integrated Project Delivery or IPD

 

Katie Craven
Katie Craven is Marketing, Communication and Brand Manager at Watchdog Real Estate Project Managers, a real-estate consulting firm that provides owner’s representation and project management services. More about Watchdog Real Estate Project Managers as well as additional blog posts can be found here.
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