When executives at Client X wanted to relocate to a new building downtown, they weren’t 100% sure where to start. After much thought, the CEO wanted to hire someone with experience in this field while providing an objective point of view, free of conflicting interests.
The project managers that were offered by potential real brokers could not provide conflict-free advice since they were working for the firm that were trying to represent a lease transaction. The client also felt that in order to have the best level of service and results, it was important to hire a firm whose core competency was providing owner’s representation and project management services. Client X hired an independent 3rd party owner’s representative to act as an extension of his organization and to truly represent his interests throughout the project.
With any real estate and construction project there is a wide range of parties involved: the building owner, the architect, engineer, general contractor and/or construction manager and specialty vendors. All parties who are familiar with construction and similar types of projects. The owner on the other hand, who is the one who pays the bills, came to the table with less experience in this field; which is why they knew they needed an advocate on their side.
By hiring an owner’s representative the CEO and his organization came to the project table with a level of comfort knowing he had a true advocate in their corner. The owner’s representative also provided the organization with the intellectual capital and confidence required to make key decisions that would impact the budget, schedule, and the company for years to come.
Related Article: What is a Real Estate and Construction Project
By taking the first step of hiring an independent owner’s rep. / project management firm Client X could breathe during the project knowing they had someone whose sole job was to be their advocate. By leveraging the owner’s representative skill set and dedication they not only saved time by not tying up their internal teams at every project meeting; they also saved money by listening to their owner’s rep and by avoiding typical project pitfalls and taking into account cost effective ideas.