Good Project Monitoring Practices
When developing a real estate project, it is essential to be clear about the costs, times and quality of execution of the work. In other words, we must study, plan and control all of the aspects related to the development of the project. Before, during and after it.
After the chaos that the construction sector experienced during the bursting of the Real Estate bubble, the need arose to carry out an exhaustive control over the planned investments and to guarantee their economic viability. An essential tool in any current real estate development was born back then: the monitoring of work in the building site, also known as Project Monitoring.
What is Project Monitoring?
Project Monitoring is a tool that allows us to maintain control of the risks associated with a project, in this case a real estate project.
It emerges as a control service capable of anticipating and detecting current or potential risk situations at an early stage. Of course, the data that Project Monitoring offers allows us to take action from a preventive rather than a corrective point of view.
The monitoring of work in the building site allows us to control the necessary certifications, the time frames as well as the money flow. In this way, we ensure that the credit provisions are used to cover expenses generated in the corresponding promotion, guaranteeing the economic viability of the project. In addition, we control that the rest of the administrative technical procedures, necessary for the completion and commercialization, are carried out normally.
In short, project monitoring aims to arrange all the information to coordinate the objectives of the different agents involved in the project: builder, developer and the financial entities that support it.
What is monitored by Project Monitoring?
By monitoring work in the building site, control is achieved over three fundamental aspects:
- Regulatory and legal aspects: all real estate projects are defined and controlled by a legislative framework.
- Occupational safety aspects: occupational safety is fundamental in sectors such as construction.
- Economic viability of the project: both that the costs incur within the deadlines and that the project is developed proportionally to the times set throughout the promotion.
The information provided by site monitoring at each stage of the project
The information we collect through Project Monitoring is reflected in reports, which can be divided into three periods. Thus, each period shows us information regarding the construction.
1. Project Monitoring prior to the construction
During this stage prior to the start of the construction, it is checked that the budget necessary for the real estate development is adequate for the execution project that has been developed.
In addition, it is the moment in which all the necessary documentation for the construction is managed: work contracts, licences, insurance, work planning, etc.
2. Project Monitoring during the construction
Once the project has started, all aspects related to the construction are supervised. Specifically, emphasis is placed on the economic part so that all economic resources are being used as established, in construction certifications, quality controls on the project carried out or planning compliance, among other aspects.
3. Project Monitoring after the construction
Once the project is finished, another report is carried out where it is verified that a correct settlement of the construction has been carried out, that all the necessary licenses and documentation are in order, etc.
Advantages of implementing a construction work monitoring mechanism
Project monitoring provides many benefits both during and after the construction of a project. Monitoring of work in building site implements instrumentation programs, which allow all parties involved in the project to control construction parameters.
In case these parameters, during construction, are different from those marked in the project design, we can implement action plans to mitigate the possible risks that these variations may cause. Let's take a look at all its advantages:
- Improves decision-making: continuous control allows to obtain data related to the status of the project. This is ideal in case the construction work does not evolve as planned, since it allows us to modify or readjust the original plan.
- Risk management: monitoring allows possible risks related to the project to be detected in time.
- Increases security: the periodic reports that are made in project monitoring allows a detailed view of the evolution of the process in a clear way.
- Increases productivity: by having greater control over the status of the project, we can optimize processes and decision-making, which translates into increased productivity.
- Reduces costs: through continuous supervision, the risk of the investment is reduced.
- Improve processes: keeping track before, during and after helps us detect processes that can be optimized for future projects or next steps of the project.
Project monitoring at Prime Invest
At Prime Invest we specialize in all the necessary branches within the real residentail estate sector. For this reason, at our Prime Project department, dedicated exclusively to comprehensive project management, we offer a project monitoring service.
At Prime Invest we focus our project monitoring on:
- Continuous audit, with the aim of providing continuous information at the executive level and in real time on the development of the project for decision making.
- Personalized project monitoring plan.
- Quantitative study and analysis of risks and contingencies.
- Processes for applying corrective measures.
If you need support during your project, our team will be at your full disposal. Contact us to ensure proper monitoring of your construction project.