Construction projects stall when communication breaks down. Meet weekly with your GC and realtor using a three-point agenda: current status, bottlenecks with solutions, and two-week goals. Proactive planning for weather and a clear action plan keep projects on track and on budget.
Chapters
Real estate projects are full of putting out fires, managing cash flow, and making sure you're on time and on budget. But things happen, and when you are out of control, what do you do?
I think the biggest mistake that investors make is that often when there are delays outside of our control, we just kind of pause the project or we stop communication with the key people on our team. I increase communication. Strategy number 1 that I want to recommend is that your meetings with your realtor, meetings with your GC, they don't stop. Always have a recurring meeting with your GC, same time, same day of the week. So that's number 1. Number 2, during that recurring meeting, you go through your agenda. Obviously, if there are delays, he or she might be saying the same thing week after week. I don't really care. I want to hear where the project is and what we can do, right? That's number 1 on the agenda. Number 2 on the agenda is bottlenecks where people are getting stopped. What are we doing to move through that bottleneck? Are there any ideas? Are there any solutions? And then the 3rd thing is always like, okay, what are the goals for the week? What are the goals for the next 2 weeks? Where are we headed in the next 2 weeks? If there is a current weather delay, it's a snowstorm, I at least know what's on this GC's head and he has a plan for the next 2 weeks. Again, the beautiful part is that you should know what should be happening in the next 2 weeks. You're asking every week because you want to make sure they are very clear on their next 2 weeks.
