Not all renovation projects are alike. That’s why many real estate owners and investors hire expert representatives to look out for their best interests in setting up and carrying out important projects. And, the amount of oversight necessary depends on the extent and complexity of the intended renovations. Let’s break down the three levels of renovation and how an investor’s project representative could fit into each situation.
The first level requires the least amount of expertise to carry out. These are primarily cosmetic refreshes to existing buildings in generally good condition. Work might include a fresh coat of paint, new flooring or replacement plumbing or lighting fixtures without moving walls. In most cases, these types of improvements can be overseen by a property manager or facilities maintenance person. Depending on the property manager’s technical acumen, lighting and other energy upgrades toward LEED® or alternative certifications may demand a higher-qualified investor representative.
The second level needs a more significant project management. In these situations, you are making a value-add investment with plans of more substantial renovation work, such as improving an office building following the move out of a major tenant. A project representative must be skilled at leading such challenges, solving problems and putting together the pieces like an intricate puzzle.
Acting on your behalf, an investor project representative can evaluate any new designs and then help coordinate logistics during and after construction. For an occupied property, this includes understanding existing conditions and minimizing the effects of construction on other occupants, whether they are tenants of an office building, residents of a residential condominium or visitors of either. The project investor representation ensures that the public spaces and common pathways remain safe, useable and free of dust and noise throughout the renovations.
A renovation project manager must be creative and work with others to carry out action plans. Coming up with primary and backup plans includes making smart decisions on whether to repair, refurbish or replace equipment and finishes, such as mechanical units, roofing, piping, flooring and lighting. And, many renovations must abide by newer codes, accessibility mandates and environmental regulations. Once construction is complete, the project manager can also communicate with tenants and / or the operations team about operating new systems and maintaining those pristine finishes.
The third level, which builds upon the second level, involves oversight of extreme re-positioning — emptying a property then completely gutting it back to structural skeleton and enlarging or adapting it to other uses. For instance, say you purchase a shopping center and wish to convert all or part of it into office space, a medical center or entertainment spaces. An experienced project manager can be your partner to help evaluate the market, develop a strategy and oversee stages from design to permitting and through construction during the transformation. Sometimes, a project as extensive as this can be even more challenging than oversight of a new build or development.
Call On a Pro
In summary, it’s the owner or investor representative’s job (whether an internal or external resource) to achieve the planned improvements and get the property and spaces fully back to modern market use in a safe, timely and cost-effective manner no matter the level of the renovations.
For more information about Real Projectives® Owner / Investor Project Representation services and the expertise we can bring to your real estate renovation project, give us a call at 888.357.7342. Results Driven. Risks Managed™.