Commercial Construction Tips – Completing the Project on Schedule

Construction projects are tricky when it comes to placing a timescale on things. After all, there are a lot of things that could cause issues during the course of the project, which in turn leads to delays. Sometimes these issues are unavoidable but there are a number that can be eliminated from the equation with proper planning. Follow these tips and you will have a much better chance of getting your construction project completed on schedule.

Know the Lie of the Land

Issues with the land you are using as part of the construction project can cause issues if they are not caught early and adjusted for. Have an architect and a surveyor come in to examine the plausibility of the project itself and also to ensure that the land you are using for the construction is stable and fit for use with the intended project.

Consider Lead Times

In the construction world the lead time essentially refers to anything that can cause a delay, such as the time between hiring materials and them arriving on the site or the delay between requesting a design and actually receiving it. Wherever possible try to ensure that you have everything that you need before beginning the project. In cases where this is not possible you will need to keep a close eye on the project and anticipate any issues before they arise. If you note that construction materials are running low, order early to ensure the lead time doesn’t affect the project in a negative fashion. This may have an effect in the client’s cash flow so it is important to keep them informed every step of the way.

Create a Task List

Every construction project is made up of smaller tasks, many of which need to be completed before another one can begin. It is important to create a task list and ensure that every task related to the job is catered for. Always assign the best people for the job to each task and where possible try to have a spare hand available at all times to assist with a task that is in danger of falling behind. If you can plan the tasks to completion before the proposed construction date then you will also have room for manoeuvre should a task fall behind, so try to make the task list as efficient as possible.

Hire the Right People

Bringing the wrong people in for the job can have a massive effect on the way the job ends up going. This doesn’t just mean the people on the construction team itself but also contractors and others who will assist with the project. You need speed and efficiency to get the job done right so make sure you vet any candidates for available positions and keep an eye out for any weak links in the chain. One person causing an issue with a task will lead to further issues down the line so try t nip issues in the bud to keep things running as smoothly as possible.

Commercial Property Management – Tenancy Schedule Tips Tools and Tactics

The tenancy schedule is the tool of choice for a property manager or leasing manager in a commercial or retail property investment. It is the tenancy schedule that will keep the property manager up to task on forthcoming events and dates.

Often you find that the tenancy schedule is not up to date, so if anyone gives you such a document, treat it with the caution it deserves, and check it out completely before you act on the information contained therein.

So let’s say that you have a great tenancy schedule that you know is totally accurate. I get many questions about what I would want to see in a tenancy schedule. Here are my main priorities:

  • Details of the tenant name, lease, and full contact detail for emergencies
  • Tenancy identifier or suite reference that comes from the plan for the property
  • The area of the tenancy in m2 or ft2 (depending on your unit of measurement)
  • The % of the tenant area to the building net lettable area
  • The rent $’s per annum, per month, and per unit of measurement (m2 or ft2)
  • Lease start date
  • Rent start date
  • Lease end date
  • Term of lease
  • Option term of lease
  • Anniversary dates and reminders for rent reviews, options, expires, renewals, renovations, and make good obligations
  • Outgoings charges for each tenant on the basis of area and monthly charge
  • Outgoings budget for the building
  • Total outgoings recoveries for the property on a currency and % basis
  • Types of outgoings to be charged to the tenants
  • Insurance obligations of the tenant
  • Rental guarantee details or bonds held
  • Provision for critical dates relating to any important lease term or condition
  • Maintenance obligation details of the tenants

This list is not finite and you can add your own extra priorities, I would however make sure that it is totally correct and maintain it to the highest level of accuracy. When you do this you can stay on top of important upcoming events that will impact the occupancy or rental of the property.

Whilst you can buy ‘off the shelf’ software programs that display this above information, that can be quite expensive for those commercial and retail property managers that are first entering this type of property. The alternative is to create some simple spread sheet that contains the data; in saying that, it is essential that great care is taken to maintain the spread sheet that you create. Any errors in the tenancy schedule can destroy your landlord, your business, your tenant, your reputation, and the property. Accuracy is paramount.