fbpx
Project Management in Selling a Home
Project Management in Selling a Home

What is a Project in Project Management?

Simply put, a project is a series of tasks that need to be completed in order to reach a specific outcome. A project can also be defined as a set of inputs and outputs required to achieve a particular goal. Projects can range from simple to complex and can be managed by one person or a hundred. Projects are often described and delegated by a manager or executive. They go over their expectations and goals and it’s up to the team to manage logistics and execute the project in a timely manner. Sometimes deadlines can be given or a time limitation. For good project productivity, some teams break the project up into individual tasks so they can manage accountability and utilize team strengths.

 

 

 

The Project Management Institute (PMI) defines a project as follows:

“A temporary endeavor undertaken to create a unique product or service.”

Breaking this sentence down into its constituent components, we can discern the following useful information about the nature of a project:

  • “A Temporary”. Every project has a finite length, with a distinct start and finish. Projects are not open-ended; they start at a distinct point in time, and they eventually come to a clear and complete conclusion at a later, predefined milestone date.

  • “Endeavor Undertaken”. This phrase implies that every project requires some amount of work to be performed. We’ll define “work” later, but for now, suffice it to say that a team is required; i.e., the project manager and some form of a project team will be required to undertake and perform the work required to develop and deliver the project’s deliverable.

  • “To Create”: Again, there is no free lunch; i.e., this aspect of the project definition implies that there will be a necessary commitment of personnel, materials, and/or financial resources to perform the work.

  • “A Unique Product or Service.”. There are three key things we can derive from this last part of the definition sentence:

    • Projects Are One of a Kind. Projects create products that can come in a nearly infinite variety. From simple to complex, from small to large, and covering essentially all industries, engineering projects span the development of everything from structures to systems to processes to documents to software. The possibilities are endless, but all projects are intended to create something that is one-of-a-kind; i.e., the product may be simply a small variation from a previous project deliverable, or it may be something completely brand new, a never-before-conceived-or-built thing, but in both cases, the project is creating something unique.

    • Projects Have Clearly Defined Outcomes. The product is unique, but it is also clearly defined and describable. Successful projects require that the end product or result is well-understood before the project begins. Few if any of the details need to be defined or worked out at the beginning of the project, but the big picture Who/What/When/Where/How/How-Much aspects of the project must be defined. Said another way, the desired outcome needs to be specific, with predetermined objectives and constraints in place.

    • Projects Contain Risk and Uncertainty. The fact that the deliverable of a project is unique and takes time to create brings with it an element of risk. This is okay (in fact, it can be argued that risk is necessary), but risk must be actively managed for a project to succeed.

Finally, it’s important to note that most projects have external stakeholders. Implicit in the creation of a unique product or service is the fact that there is typically someone or some entity that ultimately wants the product or service built and delivered. This can be a customer, a funding agency, or end user; regardless, there are almost always outside elements that want the unique thing that the project is tasked with creating and delivering.

Important Statistical Data regarding having a licensed Project Manager on your team.

80% of “high-performing” projects are led by a certified-licensed project manager.

However, only 58% of organizations fully understand the value of having a licensed Project Management Professional working on their internal projects. 

Those organizations that embrace the project management approach are 69% more likely to achieve project success. 

 

 

Layman’s Definition of a project:

1) it is temporary – A project is a temporary endeavor undertaken to create a 2) scope that produces a unique product, service, or result
3) has a fixed time schedule – The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met
4) Defined resources, work, tasks and activities

 

Thus, selling a house is a project!

LIST OF BLOGS

A Lesson from a Pro

A well-known professional home stager, recently, decided to sell the 4,000+ square foot home which she lived in with her husband. It was certainly well maintained and by most standards, could have gone on the market immediately. However, she still went through a full...

Equity, Price and the Agent You Select

A Seller's equity in their home is the difference between what the home is worth and what they owe. At any point in time, it is an estimation because value is a very subjective term. If the seller thinks the home is worth more than an actual buyer will pay for it, the...

Rising Rents – Music to Your Ears?

Rents going up may not be pleasant to hear for tenants, but it could be music to your ears if you are an investor. The recent CoreLogic Single-Family Rent Index, April 2021, showed a 5.3% increase in national rent year over year which doubled the increase experienced...

Choosing the Right Agent in a Seller’s Market

Even in the present, low stock real estate market, sellers are withstanding the desire to offer it themselves and still looking for the aid of a realty specialist. It might be more crucial than ever and there is excessive at stake to run the risk of going it alone....

5415 Easton Dr, Springfield, VA 22151

Price: $825,000 5415 Easton Dr, Springfield, VA 22151 MLS #: VAFX2014124 Tax ID #: 0801 02210031 Ownership Interest: Fee Simple Structure Type: Detached Levels/Stories: 3 Waterfront: No Garage: No Beds: 6 Baths: 4 / 1 Above Grade Fin SQFT: 3,035 / Assessor Price / Sq...

46490 Cedarhurst Dr, Sterling, VA 20165

Price: $750,000 46490 Cedarhurst Dr, Sterling, VA 20165 MLS #: VALO2005950 Tax ID #: 018396668000 Ownership Interest: Fee Simple Association: HOA Structure Type: Detached Levels/Stories: 2 Furnished: No Waterfront: No Garage: Yes Beds: 4 Baths: 3 / 1 Above Grade Fin...

10025 Bonnykelly Ct, Bristow, VA 20136

Price: $654,990 10025 Bonnykelly Ct, Bristow, VA 20136 MLS #: VAPW2000470 Tax ID #: 7495-33-3072 Ownership Interest: Fee Simple Association: HOA Structure Type: Detached Levels/Stories: 3 Waterfront: No Views: Garden/Lawn, Street Garage: Yes Beds: 4 Baths: 2 / 1 Above...

9774 Upper Mill Loop, Bristow, VA 20136

Price: $629,999 9774 Upper Mill Loop, Bristow, VA 20136 MLS #: VAPW2006976 Tax ID #: 7595-24-7295 Ownership Interest: Fee Simple Association: HOA Structure Type: Detached Levels/Stories: 3 Waterfront: No Garage: Yes Beds: 5 Baths: 2 / 2 Above Grade Fin SQFT: 2,912 /...

15032 Woodglen Ct, Dumfries, VA 22025

Price: $595,000 15032 Woodglen Ct, Dumfries, VA 22025 MLS #: VAPW2005556 Tax ID #: 8191-02-2763 Ownership Interest: Fee Simple Association: HOA Structure Type: Detached Levels/Stories: 3 Furnished: No Waterfront: No Garage: Yes Beds: 5 Baths: 3 / 1 Above Grade Fin...

RECENT POSTS

A Lesson from a Pro

A well-known professional home stager, recently, decided to sell the 4,000+ square foot home which...

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

GET IN TOUCH