class 7: stage 6 7 and 8 Flashcards
in which stage do we see the developer shift to the role of manager
stage 6
responsibilities of the project manager
maintaining the project’s schedule
on-site decisions
communication of relevant issues to all parties
maintaining the schedule and attainment of critical milestones
material deliveries
work completion commensurate with the contractor’s invoices
project budget
liaison with the finance department
The most important responsibilities of the Contractor include
hiring multiple subcontractors
scheduling the various subcontractors’ work
maintaining the construction schedule
Implementing change orders
The development team’s Financial Officer roles
manages the project’s budget
ensures timely payment of bills
prepares loan draws
manages the relationships with the lenders
deals with any outside investors
performs all necessary accounting and reporting functions
why should the Property Manager also be involved during construction?
The property manager ensures that proposed changes do not compromise the building’s long-term manageability and efficiency
Subcontractors can file a construction lien against a property to do what?
when is it usually done?
to protect themselves against non-payment
usually only done when a dispute arises
why is the lien is an interest in the property?
the property can’t be sold without clearing the lien
when is a Liens vacated
When the subcontractor is paid
Lease-up Period
Construction is complete and marketing is working to secure tenants
Construction loans often include a stabilization period
The congruence of the market research and the marketing effort depends on at least four conditions:
The market research correctly identified the target market, and the project concept is a valid response to that market.
Construction is executed in a manner consistent with the recommendations of the market research.
The marketing program is executed in a manner consistent with the findings of the market research.
The market has not changed between the time of the initial market research study and the initiation of the marketing program.
importance of marketing and timing
The shorter the absorption period, the lower the time-related carrying costs.
The earlier the marketing begins, the lower the chances that the market will evolve away from the features, functions, and benefits of the given development.
The Marketing Vision
interprets the project concept for the public
Four approaches to the marketing vision
Differentiation
Repositioning
Niche Identification
Project Branding
Public Relations
public relations communications are aimed at the public at large
Effort to create positive impression of the firm and the development itself
Press releases – developer tries to make the message compelling and newsworthy
Events to promote property
On-site
Ground-breaking ceremonies, grand opening, broker tours, open houses
Invite prospective end-users, government officials, others
