Honest Buildings, a provider of project management and procurement software built for commercial real estate owners, has released a set of best practice guidelines focused on creating value through project management. The company’s most recent guide, Honest Buildings Inside Track: The Fundamentals of Cost Tracking, is the third in a series. It includes specific steps accompanied with explanations of how owners can modify and improve processes to achieve their larger goals around capital, tenant improvement (TI), and construction projects.
Processes such as project bidding, cost tracking and TI projects are complex, requiring close team collaboration and rigorous monitoring that can be challenging for even the most experienced CRE owners and managers. The Inside Track guides call out issues that have the potential to slow a project and provide specific recommendations to ensure ownership teams are maximizing time, acting in the most cost-efficient ways, and making intelligent business decisions.
“Despite the importance of the real estate asset class and the billions of dollars at stake with the operations of each building, the project management side of the industry still largely functions without formal training,” says Geoff Lewis, chief customer experience officer at Honest Buildings. “In fact much of the knowledge needed to be a world-class operator of real estate is learned on the job. We have the privilege of working with hundreds of the nation’s top real estate professionals on a daily basis, and in the process we’ve learned a lot about what makes them perform at their best. We’re excited to share our findings in this series of guides to help enable ownership teams to learn faster and be more successful.”
The two previous guides in the series detail best practices included focus on project bidding and regulating the cost of tenant improvements. These are
- The Ultimate Guide to Project Bidding for CRE Owners and Managers
- Controlling the Cost of Tenant Improvement Projects
The new Fundamentals of Cost Tracking, plus the previous two guides can be downloaded from the Honest Buildings website on its Resources page.
Based in New York City, Honest Buildings is a project management platform built for owners to ensure capital and construction projects are on time and on budget. Industry leaders like Brookfield, Beacon Capital Partners, Invesco, The JBG Companies, SL Green, Parkway Properties, and Rudin Management utilize the intuitive software to streamline project management processes and approvals, increase revenue through faster project delivery, reduce project costs, and make data-driven decisions on projects portfolio-wide.