skip to Main Content
How You Shoot Yourself In The Foot In Your Project Monitoring

How You Shoot Yourself in the Foot in Your Project Monitoring

Isn’t it nice to own a property in a choice of location? Owning a property sounds perfect when you have it built to your taste. The world is becoming a bigger and better place to live in courtesy of technology infusion. Every activity occurs seamlessly with the embrace of technology and its tools. Nevertheless, you may actually be oblivious of the development in real estate industry hence shooting yourself in the foot or perhaps feet. The most ridiculous part of this self-induced disadvantage is its possible evasion. What makes one look more absurd than falling into a ditch? Everyone deserves the best and real estate is not an exception. Not even distance should be a negating factor in achieving a real estate goal in its entirety.

When embarking on a project in absentia, apart from other established courses, there should be other logistics that cater for your absence. You need a proxy, especially for your project monitoring. There are different tools being used to manage a project in the real estate industry. One of such tools is having a project manager on board who serves as a project monitoring agent. Another tool is tasking a friend/relative to oversee the project. However, either of the tools has not been able to deliver a completeness of the desired building project. Below are the risks you can incur if your project is not being professionally monitored.

  1. Risk of inefficient or substandard materials:

    You run the risk of having your building constructed with inefficient materials when monitoring is committed to the care of inexperienced monitoring personnel. In addition, your supposed monitoring personnel or project contractor may want a margin gain share from any procurement made thereby procuring not just cheap but substandard materials.

  2. Risk of fund mismanagement:

    Fund management is an integral part of project management. Mismanagement of fund can result from misuse or uneven allocation of fund to required aspects of the projects. Reports of how funds meant for project are being misused, squandered and embezzled abound. This is prevalent with people that use their relatives or friends as their monitoring personnel.

  3. Risk of accountability:

    Using an inexperienced monitoring eye means no tangible cause for accountability. Accountability demands that explanation be given for every action or decision made on the project. This requires a degree of expertise, experience and technicality.

  4. Risk of transparency:

    There is apparently an opaque block in communication when you make use of an inexperienced monitoring agent on your project. Transparency becomes an issue because trust cannot be vouched for. Project monitoring requires feedback which aids seamless execution of projects.

  5. Risk of professionalism:

    Project monitoring requires a high level of professionalism. This is mostly required in content and standards of reports been given to the project owner. Reports on the project require the right agents with concrete technical skill in real estate industry. Project reports in whatever content must be detailed and must give the technical and managerial state of the project.

Why this fuss? You could have probably saved yourself from a lot of aches if you had gone with the trend. Questions of standard of materials, fund management, accountability and transparency become unnecessary when your project is being managed professionally. The world is revolving with the infusion of technology, so is service delivery.

Luvanexbuilds takes advantage of technology to provide a professional project monitoring service for clients. You do not need to shoot yourself in the foot because your building project is distance away. Employ an accountable and experienced project monitoring firm to bear those avoidable burdens and extra cost for you while you await the emergence of your dream building project.

I hope you found this helpful. Don’t forget to share the post and chat us up on any questions you may have concerning the Nigerian real estate industry. We would love to hear from you

Follow our social media handles to stay updated with our promotions.

Leave a Reply

Your email address will not be published. Required fields are marked *