Structuring an Effective Commercial Real Estate Cost Tracker

Capital, construction and tenant improvement projects are made up of numerous evolving factors, making it difficult to monitor where costs stand in relation to budget—but no less important. One of the best ways to empower your real estate team to diligently audit and control costs despite shifting conditions is to start with a well-structured tracker.

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9 Tips to Control and Track Costs on Tenant Improvement Projects

Tenant improvement (TI) projects are pretty common which means most real estate owners can manage them with their eyes closed. No sweat, right?

Well, yes and no.

Often when we run any process over and over we start paying less attention to the details and we’re less likely to look for opportunities to optimize our methods. While most tenant improvement projects don’t cost an enormous amount of money individually, they have a big impact in the aggregate, making it very important that you reflect on how your process can be improved.  

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The Cost of Bad Project Cost Tracking

There are many ways that bad cost tracking arises, and they usually involve the word “lack:” a lack of continuous planning in real time, a lack of communication among the team, a lack of asking the right questions and learning from past mistakes, and a lack of the proper tools needed to keep costs on track.

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Cost Tracking Checklist for Real Estate Owners

Finances on capital and construction projects are typically pretty complicated. It can takes weeks or even months from when project managers know a cost will be incurred to the time when the accounting team cuts the check. So, it’s critical that a real estate owner’s cost tracking process can track a variety of costs and that it’s diligently maintained.

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5 Problems Good Cost Tracking Can Uncover in Your CRE Projects

Capital, construction and tenant improvement projects involve numerous evolving and shifting factors, making good cost tracking practices essential to accurately monitor project spend against the budget. But smart property owners and managers know that job financials can also be one of the best places to uncover early warning signs that a CRE project might be in jeopardy.

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CRE Experts' Tips on Controlling the Cost of Tenant Improvements

Tenant improvement projects are getting a lot of attention even in the early days of 2017. In the article Manhattan Office Owners Pay to Keep Tenants as Demand Falls, Bloomberg News reported, “Manhattan office landlords are facing falling rents and heightened competition, spurring unprecedented spending to accommodate tenants.” Owners in Midtown Manhattan are undertaking broad swaths of projects, including TI projects, not only to stay competitive but also in preparation for refinancing.

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Six Pitfalls of Excel in Commercial Real Estate Cost Tracking

Spreadsheet software Microsoft Excel recently celebrated its 30th birthday, and for the majority of its existence, has been the industry standard in addressing businesses’ statistical, engineering, and financial needs. However, its capabilities remain limited, and the software wasn’t originally designed to perform for today’s tremendous collaboration—an environment in which the commercial real estate and construction industries thrive.

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8 Things Real Estate Investors Should Ask Developers and Operators Before Investing

Let’s face it—not all commercial real estate investments go smoothly. The increased risk usually boils down to three factors which either cause or worsen a bad deal: lack of transparency, poor communication and weak financial and/or project controls.

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