Every pilot is required to go through a pre-flight checklist to ensure the safety of the passengers aboard the airplane. Every investor ought to go through a pre-project checklist to ensure the likelihood that their investment project goals will be achieved.
While these six parts are not an all inclusive list, it does get you started on the addressing the big picture. A benefit of addressing each part listed below is that you will most likely think of more questions to answer. The six parts start with...
KNOW YOUR “WHERE” AND “WHY”
The ‘where’ addresses your ‘vision’ of where you want to be going. What is your vision for all your real estate investment efforts? What is your vision for an individual foreclosure project? Having a clear picture of where you are going is the beginning of knowing how you need to make your decisions.
The second part of know how to make the best decisions is having your ‘why’ answered, this being your ‘mission’. Why are you even getting into real estate investing? What are you hoping to accomplish? Why do you want to accomplish these things? Clearly defining your Why is what will drive you to achieve.
KNOW YOUR “HOW”
How do you plan to go about accomplishing your vision and mission? What will be your objectives on each project? What will be your objectives for each financial quarter? Fiscal year? What are your project management plan objectives?
Having your How answered clearly is important for clear decision making. Also remember that your How is a dynamic answer that can change with time as you find ways to improve your methods and process.
STANDARDS OF ENGAGEMENT
How do you plan on engaging with your team of professionals and anyone else related to the project? Will you communicate important points via email so that there is record of dialogue? Will you be using contracts to ensure that you can enforce promises made?
How do you plan on setting quality of work and communication expectations? Does your team have a clear understanding of your expectations on their every single engagement with your project? Develop a plan of engagement and stick to it.
INTERVENTION AND EXECUTION STRATEGY
What will you do in the event that things go wrong with a supplier? What will you do in case the performance of a team member delays a critical part of the project? What are your backups for the first choices?
Knowing what your execution strategy is in the case of intervention being required beforehand will allow your project to get back on track with as little disturbance as possible. Basically, what will you do in the case of this or that emergency / surprise happening?
This may sound a bit schoolyard, but make sure your team plays well together. Also, make sure your team understands your goals and expectations very well. Everyone needs to be on the same page for the project progress according to plan and schedule.
We have said it before and we will say it again: People respect what you inspect. Always be checking on progress periodically even if you have not chosen yourself to be the project manager. Donald Trump checks on the progress of every project he has under development on at least a weekly basis and he definitely has qualified professionals managing the process. Check it and they will respect it.