Development Management is the practise of developing property from end to end. As distinct from project management, it includes the conceptualization of a development strategy, market analysis and positioning stakeholder relations, (including Joint Venture set up and administration), optimization (which may not equal maximisation) and site selection.
Project management is concerned with delivering an already defined development outcome. Development management controls all aspects of a development either directly or by delegation.
Effective development Management is the key to successful development and risk minimization.
These Aspects include
- Development Planning
- Feasibility analysis
- Consultant, appointment and management
- Community consultation
- Approvals management
- Legal management
- Finance and funding
- Sales/leasing management
- Forecasting Reporting
- Project management
Establishing and fine tuning such elements as structure, mix, yield, design and marketing can affect outcome of a property development considerably.
Therefore undertaking a successful property development means adopting a culture of awareness, knowledge, expertise and ability whilst remaining flexible, holistic and grounded. Covering all angles requires a multi-disciplined approach in order to deliver project and investment returns.