Do you know the 20/80 rule? Who doesn’t… you can apply it to almost anything in life.
In our case, I am talking about the rehab project. We are at a stage where we are done with 80% of the rehab, but it looks like we have so much to do still.
At this point, we have 20 units ready for rent (4 already rented), all the concrete job was completed, half of one of the buildings needs only finishes and kitchens and one building which was gutted and half of the units are already painted after the plumbing was done.
The 20% that are left will include installing kitchens for half of the units, complete the units in the 3rd building and some touchups in the second building. Although most of the work is behind us it will still take long time to complete the project.
it is very important to be on top of things and push the project forward
At this point of the project it is very important to be on top of things and push the project forward. If not, those 20% could take forever to complete and the project can be dragged for long time.
But how do we do it?
Like everything it is easier said than done…but the goal point is to get some of the excitement back.
What do I mean by that? Well, at the beginning of the project we are all excited about the project and the different items that needs to be done. That excitement is pushing the project forward since we are following up on the tasks, everything is new and we look forward to complete the project. However, as the project progresses, our excitement level is going down (which is in our nature as human beings). That is especially true with long projects like ours. Your energy levels are going down and the routine is taking over.
At this point, the project is starting to slow down and you must bring it back on track.
Everyone should know what can get them excited again. For us it is the fact that soon we will be renting those finished units and the property will start to generate significant cash-flow.
You basically need to remind yourself that everyday and have a fresh start in order to bring back the momentum you had at the beginning of the project.
You can also budget for some incentives for your GC to encourage him to finish the work on time.
Share with us your ways of keeping the momentum going…