Introducing the Owner's Rep : Herein lies the need for the Owner's Representative in the real estate / construction industry. The Owner's Representative, also referred to as the Owner's Rep, OR, or simply Project Manager, is sometimes an overlooked asset that can be included in any project undertaking. The Owner's Rep bridges the gap between ownership and all other entities involved with the project. They control the design and construction process, making sure that every decision is made in the Owner's best interest. A true Owner's Rep is well versed in development as well, managing the entire development process and not just design and construction. More often than not, an Owner's Rep has a background in development themselves, so they know what it takes to pull off a successful development project and maximize their client's Internal Rate of Return ("IRR"). In turn, the Owner's Rep can use their ownership experiences to solve problems and offer creative solutions that directly affect the bottom line.

Acquisition : A very knowledgeable Master's Rep can even be introduced on before the getting the residence, to help the Owner with things like residence selection, purchase research, financial research and due persistence. They may also provide economical support, supporting in the recognition of various types of conventional and non-traditional funding resources and then help assess and assess each of the options. The selection of practicality reviews may also be necessary for making choices and confirming to various associates such as value, financial institutions, and appraisers, which include researching the market, specific economical research, right summaries, and validation for "go/no go" choices. The Master's Rep may also put together and upgrade the venture pro forma and even lead the venture through the generally complicated right process, offering sychronisation with the town authorities, land-use lawyers, and Designers engaged.

Design : When it comes time to start the design process, the Owner's Rep will assist in selecting the design team, typically at a minimum consisting of all of the players mentioned. They may create and issue a formal Request for Proposal ("RFP") to go out to several different firms, or they may rely on past relationships to select a firm that best suits the particular project. Once the project team is formed, the Owner's Rep can lead the effective collaboration towards a common goal. Again, the Owner's Rep is typically involved in every aspect of the process and spearheads the flow of information among Architects, Designers, Engineers, Planners, Consultants, Contractors, Vendors, Property Managers, Sales Staff, Lenders, Governmental Authorities and of course, the client. Due to the number of players involved in the process, the Owner's Rep should have a commanding influence to lead this synchronized effort to crystallize the design concept so that it can be built in the field. This point in the project is the ideal time to start exploring/visiting the value engineering possibilities.

Procurement : The Owner's Rep may prepare and maintain a Master Cost Report if the client so chooses, which includes the hard and other related development costs, such as acquisition, design & engineering, permits & fees, legal, FF&E & OS&E, administrative, sales, and marketing costs. This budget should include allowances for any anticipated cost exposures.

Construction : The Owner's Rep should prepare and maintain a Master Construction Schedule which incorporates all construction activities, procurement, material lead times, submittal lead times, approvals, permits, inspections, tenant relations, logistics, sales, marketing and turnover to the end-user. Weekly meetings should typically be held with the General Contractor and Subcontractors to review three-week or six-week look-ahead schedules. The Owner's Rep should make sure that each contract carries a complete scope of work in order to minimize the amount of change order requests coming in from the contractors. When they do arise, a thorough review and negotiation will take place to determine the validity of the request prior to approval.

Sales/Marketing : Some Owner's Representation firms may have the staff and experience to aid the client with sales, marketing, and/or lease-up, either directly or indirectly by providing oversight. They can help identify a competent and appropriate sales team and establish sales and marketing strategies to be used for the project. Particular importance should be placed upon helping the client devise a sales and marketing campaign which helps the project differentiate itself from the competition and attract the right type of customer to the sales team.

Conclusion : In broad terms, the Owner's Representative will be the direct representative of the client, spearheading all aspects of the job and recognizing and solving conflicts. When complex issues arise, they will explore all options available, distill the information, and provide the client with a concise set of options, clearly defined, along with a recommended course of action.