As a property manager in South Africa, it’s no secret that maintaining your property’s value and functionality is becoming increasingly expensive. The soaring cost of building materials can quickly eat into any renovation budget, leaving little room for enhancements and improvements.
Calvin Venkates, CEO of the construction company Posch Group points out that despite the rising costs of materials, it is essential to recognise the importance of renovations in attracting and retaining business tenants. Venkates notes that the South African construction industry has encountered various challenges in the construction industry, including political instability, exchange rate fluctuations, and Covid-19-related supply chain disruptions, leading to consistent price increases that are unlikely to abate soon.
He says, “For property managers to remain competitive and open to future growth opportunities, it is imperative to prioritise effective building maintenance and renovations. In doing so, property managers must prioritise cost-effectiveness, especially given the challenges posed by the South African construction industry.”
Below, Venkates provides nine ways to help property managers navigate the current market conditions and optimise their investments.
- HIGHLIGHT GOALS AND BUDGET WITH STAKEHOLDERS
Prior to commencing any renovation project, it is crucial to communicate your goals and budget to stakeholders. Defining the purpose and expected outcomes of the renovation, as well as the amount of investment you are willing to make, is essential. This will help keep you focused and on track during the renovation process.
- GET INPUT FROM YOUR TENANTS
It is important to prioritise tenant satisfaction as they are essentially your customers. In planning your renovation project, consider the specific needs of your tenants. Have they requested any specific improvements or upgrades? Will the renovation cause any disruption to their businesses? By taking their needs into account, you can minimise disruptions and maintain positive relationships with your tenants.
- ENSURE ALL APPROVALS AND PERMITS ARE IN ORDER
Renovation projects typically require permits and approvals from local authorities. Ensure you obtain all the necessary permits. Failure to do so can result in costly fines and delays.
- PROVIDE A BILL OF QUANTITIES
To obtain competitive rates, contractors require a Bill of Quantities (BOQ) to price on. This process ensures that each contractor provides a quote based on the accurate scope of work and materials needed to complete the project. Additionally, it shows how funds are allocated for each scope, providing a true reflection of the contractor’s cost estimates.
- FIND AN EXPERIENCED, QUALIFIED CONTRACTOR
Hiring the right contractor is vital to the success of your renovation project. It is important to choose a contractor with experience in property renovations and who can provide a complete turnkey solution. It is also recommended to check their references, compliance certificates, and insurance to ensure that they are a reliable and trustworthy choice. Hiring a reputable contractor with the necessary qualifications will enable the project to be completed on time, and with one company responsible for the entire project, accountability will be streamlined.
- ENSURE ACCURATE PROJECT MANAGEMENT
Creating a detailed project plan with your contractor is essential to keep your renovation project on track and within budget. Together, you should establish timelines, milestones, and contingency plans to ensure that the project progresses as planned. It is also recommended that you provide key personal contact details to your contractor to facilitate communication throughout the project.
- COMMUNICATE WITH YOUR TENANTS
Maintaining open and effective communication with tenants and stakeholders throughout the renovation project is crucial. Regularly update them on the progress of the project, any disruptions or changes that may affect them, and any necessary actions they may need to take. Encourage feedback and address any concerns promptly to maintain positive relationships and ensure the success of the project.
- MAKE SAFETY A PRIORITY
Prioritising safety is essential during renovation projects. To ensure a safe environment, it is important to make sure that your contractor follows all necessary safety protocols and that your tenants are aware of potential hazards. Before commencing the renovation project, ensure that the contractor has a Safety File and adheres to it throughout the project.
- KEEP TRACK OF PROGRESS
Monitoring the progress of your renovation project and making necessary adjustments is essential. If unexpected challenges or delays arise, collaborate with your contractor to find solutions and adapt your plan accordingly. In addition, it’s crucial to implement a recycling and waste management program to reduce costs and minimise waste. Consider hiring a contractor who is committed to responsible waste management and recycling practices.
“By following this advice, you can successfully plan and execute a property renovation without feeling overwhelmed. This will help ensure that your property maintains its functionality and value, save you money and ensure peace of mind,” Venkates concluded.
ABOUT POSCH GROUP
Posch Group is dedicated to providing information on comprehensive construction finishes, building maintenance and material supply services that meet the spatial needs of corporate and industrial clients.With our focus on innovation, sustainability and customer satisfaction, we are confident in our ability to maximise your renovation budget.
Visit www.posch-group.co.za for more information.
