Change Management in the Realty Industry

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Change Management in the Realty Industry
Prabhakar Jadhav
How would you initiate change [management] in the construction industry which generally does not have strategic plans, there are delays in every activity and cost overruns are a way of life.
 

 
Real Estate/Construction Industry
Jeswan SinghPS, Member
The strategic plans have to be there although I agree that economic and competitive events can overtake reality. The uncertainity is manageable with big projects that are at least of 3 to 4 yr duration. During this period the business scenario can recover. Pro generally should commence during a downturn so that one can benefit from the upturn.
 

 
CM in Real Estate
Joseph Cole, Member
Your question is very provocative Prabhakar, and as I respond more thoughts enter my mind. Allow me to suggest that changing the 'industry' is too broad a mandate. After all your question defaults to a common belief and cultural mindset... 'cost overruns are a way of life'.
The first question I have is ...Do you have a sponser who is willing to invest in making changes? Consider the Beckhard Change Equation as a starting point. Then find a champion, perhaps a government agent, or near-leading company wishing to be a champion, and build from there.
After all -- there is no greater inducement to change than competitors who see what is working for someone else, and they want to emulate it. Good luck.
 

 
Change Management in the Realty Industry
R Hallagan, Member
It depends on what the change agenda is (I assume they have a plan for that).
If it is to eliminate the constant delays and cost overruns, then you need start at the end of a project with the end result you desire, and then work backwards without those things. You will need to think outside the box to get around obstacles without spending a lot of money.
It would be useful to start with recent projects as you can see how you will begin to see how the job would have had to be done differently.
 

 
Change Transformations Due to Technology Advancement in Financial Sector
shobha H, Member
To what extent the fusion of IT Strategy with business strategy possible? What will be challenges ahead for financial sector.
 

 
Fusion of IT Strategy with Business Strategy
Jaap de Jonge, Editor
@Shobha H: The issue you are indicating is known as Strategic Alignment. Take a look in the corresponding knowledge center of 12manage and if you like you can start a topic there.
 

 
 

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