(Note from me: While I've published this article in other forums such as LinkedIn and the company blog, I felt it is pretty relevant for this community.   Hope you find it useful!) 

Owning real estate or working in property management means you are inevitably going to have to tackle "capital" or "non-routine" projects. What's great about these types of projects is that they are typically correcting a problem or enhancing the value of the site. And because of that, it's always great to see the work get done.

On the flip side, projects can go sideways quick (over budget / overtime) and lead to heartache and frustration even when you are working with great people.

In this four-part series, we'll share practical tips to successfully execute projects, keeping them on track and minimizing frustration. Part 1 here dives into understanding the project, Part 2 will cover putting together a scope of work, Part 3 hits on bidding and contracts, and Part 4 will guide you through managing the work to closeout. Even for your smaller projects, these principles will set you up for success.

Let's get started! 

Part 1 – Understanding the Project

It starts with why

To borrow from Simon Sinek, every project needs a clear "why". What are you trying to achieve and what does success look like? This clarity drives decisions on scope, timeline, quality, and costs. We'll ground this discussion with considering two common multifamily projects:

• Roof Replacement: As one example we'll assume we're dealing with a pitched roof with architectural shingles that is at the end of its useful life. On site management is seeing increasing costs for repairs and the accompanying resident frustrations with leaks. The owner is happy with the look of the site, where it sits in the market and is focused on a 5 to10-year hold (maybe longer) before they look to do other things with their asset.
• Pool Remodel: The other example we'll consider is a pool that an inspection report would say is "good" for its age but is aesthetically not aligned with the target market the Owner wants to achieve. This owner has recently purchased the property and has a shorter ownership horizon. They are looking to transact on the property in 2 years assuming they can hit the market rents they want.

Setting yourself up for success

Ben Franklin is credited with saying "By failing to prepare, you are preparing to fail". This is one hundred percent true with projects. So what does planning look like?

Align Stakeholders

Before diving in, ensure everyone—ownership and management agrees on the project's purpose. For the pool remodel, confirm to what level the owner prioritizes luxury aesthetics vs cost-effective upgrades. Misalignment can lead to scope creep or unhappy stakeholders. A quick meeting or shared project brief can save headaches later.

Time

Time can make or break a project. Here's what to consider:

• Project Duration: How long will the work itself take? Get opinions from those who would likely perform the work. Ask for a high and low estimate and ask what sort of things could negatively impact the schedule of the work.
• Weather Impact: What is the best or worst time of the year to perform the work? For the roof project you'd want likely want to avoid rainy season if possible or be in front of major storm seasons. For the pool remodel you'd want to make sure the pool is open and ready for use when spring and summer hit.
• Material Lead Times: Identify items with long lead times (e.g., custom pool tiles) and whether they rely on a single supplier.
• Permitting and entitlements: Check with contractors, design consultants, or the permitting authority to understand how long approvals and inspections take. What could delay the process? How long is issuing typically taking? What could make the process longer. At what points will there be inspections and how long will that take?

Entitlements

Most projects require permits or entitlements. What sort will be required for the work and how much will they cost? Your work may be simple and require nothing but for most projects some permitting is necessary.

There are few ways to go about this. If you are using a design consultant such as an architect or engineer they will have an opinion. You should also contact the contractors you plan to work with and ask them what is typical. Is there any part of the project that would require special inspections?

I've always padded my bets by contacting the issuing authorities as well. In person meetings work the best but web calls can also help. Remember inspections during the course of work can also eat up time and a failed inspection could lead to delays. 

Project Requirements: Technical, Functional, and Aesthetic

Back to knowing what success looks like. You need to think about what you're wanting from the project and what it requires. Here I'll break them down into two categories: the technical and functional and then the aesthetic.

Aesthetic requirements at the simplest can be thought of as how the project will look and feel. How it impacts the end users' five (and six) senses.

The Technical and functional requirements tend to be more literal but should also be pragmatic. Some are driven by code such as occupancy limits, load ratings or safety requirements. Others are driven by how you want the project to perform.

What's fun is that aesthetic and technical requirements will drive each other. Start with the aesthetic and you will see how it moves the technical. Start with technical and functional and you may soon find limits to the aesthetic.

Let's look back at our two examples.

Aesthetic Requirements

Roofs: Since the owner likes the current look:

• Stick with similar architectural shingles and matching colors, especially if only one building is being re-roofed.

Pool: For the Pool example you will have to go deep. The owner wants to hit a new market so you may need to get more creative. What does the competition amenities look like and how can you compete? You have to understand your mark and how you want to stack against it.

• Basic: colors and style of the furnishings, pool tile etc.
• Should you add visual interests with things like deck level fountains?
• Should you add modern touches like curb seating in the pool?
• Will you use audio? Lighting?
• How does the surrounding landscape fit in? Have you defined your tour path?
• Do you convert to a saltwater Pool for marketing punch?
• Do you add functions to the space like outdoor games or food prep?

Technical and Functional Requirements

Roof

• Is there an updated wind rating or storm requirements?
• Are you aiming for any sort of energy efficiency?
• Type and weight of underlayment. What does the manufacturer recommend? Does it change the warranty any?
• Will you replace all the flashing and roof jacks?
• Is there wood rotted that needs to be replaced? How do you know or account for that?
• Are there gutters on the roof? If not, should there be? Are foundations being impacted by runoff?

Pool

• Will the remodel trigger any code or compliance changes in the pool or pool barrier? How do those changes impact your design?
• What is the targeted life expectancy for the furnishings? Modern fabric designs look great when they are new but can get soiled easily. Are the fabrics rated to be in full sun? Are you wanting years of use or are you good to refresh the furnishings every couple of seasons?
• Does the chosen design affect the day to day operations of the pool? Will changes like conversion to salt water or the addition of chemical feeders impact day to day oversight of the pool? Will the average maintenance team be able to maintain or will special training be needed?

Risk Assessment

Things go wrong—plan for it. Identify risks like:

• Unexpected Costs: For the roof, hidden structural damage could inflate costs. For the pool, custom features might exceed budget.
• Resident Disruptions: Roof work can be noisy; pool closures can frustrate residents. Communicate timelines early and offer alternatives (e.g., discounted gym access during pool downtime). Capital projects affect residents, so plan to minimize disruptions. For the roof replacement, schedule noisy work during weekdays and communicate timelines clearly. For the pool remodel, notify residents of closure dates and consider temporary amenities to maintain goodwill. A little communication goes a long way.
• Contractor Reliability: Vet contractors' track records to avoid delays or quality issues.
• Build a contingency plan into your budget and timeline—typically 10–20% depending on how much still is hidden

Funding

Know how you'll pay for the project early on. Do you have cash on hand, or are you drawing from specific proceeds? Some contractors require upfront deposits for long-lead materials, and contracts may tie payments to project milestones. Misaligned funding can delay work or strain relationships.

Those custom pool tiles might need a deposit to secure them, so plan your cash flow accordingly.

Leverage Tools for Planning

Use project management tools to track timelines, budgets, and entitlements. The right software can help you track documents, build out your projects and keep stakeholders aligned, ensuring nothing falls through the cracks.

Wrapping up Part 1

Planning a capital project takes effort, but it's worth it. By clarifying your "why," aligning stakeholders, and mapping out time, entitlements, requirements, risks, resident impacts, sustainability, and funding, you create a solid project scope. This sets you up to solicit bids effectively, which we'll cover in Part 2.

So what's your go-to strategy for planning capital projects?

Have you faced a surprise that derailed a project, and how did you handle it?  

Share your tips for success in the comments!