Project: Putting a house on market for resale

1)Perform Integrated Change Control 

2)Validate and Control Scope

3)Control Schedule

4)Control Costs

5)Control Quality

6)Control Resources

7)Monitor Communications

8)Monitor Risks

9)Control Procurements

10)Manage Stakeholder Engagement

 

House on Resale       

Introduction

When one owns property such as a house and wants to sell or resale it, there are some factors to consider for a property, like in the case of house reselling. Having realized that reselling a house sometimes maybe surprisingly emotionally challenging and time-consuming, for instance, when a person gets involved in the business for the first time (Haurin, 2017). Sometimes it feels like people are invading the seller's privacy as strangers come into your home, open your cabinets and closets and poke in the compound. The place will get critics; buyers will offer less money than what the owner thinks the home is worth. But to control the house reselling, the following discussed points are vital in putting a place on the market for resale.

Perform Integrated Change Control

Before putting a house on market for resale, you are required to follow some steps. Firstly, you need to perform integrated change control. It is common that before putting a house on sale, you need to change it by maybe doing some renovations and making it presentable to the new buyer. You need to update resources required, timelines, or any other requirements depending on the needs of the project proceedings or other issues which may arise in between the start and completion of the project (Perrier et al,. 2018). You should rely on integrated change control for a more organized approach to making the changes. Integrated change control involve some steps including; creating a project management plan, creating a log for the change request, analyzing the impacts of the change, deciding on the course of action, communicating the decision made, and updating the management plan. These steps should be followed for the success of an implemented change, or renovation in this case, and the impacts should be analyzed to know the effects of the renovation process.

Validate and Control Scope

To validate scope, you need to have a clearly defined and correctly described boundary of the change project. Controlling scope involves keeping the project allied to the set boundaries from the start to the end of the project. Validating the scope process should be performed by the project manager after testing that the renovations of the house are well done and ready to be presented for customers to buy or the project is at a point that it can be accepted by customers (Perrier et al., 2018). Control scope on the other side needs that you make decisions on whether the project is the correct and precise one, or it needs some more changes. It requires one to control the project in terms of fitness and acceptance. In validating scope, you also agree on the change and control the scope by fulfilling the agreement made. For instance for the renovations to start, you have to agree on the type of renovation, the required resources, expected challenges and how to overcome them, and the final outlook of the house. You then have to fulfill all these agreements by performing everything as agreed in the validating scope of the change project.

Control Schedule

The next requirement is controlling schedule. Controlling schedule involves comparing the activities taking place in the project progress to the activities listed in the schedule baseline in order to understand whether the progress is good or dragging behind the required level. However, if by any case the project proves to be slow, you can correct and prevent further effects by drafting a new schedule that fits the speed and impacts workers positively. This rough draft enables you to overcome expected impacts of the first one which could include poor work, and a bad completion of the work (Cardona-Meza & Olivar-Tost, 2017). In controlling schedule, you have to determine the progress of the renovation process, the initial status of the project, review meetings at the end of every set step in the schedule, if there is a need to change the schedule, manage the expected changes and add them into the schedule baseline again. The baselines are crucial in controlling schedule because you need to understand the cost baseline, schedule baseline, performance measurement baseline, and scope baseline before updating the schedule.

Control Costs

Cost control is required in the renovation process for easy measuring of cost variances as indicated in the baselines and taking the best actions. For instance reducing the work scope, increasing the allocated budget, or reducing the allocated budget to fill the gap created in the project process. Cost control should be a continuous process in the renovation process because sometimes things like paints and cement may vary in prices during the project process thus affecting the price baselines (Alkeim, 2017). It is important to have a cost management plan even before starting the process because it is essential in controlling cost. The management plan should have details on how to measure the project performance, the consequences for deviations, what will be done in case of variances in costs, and the duties of each employer involved in the project.

Control Quality

Quality control involves the processes of inspection, testing, and measuring to ensure that the set goals of the project are met. For instance our goal in renovating the house for the sale is to make the house as attractive as possible and to make it pleasing in the eyes of our customers. In order to achieve this, we need to focus on controlling the quality by focusing on problem control and control of any other possible barriers. In the quality control process, we have to make decisions in consideration of the set specifications and directing them to acceptance of the house by our customers (Alkeim, 2017). In order to control the quality of work done and the quality of the final product, proper supervision of workers, proper utilization of available resources, and proper monitoring of basements is required. You can use the different types of inspecting quality, including pre-production inspection, during production inspection, and after-production inspection.

Control resource

The control resources on the house resale are determined by the situation of the place and economy of the country. For instance, if there is a scarcity of jobs for the owner's locality, only a few people can afford to buy a house; this tends to lower the home price and reduce the market. The key factors that determine the house control resource include the house demographic, interest rates, and the economy, which are regulated by government subsidies and policies. The home's resale value majorly determines the control resource on the house resale, the amount the resale house is expected to sell for at some point in the future. Any improvement made in the property, such as change of house furniture, steel door, and anything not disregarding the overall age and condition of the home, dictates the property's resale value. 

Monitor communication

Communication monitoring for the house in the market for resale requires real Estate Agents or skills; hence, you have to learn how always to explain the selling process to the client, determine the buyers' preferred communication method, and lastly, be able to relay valuable information (Oloke et al., 2017). For effective communication, there should be a positive conversation from all the parties involved. From a sales perspective, the house owner needs to develop communication tact with a potential buyer employing a clear verbal discussion dot limited but in extension to the use of visual aids which includes diagrams models, pictures, a sample of the property as way and an aid medium for vividly communicating the message, i.e., the sales presentation. In such a conversation, the seller needs to compete not with the seller as the seller completes other sellers' for-profits gain while buyers compete with other buyers for goods in the market. Such interactions are largely cooperative and not competitive. 

Risk monitoring

Risk monitoring is a crucial part of the house resale process. The most common measure of real estate risk is the historical returns of standard deviation that feature in many house resale studies. There are two main methods for risk monitoring which include risk reassessment and risk audit. Risk reassessments involve variance and trend analysis. These help to measure the historical return vitality series or a price series.

In contrast, risk audit is the part of the risk management that deals with the technical performance measurement involving reserve analysis of the property and meetings with the relevant stakeholders. Risk managing also involves the techniques used for its size. Risk management measuring techniques consist of the amount of risk involved, identifying and analyzing an investment, and deciding on either accepting that risk or mitigating the risk. Beta, value at risk, standard deviation, and conditional value at risk are common measures of risk used. 

Control procurements on house resale

Control procurements on the house resale are clauses in the real estate purchase agreement specific to an action or what is required. They must be met for the contract or transaction to be legitimate or become legally binding. There must be terms and conditions that both buyer and seller must encounter before changing the property ownership. For control procurements on house resale to be effective, it should have clear work performance information, which documents the cost, technical performance information, and schedule from the vendor. Work performance information is essential in that it is required for integration with the in-house performance to create work performance reports useful in monitoring and controlling the project work process. But in a situation where the buyer does not remove contingencies under the standard CA purchase contract agreement used by most buyers. The contingency period will not end automatically. In cases where the buyer does not remove the contingencies before the deadline passes, the deal automatically goes to sort dormancy up to the time the seller issues a notice to perform notice or document.  

Managing stakeholder Engagement

Inputting a house in a market for reselling and tactics to maintain a positive stakeholder relationship is vital; the following are ways to maintain a good relationship. There should be clear communication to the project's scope, gather stakeholders in the group, and gain trust from the start. In addition, be able to use management systems data to help measure and summarize essential information (Oloke et al., 2017).there are four main stakeholders involved in a house transaction business. They include the customer buyer; the property value determines the buyer's satisfaction with the product. Employees are stakeholders employed in the home either as guards, caretakers, or other house service providers. The other stakeholder is the investor; this is the person involved in the financial returns or the property owner. Lastly are the suppliers and the vendors; there is part of the community in which the property is situated and holds on the revenue, safety, and economic development. 

House on Resale

1. Introduction

• When one owns property such as a house and wants to sell or resale it, there are some factors to consider for a property
• The place will get critics; buyers will offer less money than what the owner thinks the home is worth.

2. Perform Integrated Change Control

• Before putting a house on market for resale, you are required to follow some steps.
• These steps should be followed for the success of an implemented change,

3. Validate and Control Scope

• To validate scope, you need to have a clearly defined and correctly described boundary of the change project.
• You then have to fulfill all these agreements by performing everything as agreed in the validating scope of the change project.

4. Control Schedule

• The next requirement is controlling schedule.
• The baselines are crucial in controlling schedule because you need to understand the cost baseline

5. Control Costs

• Cost control is required in the renovation process for easy measuring of cost variances
• It is important to have a cost management plan even before starting the process because it is essential in controlling cost.

6. Control Quality

• Quality control involves the processes of inspection
• In order to control the quality of work done and the quality of the final product

7. Control resource

• The control resources on the house resale are determined by the situation of the place and economy of the country.
• Any improvement made in the property, such as change of house furniture

8. Monitor communication

• Communication monitoring for the house in the market for resale requires real Estate Agents or skills
• In such a conversation, the seller needs to compete not with the seller as the seller completes other sellers' for-profits gain

1. Risk monitoring

• Risk monitoring is a crucial part of the house resale process.
• Risk managing also involves the techniques used for its size.

10. Control procurements on house resale

• Control procurements on the house resale are clauses in the real estate purchase agreement specific to an action or what is required
• The contingency period will not end automatically.

11. Managing stakeholder Engagement

• Inputting a house in a market for reselling and tactics to maintain a positive stakeholder relationship is vital
• The other stakeholder is the investor; this is the person involved in the financial returns or the property owner.