Project Manager Costs

SHOULD I HIRE A PROJECT MANAGER AND IS IT GOOD VALUE FOR MONEY?

Self-managing your build may seem like a great way to save on fees; but an experienced pro could prove better value for money. Once planning and building control approval have gone through on your scheme, someone needs to take the reins and oversee work on site.

This is the project manager (PM), who will be there to handle any issues that crop up along the way, ensuring the build is produced on time and to the quality expected. So, what’s involved in being a project manager – and is it sensible to take the role on yourself, or better to leave it to a professional?

MUCH DOES IT COST TO HIRE A PROJECT MANAGER?

Bringing in a professional to take on the PM role costs between 8%-15% of your overall budget, which could run to £10,000s.

So, it’s easy to see why some clients view this as an ideal place to trim budgets by managing their own projects. However, having an experienced professional on board could offer great savings. The ability to keep on top of the project’s finances is where the value of a professional PM really comes into play.

They are trained to understand exactly what’s needed to bring the scheme together and can therefore budget accordingly. Fundamentally, less is likely to go wrong during the works because they’ll have planned efficiently. Their experience means they’re more likely to know how to deal with trades and to notice early on if something hasn’t been done right, prior to it becoming a major issue.

So, before you dismiss the idea of bringing in a qualified professional, consider whether the benefits could actually outweigh the expense. Doing it yourself will come with a host of responsibilities and getting it wrong could cost you a lot of money.