Learn the essentials of managing projects well and within budget, from scheduling and jobsite safety to quality and customer service. This management resource guides you step-by-step from construction planning through warranty work, blending proven practices with the experiences of builders in the field.In recent years, renovation projects have taken center stage in residential property management. This shift has been largely driven by iBuyers such as Offerpad, OpenDoor, and Zillow Offers, as well as institutional single-family home buyers like Blackstone, American Homes 4 Rent, Progress Residential, Main Street Renewal, and First Key Homes. These companies acquire resale homes and then renovate them in order to rent them out. This has led to a big rise in the renovation business, far beyond what it had been before. Now, with hundreds of thousands of homes needing to be scoped and renovated by large Wall Street-backed companies to maximize rents and return attractive yields to investors, there is a huge need for renovation project managers or renovation construction superintendents.
Why Renovation Has Taken Center Stage
The rise of the renovation business in residential property management has been driven by several factors. First, as mentioned earlier, iBuyers and institutional single-family home buyers have become major players in the market. These companies typically acquire homes in bulk and then renovate them to make them more attractive to renters. This has created a large demand for renovation services.
Second, many homeowners are choosing to renovate their homes rather than sell them. This has been driven by a number of factors, including rising home prices, low inventory, and the high cost of moving. Many homeowners are choosing to stay put and renovate their homes to make them more livable and more valuable.
Third, there has been a trend towards aging in place. Many people are choosing to stay in their homes as they age, and are making renovations to make their homes more accessible and safe.
Pay
Renovation project managers can expect to earn a salary ranging from $50,000 to $90,000 per year, depending on their level of experience and the size of the projects they manage. In addition, many renovation project managers receive bonuses or commissions based on the success of the projects they manage.
Difference between New Home Construction Superintendent vs. Renovation Project Manager
New home construction superintendents are responsible for building homes from the ground up, including the foundation, framing, new electrical/plumbing systems, flooring, drywall, etc. They work closely with architects, engineers, and other professionals to ensure that the home is built to specifications and that it meets all building codes and safety standards.
In contrast, renovation project managers take existing homes and look for opportunities to improve them. They may need to tear down walls, replace plumbing and electrical systems, and make other major changes to the home. However, their work is more akin to remodeling than true construction.
Job Duties
Renovation project managers are responsible for determining cost and labor estimates, monitoring and providing oversight of work performed, and providing quality assurance during related workflows necessary to complete renovation projects. Their job duties include:
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- Performing due-diligence inspections and developing a scope of work on assigned homes to determine the labor, vendor, and material needs for completing a renovation project based on company standards.
- Coordinating and scheduling work directly and/or through the Project Coordinator.
- Tracking and assigning work to third-party vendors to ensure that homes move to rent-ready status as quickly as possible.
- Performing quality control inspections and ensuring all identified punch list items are completed either by the contractor or by performing the work directly.
- Completing property inspections, condition reports, costs, and estimates.
- Communicating changes to the project scope, project schedule, and project costs.
- Able to complete some basic repairs as needed to reduce cycle times.
- Responsible for ensuring all punch list items are completed and days to completion are achieved.
- Ensuring all workplace safety standards and practices are upheld.
Additional Resources
Here are some URLs where people can learn about the renovation superintendent role in the real estate industry:
National Association of Home Builders: Learn the essentials of managing projects well and within budget, from scheduling and jobsite safety to quality and customer service. This management resource guides you step-by-step from construction planning through warranty work, blending proven practices with the experiences of builders in the field: https://www.nahb.org
Construction Managers: The BLS page on construction managers provides an overview of the job role, including education and job outlook: https://www.bls.gov/ooh/management/construction-managers.htm
Occupational Outlook Handbook: The BLS Occupational Outlook Handbook provides detailed information on various job roles, including construction managers: https://www.bls.gov/ooh/
CareerOneStop: CareerOneStop is a website sponsored by the U.S. Department of Labor that provides information on various careers, including construction management: https://www.careeronestop.org/