Construction is not an easy or simple process by any stretch of the word. It takes a lot of people to coordinate with each other and many things to go correctly. However, being the 8200 billion dollar industry it is, everything cannot be left to chance.
This is why most large-scale construction companies choose to partner with a PMC (Project Management Consultancy) Company. In this blog, we will discuss what is a PMC in building construction and the benefits it offers.
A] What Is a PMC in Construction?
A PMC, or project management consultancy, is a professional service from industry experts that helps ensure your projects go as smoothly as possible. They play an important role in the construction industry by overseeing crucial aspects of the project from start to finish. PMCs are an effective solution to improving the efficiency of a construction project. They also vastly improve legal, due diligence, site safety, and cost management.
B] Why Do You Need PMC For Residential Construction?
1. Creating Estimates
Accurate estimation of materials, labour, and other expenses is critical for locking a budget and ensuring profitability. Creating estimates is key to effective resource allocation and ensuring the rest of the process is efficient. Failing to create accurate estimates can make your construction project significantly difficult to manage and complete.
A reputed and experienced PMC will be able to accurately estimate the quantity of materials required depending on the project. They may also advise you on choosing the right material brands. Extensive industry experience also comes in handy for assessing the quality and quantity of the materials.
2. Contractor Evaluation
PMCs help you judge a contractor’s ability to complete the project on time and within the budget without compromising safety. This is an essential step when choosing a contractor. They can help you choose a competent contractor who is experienced and suits the budget.
It is not feasible for a busy developer to evaluate several contractors individually. As a result, a PMC can oversee this process for you by sending evaluators to the shortlisted contractors’ completed and ongoing sites.
3. Creating and Maintaining Schedules
Scheduling and time-managing the construction project is one of the biggest challenges faced by developers, especially for large projects. Creating and maintaining schedules is one of the top reasons to hire a dedicated PMC. They are capable of handling any kind of project, regardless of its size and number of parties involved.
An experienced PMC will be diplomatic while representing you to the construction workers, architects, material vendors, and everyone else. They consider everything from collecting the diagrams from the architect and passing them to other teams to receiving the materials. A highly skilled and reputed PMC may even use automation.
4. Purchasing Materials
The PMC team will also oversee the purchase of materials like steel and cement. However, their services are not limited to buying physical materials required for construction. They also oversee all the services required for the construction, such as transportation, electricity bills, and any other site-related expenses.
Finding a good PMC that can offer quality bookkeeping services can be difficult. As a result, you need to check their qualifications and experience in providing complete overseeing services.
5. Overseeing The Project Execution
This brings us to our next point. The main reason why someone would onboard a PMC is to oversee the project execution. A PMC is tasked with overseeing and managing the construction project. The company you hire needs to be able to communicate and supervise all the parties involved in an unbiased manner.
The PMC creates realistic timelines, sets milestones, and keeps track of the progress to avoid delays. They also provide viable solutions if something goes wrong, enabling you to complete your project on time. It is a key role of PMC in managing construction projects.
6. Quality Control
The PMCs in the building construction industry are required to oversee material quality, provide clear instructions and goals, and work closely with everyone involved through contractual obligations. This ensures that the quality of your project is maintained at every checkpoint. They do this by verifying every stage of the project with quality assessment methods.
At the end of each milestone, the PMC team will physically visit the site to check the amount of materials used and the quality of work. If anything is done incorrectly, they will document it and discuss the issue with the architect, stakeholders, and the construction team.
7. Billing
Billing and taxation are important PMC services that they offer in construction. They conduct bill approvals according to the agreement and ensure TDS and retention are properly captured. They can also help you choose the right billing method according to your preferences and project scope.
Another way you can benefit from hiring a PMC is by gaining access to their expertise with advanced software and tech. They can help you schedule bill payments and bill receivable reminders and maintain accurate records.
Conclusion
A project management company can be very valuable for the construction industry. If you are a property developer, partnering with a PMC can vastly improve your project’s efficiency, cost, and safety. They are experts in budgeting, liaising with vendors and stakeholders, and overseeing the project. They do this by applying their experience, skills, and knowledge to every project.
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FAQs
Q) How does PMC improve contractor performance in construction?
Ans: A reputed PMC possesses the experience, skills, and knowledge to enable smooth project planning and coordination between teams. This vastly reduces risks and improves project efficiency.
Q) What are the key challenges PMC faces in construction?
Ans: PMCs may possess all the experience and skills required to handle a project but will fall short if they are not provided with skilled labour, timely cash flow, and impossible deadlines. This helps to deal with the common challenges in PMC construction projects.
Q) What are the benefits of hiring PMC services in construction projects?
Ans: A PMC can provide several benefits for a construction project as they are well-versed in risk management, contract evaluation, quality control, and billing and taxation.
