Lean Six Sigma in Real Estate Investment & Services
As per the industry classification benchmark, this industry sector includes the following subsectors –
Real Estate Holding & Development – Companies that invest directly or indirectly in real estate through development, investment or ownership.
Real Estate Services – Companies that provide services to real estate companies but do not own the properties themselves. Includes agencies, brokers, leasing companies, management companies and advisory services.
Applications in Real Estate Holding and Development – Real Estate is a project based industry with an essential requirement to serve and meet the customer need in the best possible manner. In addition to being customer focused the real estate developers need to be efficient & productive as well. With emerging competition in Real Estate, especially in India the need to be both effective and efficient has increased all the more. Be it residential or commercial venture Six Sigma has credible applications in the Industry with a potential of immense gains. Some of the projects and areas of application of Six Sigma in the Real Estate Industry are:
- Reducing Cycle time of Capital Projects
- Reducing cost
- Improving quality of facility support
- Proactively identifying & eliminating risks related with delayed approvals, time overruns & Cost overruns
A top management professional at a UAE based firm, shares the potential he can foresee with Lean Six Sigma.
Feedback from participants
The type of examples given for each process were simpler, easier and linked with day-to-day situation and so it was quickly understandable.
– Bhaswati Phukon, Sr. Executive, Jones Lang Lasalle Meghraj