Total Project Management for Real Estate: What It Is and Why You Need It

By Frank Ricci

Principal, Healthcare Realty & Development Services, LLC

When it comes to launching a new medical or dental practice—or renovating an existing one—signing a lease or purchase agreement is just the beginning. What happens next often overwhelms even the most seasoned healthcare professionals.

That’s where Total Project Management (TPM) comes in. This streamlined, all-in-one approach ensures your facility is delivered ready to open—on time and on budget—with minimal disruption to your daily life.

What Is Total Project Management?

Total Project Management provides a single source of responsibility—a Project Manager (PM)—who oversees every phase of your real estate project. From market research and negotiation to design, construction, and grand opening, TPM simplifies the process while protecting your investment.

Key Services Included in TPM

1. Due Diligence

Before you commit to a location, a PM conducts a comprehensive analysis including:

• Demographic and competitive market surveys

• Traffic counts and zoning studies

• Lease vs. purchase analysis

• Space programming and budget planning

This groundwork ensures you select the right location with confidence.

2. Lease or Purchase Negotiation

While most brokers stop at securing your space, a TPM-focused PM brings added value:

• Deep expertise in medical and healthcare real estate

• Strategic negotiation of deal points that benefit your long-term practice goals

• Coordination with lenders to secure favorable financing terms

3. Design and Permitting

Your PM will identify and coordinate the right team of:

• Architects and engineers

• Interior designers and equipment consultants

• Permitting specialists

Their insider industry knowledge ensures your project is in the hands of professionals who understand healthcare requirements and timelines.

4. Value Engineering

Experienced PMs know how to optimize cost without sacrificing quality. This includes:

• Material and method substitutions

• Scheduling efficiencies

• Budget management throughout the project lifecycle

5. Construction Oversight

Your PM will:

• Manage the contractor bidding process

• Vet qualified vendors

• Monitor progress via site visits, videos, and reports

• Ensure compliance with safety and construction standards

• Oversee timelines, payment draws, and coordination with design teams

6. Cost Segregation Planning

A proactive PM collaborates with your tax advisor to identify assets eligible for cost segregation analysis—a powerful tax strategy that can accelerate depreciation and deliver substantial long-term savings.

7. Move-In and Grand Opening

Finally, your PM will coordinate:

• Delivery and installation of furniture, fixtures, and equipment

• Interior décor and finishing touches

• Optional grand opening and public relations efforts

Why It Matters

By centralizing responsibility through an experienced project manager, you avoid the stress and inefficiency of managing multiple vendors, timelines, and budgets on your own. TPM ensures your new facility is delivered ready for patients, not punch-lists.

About the Author

Frank Ricci is the principal of Healthcare Realty & Development Services, LLC, based in Winter Park, Florida. With more than 35 years of experience in medical real estate, Frank is both a licensed real estate broker and building contractor, uniquely positioned to deliver total project management solutions from start to finish.