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The performance of the product development process has a critical influence on the efficiency and duration of building projects, as well as on the quality of the final product. Despite its importance, relatively little attention has been given to the management of this process, if compared with production. The main objective of this paper is to present some results of a research project which aimed to devise a general model for managing the product development process in small sized companies involved in the development and construction of residential and commercial buildings. This model consists of a template for the product development process, which can be used by different companies as a basis to devise their own models for managing individual projects. The development of the model was based on case studies carried out in two companies from the south of Brazil and also on a benchmarking study.