The impact of facility management companies in real estate
Have you ever wondered how shopping malls, corporate houses, huge residential apartments, educational institutions, hospitals, convention centres, hotels and multiplexes are maintained? How do they remain clean, with proper security, lighting, parking and other facilities? All these are managed by facility management companies. Facility management has undergone tremendous change over the years. It is no longer a small undertaking run by a group of people.
Any company or residential complex has various assets. And these assets have to be maintained in good condition at a reasonable cost. Here is where facility management comes into play. Â Facility management has become an integral part of any real estate project so as to get higher returns on investment. A facilities management company helps to manage space, infrastructure, people and the organization in a cost-effective way
Facility management companies maintain buildings. They also undertake construction, remodel and repairs. The operational management of a building like cleaning, fire safety and security are handled by facility management companies on a daily basis. In short, their aim is to improve productivity of a company and manage operational costs after identifying and reducing risks.
Now, big real-estate developers are involved in facility management services. This shows that facility management has a tremendous impact on real estate. Real-estate developers are not just involved in building, selling or leasing out buildings. They are also offering specialized services for the maintenance of buildings. This is done to reduce operational costs and risks.
People who reside in big houses, villas or flats want all kinds of modern amenities. To cater to these upmarket clients’ demands for specialised services, property developers now play the role of facility management providers.
Facility management ensures that the customers’ estates are running as they should be, and whether all the facilities like cooling and heating, lifts, lighting, etc are functioning properly.
They also take all steps to prevent service failure. In office buildings, facility management has become a tool for continuous and sustainable improvements. It is cost effective and ensures quality of service and operational efficiency.
For successful real estate management, the industry requires careful management of physical property operations. A facility management company has to make asset plans based on indepth analysis of the property and its position in the market. They also do physical inspections, after following the review of legal documents.
First, they start by analysing whether the property is presented in the most favourable manner possible. They also check if there is anything deferred. Everything from landscaping to roof repair is checked.
After the inspection, sustainable measures like alternative energy sources like storm water management, and commissioning are implemented to increase the value of the asset and thereby reducing operating costs. Apart from cleaning and repair work, they also inspect the mechanical areas of the property and other structural problem if any. It is the facility management’s responsibility to keep vacant spaces clean. Additional demolitions are undertaken if necessary to make the space more marketable.
Facility management is a very important tool to avoid and prevent the early demolition and removal of new buildings.
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