There have been a lot of debates especially among real estate professionals as regards what actually is property and facility management. Some are of the opinion that both fields refers to the same thing, in other word, they perform the same role, while in actual sense, the two fields are different, though there exists some form of resemblance. While it is true that both fields deals with asset (infrastructure) management, but the intention, and motives differs.
What is Property Management?
Having an understanding of the two words that makes up property management ( Property + Management) would help us to have a clearer understanding of the word property management. A property is something or anything that belongs to someone, group of people, or a legal entity like a company, in other word, what a person, group of people, or an organisation could lay claims to, as being their possessions. To some extent it could be seen as land, building, vehicles, etc, but in actual fact, it is more than these. Management on its own is more of a skill that entails planning, coordinating a group of people in other to achieve a particular goal.
The word Property Management is used in most cases when discussing activities that relates to lease, rental, maintenance of a particular property which are in the custody of a property manager Property Management in essence is the act of coordinating every activities that relates to a property in other to achieve the aim of the property owner. It has to do with the daily administration of every activities relating to a property or some properties owned by a person, family or even an organisation based on agreed terms on behalf of the property owner(s). Property management is more concerned about the interest of the infrastructure and the owner, with little or no consideration for the users as in the case of a building.
What is Facility Management?
A facility can be described as an asset that is made available to make performing a job easier, in other word aid the task of performing something. A facility is provided to serve a particular purpose that would be beneficial, to where it is made available. This could be provision of medical gadgets to a hospital, a bore hole installation to a community, a sport centre, a library hall to a school, etc.
Facility Management as a discipline is concerned about the proper usage, and maintenance of the facilities provided in other to realise the purpose for its provision. It is more concerned about the proper and efficient use of the facility provided for the sake of the people such was provided for.
The Importance of Property Management on a Business
The business world is getting more and more competitive and demanding. This calls for a change in focus and direction. Companies all over the world are concentrating more than ever before on their core function, thus outsourcing other areas.
Below are some of the benefits an individual or a business entity stands to gain by engaging the service of a property management firm to manage their properties.
- Free your time and energy, thus allowing you to concentrate on other important activities.
- Reduces tenants turn-over to the barest minimum.
- A professional property management firm listens, and is always responsive to the complaints of the tenants. Such gesture always makes the tenants happy, thus minimising their desire to look for another apartment
- Acts as your representatives on tenants issues.
A property management can serve as your representative when dealing with tenants, especially in situation where the property is in another town or city. They would visit the place, discuss with the tenant on your behalf, and pass their recommendation to you. Little or no legal Issue.
A lot of property owners has little or no knowledge of the law as regards their properties and tenants. Engaging a property management firm would save a property owner of the need to know everything the law demands from him/them. A professional property management would protect your interest so as to avoid unnecessary lawsuit in relation to your property and tenants.
The Impart of Facility Management on a Business
As mentioned earlier, facility management cares about the asset provided for the sake of the users. Facility managers are specialists, who are vast on activities relating to facility management with a view to realise the purpose for its procurement.
Below are some of the benefits to a business of engaging the services of a facility management firm.
- Helps an organization to focus more of its energy, resources and effort on her core business.
- Help in maximizing the usage of the facility
- Help to keep the facility in optimal use, thus increasing its life span.
By engaging the service of a facility management firm, an organisation saves a lot of cost, owing to the professionalism and skills employed in managing the facilities by the facility management firm.
As a business entity, the ever busy world we are in, demands for greater focus on one’s core activities, if one is to remain competitive. As a result, the services of a property and facility management firm to a business is very vital.