Importance of Strategic Facility Management in Property Management

As a property manager, you know that real estate facility management is one of the most important aspects of your job. But what is facility management, exactly? By definition, strategic facility management (FM) is "a systematic process that integrates people, place, process, and technology within an organization to manage the life-cycle of all its physical assets with the objective of achieving their optimum performance." In other words, it's a way to optimize how an organization uses and maintains its physical spaces. There are many different types of real estate facility management services, but some of the most common include building maintenance, janitorial services, security, and landscaping. 

The benefits of good facility management are numerous. Perhaps most importantly, it can help to reduce costs. A well-managed facility will be more efficient in its use of resources, which can lead to lower energy bills, for example. Good facilities management can also improve tenant satisfaction by creating a more pleasant and comfortable environment. Finally, well-managed facilities tend to be more valuable than those that are poorly maintained.  

Poor real estate facilities management can lead to a number of problems, including higher costs, unhappy tenants, and decreased property values. For example, if space is not used efficiently, the organization may end up paying for more square footage than it needs. If maintenance and operations are not managed properly, the organization may face frequent repair bills or have to shut down parts of the facility for extended periods of time. In addition, poor facilities management services can result in bad publicity for the community, which can lead to lower tenant satisfaction and decreased property values.  

Facility management and property management teams are two essential pieces of the puzzle when it comes to running a successful property management company. Property management teams are responsible for the overall strategy and operations of the company, while real estate facility management teams are responsible for the day-to-day operations of the building or buildings in question. Property managers can provide guidance on long-term goals and objectives, while facility managers can provide expertise on day-to-day operations.  
 

The property management team should provide the facility management team with regular updates on the status of ongoing projects and upcoming events. This will help the facility management team to better understand the needs of the property and to plan their work accordingly. In addition, the property management team should keep the facility management team informed of any changes or updates to the property management software or systems. By keeping each other up to date, both teams can ensure that all aspects of the building are being properly managed. Working together, the property management and facility management teams can create a successful property management company that provides a high level of service to its tenants.

What are your thoughts on facility management? Do you think it's essential for property management companies? Let us know in the comments!