Facility management is an integral part of real estate management. It involves the management of buildings, grounds, equipment, and other assets of an organisation. Facility management plays a crucial role in ensuring the smooth running of a real estate property, and it is essential for maximizing the value of the property.
What is facility management?
Facility management is the handling of buildings, grounds, equipment, and other assets designed to help investors. It involves a wide range of activities, including maintenance, repairs, cleaning, security, energy management, and environmental management. A real estate agent or property management company is tasked with ensuring the smooth running of an investment property and providing a safe and comfortable environment for the occupants.
Importance of facility management for real estate investors
Enhances the market value of the property
The importance of facility management cannot be overstated when it comes to increasing the worth of a real estate asset. A well-managed property attracts more renters, and it commands a steady cash flow. Facility management helps to maintain the property in good condition, ensuring that it is always in a state of readiness to receive tenants. A property that is well-maintained and managed is more likely to attract and retain tenants, which ultimately increases its value which becomes necessary when selling a property to potential buyers in the future.
Improves the tenant experience
The tenant experience may be greatly enhanced with proper facility management. Facility management ensures that tenants' needs for a secure, hygienic, and comfortable environment are addressed. Facilities managers are in charge of keeping the property clean and well-maintained, making sure that repairs are made quickly, and keeping it in good condition. Tenant satisfaction and retention rates are better when a property is well-maintained in the eyes of the renters.
As facility managers are in charge of optimising energy consumption, minimising water usage, and minimising waste, they play a critical role in lowering operational expenses. Facility managers may considerably lower energy expenses by putting energy-efficient strategies in place. They can also lower water expenses by putting conservation measures in place. For the property owner, all of these actions result in considerable cost savings.
Increases real estate asset lifespan
The lifespan of assets on the property is extended since facility managers are in charge of maintaining equipment and systems to make sure they are in excellent operating order. Facility managers may recognise possible problems and take action before they develop into serious concerns by putting in place a preventative maintenance programme. Technology helps equipment and systems last longer and requires fewer expensive repairs or upgrades.
Improves safety and security
As facility managers are in charge of making sure the property is secure and that all safety precautions are in place, facility management is essential for enhancing safety and security on the property. They are in charge of keeping sprinkler, fire extinguisher, and alarm systems in working order, as well as making sure that emergency exits are correctly marked and that all safety precautions are taken. Moreover, they are in charge of keeping security systems up to date, making sure that all access points are safe, and seeing to it that all security protocols are followed.
Facilities managers are in charge of putting energy efficiency procedures in place, cutting back on water use, and minimising waste. They help lessen the property's carbon footprint and its negative effects on the environment by doing this. Facilities managers may also put sustainable practices in place, including green cleaning, to make sure the building is managed sustainably.
Provides effective communication
Facility management also provides effective communication between property owners, tenants, and service providers. The facility manager acts as a liaison between these parties, ensuring that everyone is on the same page and that communication is clear and effective. This helps to prevent misunderstandings and ensures that everyone is working towards the same goals.
When it comes to managing risk on the property, facility managers are responsible for identifying potential hazards and implementing measures to mitigate them. To lessen the possibility of a fire, they may, for instance, spot a possible fire danger and take appropriate action. By efficiently managing risk, facility managers assist to assure occupant safety and limit the danger of costly liability claims.
Property owners benefit from flexibility provided by facility management. Facility managers are able to respond to shifting conditions and offer specialised solutions that are tailored to the particular requirements of the facility. For instance, the facilities manager can create a plan that satisfies the objectives of a property owner who wishes to apply sustainable practices. In order to guarantee that the property is handled as effectively and efficiently as possible, facility management offers flexibility.
Ensures compliance with regulations
Building laws, fire codes, environmental restrictions, and health and safety standards are only a few of the rules that apply to most properties. Facility management ensures that the property complies with all these regulations. Facility managers are responsible for ensuring that the property meets all the regulatory requirements and that all necessary permits and licences are obtained.
Why do you need facility management experts for your property?
It's essential that investors have effective facility management to help maximize the the value of a property. The property's value is increased, rules are followed, tenants have a better experience, running expenses are decreased, safety and security are improved, asset lifespan is extended, sustainability is supported, effective communication is provided, risk is managed, and flexibility is offered.
Property owners may boost revenue, tenant happiness, and environmental benefits by investing in facility management to make sure their property is handled as effectively and efficiently as possible.
Need a facility management company to maximize your property's value?
If you own residential or commercial real estate in Ghana, don't delay in connecting with Akka Kappa, a top real estate company in the country, to take advantage of their first-rate facilities management services to maximize the value of your property. Make the first move towards raising the value and profitability of your rental property by getting in touch with Akka Kappa today to learn more about their services.