Exploring the Key Differences Between Property and Facility Management

Property management and facility management are two different terms that are often used interchangeably. But, there are key differences between them. Property management is the process of managing and maintaining real estate or property, while facility management is the practice of managing and maintaining a facility, such as a building or a campus. In this blog, we will explore the key differences between property and facility management, the role of property managers and facility managers, the benefits of facility management and the services provided by facility management companies.

What Is Property Management?

Property management is the practice of managing and maintaining residential and commercial real estate properties as financial assets. Property managers are responsible for handling the day-to-day operations of the property, such as rental agreements, rent collection, tenant relations, maintenance and repairs.

Companies and individuals engaged in property management must possess a deep understanding of the local market, the legal aspects of property management, and the most effective strategies to manage a property. Property managers also ensure that the property is in compliance with locals and national laws and regulations, such as building codes and safety standards. Property management services aim to maximise the value of the property for the owner while ensuring that tenants have a safe and comfortable living or working environment.

What Is Facility Management?

Facility management is the coordination and management of the physical workplace with the purpose of ensuring that it supports the needs of the organisation and its occupants. It looks at managing properties or facilities from an operational perspective. This includes the maintenance, operation, and improvement of the building and its systems, such as HVAC, plumbing, electrical, and security. Facility management also includes managing and scheduling the use of space, overseeing custodial and maintenance staff, and managing vendor relationships. Additionally, facility management services may also encompass safety and compliance, sustainability and emergency preparedness. The ultimate goal of facility management is to create and maintain a safe, efficient, and productive work environment.

Facility management teams must be well-versed in the laws and regulations governing the facility and should be able to manage and coordinate the various departments within the facility. Finally, facility managers must be able to ensure the facility is properly maintained and managed, and that all repairs and maintenance tasks are completed in a timely manner.

Key Differences Between Property and Facility Management

Property management and facility management are two distinct fields, although they do have some overlapping responsibilities. The key differences between the two include:

Scope of responsibility

Property management focuses on the management and oversight of real estate properties, while facility management focuses on the coordination and management of the physical workplace.

Type of property

Property management typically deals with residential or commercial properties, while facility management deals with buildings and facilities of any kind, such as offices, warehouses, and manufacturing plants.

Tenant relations

Property management is primarily focused on managing the relationship between the property owner and tenants, while facility management is focused on ensuring that the facility supports the needs of the organisation and its occupants.

Maintenance and repairs

Property management services enable routine maintenance and repairs of a property, while facility management services enable the maintenance and operation of the building and its systems, such as HVAC, plumbing, and electrical.

Compliance

Property management is responsible for ensuring compliance with housing and eviction laws, while facility management is responsible for ensuring compliance with a wider range of regulations, such as safety and health codes.

Financial management

Property management is responsible for the financial management of the property, such as collecting rent, creating budgets and preparing financial reports, while facility management is responsible for managing the facility budget, managing vendor relationships and controlling costs.

Benefits of Facility Management

Facility management has numerous benefits, such as improved efficiency, cost savings, and improved customer service. The primary benefit of facility management services is improved efficiency. Facility managers are able to coordinate and manage the various departments within the facility, such as maintenance, housekeeping, and customer service. This helps to ensure that all tasks are handled efficiently and that the facility is operating at its peak performance.

Cost savings is another benefit of facility management. Facility managers are able to identify potential opportunities for cost savings and implement measures to reduce costs. This helps to increase the profitability of the facility. Facility managers are able to ensure that all customers are well taken care of and that their needs are being met. This helps to build customer loyalty and increase customer satisfaction.

Services Provided by Facility Management Companies

A facility management company provides a wide range of services to its clients including facility maintenance, security and housekeeping services along with soft services. Facility maintenance services involve the routine maintenance and repair of the facility. This includes HVAC systems, electrical systems, plumbing systems, water treatment systems, building automation management systems (BMS) and security systems. Moreover, facility management also provides business support services such as staffing and payroll, office support, reception and help desk and mailroom services among others. They also deploy production support services that include loading and unloading, packaging, warehouse management and more.

Housekeeping services involve the cleaning and upkeep of the facility. This includes the cleaning of common areas, floors, windows, bathrooms, and other areas of the facility. Security services involve the monitoring and protection of the facility. This includes the monitoring of the facility’s security systems, the installation of security cameras and the hiring of security personnel.

If you’re looking for a professional and reliable integrated facility management company, contact Unify today to learn more about how our facility management company can help you.