DISTINGUISHING BETWEEN PROPERTY MANAGEMENT AND FACILITY MANAGEMENT17 May 2019
Being in the real estate industry is definitely challenging. It is not just property management that you should acquaint yourself with. There is also facility management and many other disciplines in this field. And to be able to succeed in this industry, you should know all about them. But for now, we shall differentiate between property management and facility management to make things a bit easier if you want to involve yourself with property for sale.
Property Management vs Facility Management
It is essential for someone involved in real estate to have knowledge about property management in order to be effective in the tasks and responsibilities needed in this industry. However, apart from property management, you should know that there are other areas that you should familiarize yourself with, like facility management. These are two of the areas that are career tracks in the real estate world. With knowledge of these two disciplines, you can easily identify which area of real estate you want to be a part of and train better for. And to help you start, we shall know the difference between property and facility management.
- Property Management
- Facility Management
Property management is simply the management or maintenance of a building or property. This involves the physical environment of the property, including the grounds, roofs, lightings and more.
Facility management, on the other hand, covers the basic needs or facilities delivered to the tenants or users of a building to provide the maximum living comforts as per predefined standards. This would include the services within the property such as HVAC, maintenance, common area cleaning, elevators, and more.
With these definitions, it can be said that the things that move within a property fall under facility management while those that don’t belong to property management. However, many duties and responsibilities of property and facility managers overlap, like keeping the building safe and secure for everyone. So you need to check the specific duties of a property and facility manager so you don’t confuse yourself with something else. It can be a bit challenging since the task of each will depend on the building and portfolio size, as well as on other factors. If you want to learn more about these two and about other things involved in real estate, you can check out Noor Bank property arm, Zawaya Property.
Zawaya Property is Your Property Optimiser that will help optimise the value of real estate assets through excellent property management services. Visit their website today.