How optimising real estate asset performance through facility management helps

With both the commercial and residential real estate sector witnessing an unparalleled demand revival in a post-COVID world, real estate owners are looking for opportunities to unlock more value from their real estate investments. That said, both buyers and lessees are opting for well-managed buildings and spaces that are replete with modern facilities, putting the onus on real estate owners to uphold high quality standards within their premises. This is where the role of facility management firms is becoming increasingly important, be it in the daily management and upkeep of all equipment and services or fulfilling strategic objectives such as improving the overall operational efficiency. Let us look at how such firms utilise well-engineered processes and end-to-end technology solutions to enhance the overall value proposition and optimise real estate asset performance. Driving employee training and skill development initiatives With increasing technology integration and greater demands being placed on real estate assets, it is important to have a highly skilled workforce manning all building specific operations. Providing training on the latest technologies, safety protocols, and expected customer service standards is therefore a must to enhance efficiency and productivity in managing real estate assets. For real estate owners or tenants, training the employed workforce and developing the necessary skillset can be daunting, with attrition concerns further exaggerating the problem at hand. On the other hand, facility management firms are better positioned to look after such needs, with established players employing on-job trainings and online Learning management systems (LMS) to foster continuous learning. Integrating technology-driven solutions to enhance real estate asset performance While facility management is often perceived as being more labour intensive, reputed facility management firms are increasingly leveraging advanced technological solutions to maximize real estate asset performance. By deploying IoT technology, incorporating smart sensors and employing building management software or mobile app-based systems, these firms are able to exercise infinite control over various aspects of a property to extract further operational efficiencies. Consequently, processes such as managing facility access, temperature control and even monitoring energy consumption can be managed remotely, eliminating time delays and uplifting occupant satisfaction levels considerably. Other tangible benefits include better energy management, minimal human intervention and more transparent building operations; all of which can benefit real estate owners and the building occupants alike. Ensuring regulatory compliance for uninterrupted operations Staying updated on local regulations and meeting compliance requirements for commercial or residential real estate can be a tedious affair. However, adhering to building codes, safety standards, fire regulations, and various environmental reporting guidelines is essential to avoid financial penalties or legal issues that could impair regular operations. From this perspective, facility management firms are best positioned to manage all regulatory compliances and ensure timely filings, largely due to their extensive experience in managing different types of real estate assets across the length and breadth of the country. Employing sustainable practices to reduce operational costs and improve green credentials With energy costs accounting for as much as 35 per cent of the overall costs of running a building, there is an urgent need to implement energy management strategies, including the installation of energy-efficient appliances, lighting and ventilation systems. Similarly, taking steps such as installing water-saving fixtures, setting up waste water treatment plants and even implementing rainwater harvesting measures are proving to be important from an environmental perspective. Towards this end, facility management firms are armed with the relevant experience needed to setup and manage such initiatives, helping real estate owners to incorporate sustainable practices with ease. They are also well-versed with green building rating systems such as GRIHA, IGBC and BEE, boosting the facility’s chances of securing the highest energy efficiency rating under each of these certification programs. Guaranteeing regular facility maintenance and efficient operations Essentially providing support services to ensure the functionality, comfort and safety of buildings we work or live in, facility management firms are tasked with the primary responsibility of conducting daily maintenance tasks and taking additional measures to minimize downtime. They employ robust facility management practices in areas such as cleaning, equipment maintenance and even visitor management, making sure that all systems work together seamlessly to deliver a comfortable working or living environment. What’s more, by administering regular facility inspections, conducting safety audits and undertaking preventive checks or repairs, facility management firms are better positioned to establish efficient operations and maximize asset utilization levels. As a result, real estate owners or tenants can be assured that buildings will fulfil their intended purposes, leaving them to focus on their business goals instead of being embroiled in meeting productivity requirements. The author is Director - SILA. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect Firstpost’s views. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.