An experienced facilities management firm can help you maximize your real estate investment by providing a wide variety of services that extend the life of real estate, enhance the equipment or technology offered, and improve the tenant experience. In this article, we’ll outline some of the duties and best practices that a good facility management firm can provide you.
Most facilities management firms have in-house staff perform routine maintenance and repairs on HVAC, plumbing and electrical equipment. These firms also have superior relationships with contractors to keep costs low, when major repairs are required. Routine maintenance is critical to reducing long-term costs, avoiding costly repairs and capital expenditures. Well-maintained properties result in higher customer satisfaction and tenant retention, increasing property profitability.
The best property managers will pro-actively make recommendations to property owners about improvements that can force appreciation. Forced appreciation occurs when a property increases in value because of the actions of the owner, not necessarily market conditions. The result is often increased rental income and/or reduction of expenses. So, it’s extremely valuable to have a property manager that understands the complexities of real estate with an eye the property owner’s goals and can make these types of recommendations.
Facilities managers ensure the building and its mechanical systems are performing at peak function. In addition, they should be constantly evaluating new processes and technologies that will reduce operational costs, improve efficiencies, and enhance the customer experience. As the building ages, facilities managers will be pro-active in making recommendations to extend the life of existing equipment or performing analysis to determine the ideal time for a replacement. These services can improve profitability and help the owner plan for capital expenditures.
A well-maintained building provides a superior customer experience. This results in longer customer retention times which reduces cost, increases profitability, and may even result in increased market rental rates.
Residential and commercial property owners recognize the inherent value of working with a reputable Facilities Manager firm. Rachuba Real Estate Advisors provides a wide variety of facilities management services. In addition, we understand how these services can positively impact the value of the real estate. Contact us today to tap into our expert facilities management services and enjoy the rewards of property ownership!