Facility Management in Residential Sector

Residential spaces are constantly looking for extravagant lifestyles in their environment that also combine safety and high class security features. For a community to thrive well in these settings, it is crucial that they not only experience hygienic and disinfected areas but also a comprehensive fresh and green neighborhood. 

Facility Management or facilities management is often referred to as an organizational principle as per ISO Standards (ISO 41001) which collectively combines people, place and process in a certain environment by keeping in mind the improvement of quality of life of its people and productivity. 

The main core functions of Facilities Management can make it quite hard to nail down the scope of work that comes under. In order to make it more understandable, it can be divided up into 5 categories such as maintaining and optimizing the facilities, establishing and streamlining the processes involved, supporting people, management of projects and integration of technology. There is a steady increase in the number of stand-alone residential buildings and gated communities that typically choose to outsource their property management services. This rising trend will continue to grow depending on the client’s needs.

Importance:

From handling housekeeping services to looking after the operational functionalities of building infrastructure, FM plays a predominant role in the real estate domain. The administration of real estate assets requires a special skill set and resources which only a devoted team can provide. Ultimately, the importance of facility management is always dependent upon the needs and goals of the client in their property/residential setting. 

Outsourcing an FM always ensures that stress and pressure are kept at bay, while the experts look into all the issues under one roof. The facility management company is directly responsible for checking if the requirements are met so as to deliver a sustainable and effective solution in the long run.

Benefits:

1. Safeguarding occupants and their premises: In a real estate space, there are numerous rules and regulations that must be considered. An organization that specializes in this area will deliver those expertise to make sure the safety equipment functions well, preventive maintenance has been taken care of and all systems are prepared for unforeseen situations. 

2. Decreased management costs: As all the facilities are managed under one FM team, it drastically takes the load off individuals handling multiple activities. This in turn will enhance the owners to just focus on financials involved such as budgetary requirements and other expenses. 

3. Efficient maintenance: The FM team not only manages the day-to-day activities of a building but also makes sure the systems and equipment available in the locality are up-to-date and in working condition, in case any emergency arises.

4. Customized plan: Often when people hire individual vendors it’s quite hard to find an expert who would cater to specific goals and needs. By working with an FM company as a whole, they develop a customized plan that would include special requirements tailored for the residential setting.

Future Trends:

Apart from its contribution towards extending support by reacting to emergency situations and by thoroughly delivering service to homes in terms of look, feel, value and timely maintenance, facility management is booming in the real estate sector. The developers from real estate sectors can greatly advantage in terms of revenue generation from opting FM services.A report published in 2021 by Expert Market Research confirms that India’s Facility Management sector has been quoted with a market value of around USD 51 Billion. This industry is expected to grow rapidly and is sure to touch around USD 117 Billion by 2027. With an increasing favor towards a clean, safe and secure environment and the continuous growth of gated apartments and multi-featured residential buildings, standard facility management services have become a pressing priority.