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Property Management typically refers to the management of the physical environments and typically includes the grounds / roofs / lighting etc.
Facilities Management is the management of services within the property such as HVAC / Elevators / Data Centers etc.
Simply put - If it moves its the responsibility of the Facilities Team, if it doesn't it belongs to the property team
Property Management is simply building or property maintenance while Facility Management covers the basic needs or facilities delivered to the occupent or tanent to provide him the maximum living comforts as per predefined standards, thoughboth of them needs management of HR, financial & material resources.
“Facilities Management is the process by which an organization delivers and sustains support services in a quality environment to meet strategic needs”
Property management is the operation, control, and oversight of commercial, industrial or residential real estate.
I agree with all the answers....one second let me answer it very simple way..............Property Management - Services only related to Buildings and Real Estate part only..But In Facility Management it includes services related to Property and the tenant who going to use various up to date services that property has and maintaining day to day availability of the services.
Facility management focuses on maintenance of property. It dwells more on the monitoring and administering of buildings inorder to create a conducive environment which enables the smooth operations of the businesses' core objectives. It also involves other aspects such as space management and rationalisation. Property management on the other hand is broader as it involves property maintenance, real estate investments , lease administration. Property management is thus the core business activity in which the property manager has to protect the interests of the investors.
Generally speaking, Property Managers care for a building for the sake of the building and its owner. They collect rent, they keep the building maintained to ensure it retains its value, they answer to the landlord or investors. ... Facility Managers care for a building for the sake of the people in the building.
Facilities Management is generally related to the end user of a building. A good FM team would be ensuring that a building(s) would be utilised to its optimum to boost performance and efficiency. In addition the building(s) would be safe and working to best practice.
Property Management is usually related to the building itself. Ensuring the efficient use of the building to increase revenue generated from the building(s). It is also in a Property Managers interest that a mutually beneficial relationship exists between owner/occupier.
These differences however may vary as a result of different agendas that both owner/occupier may have.
It almost the same ,facility management means to manage the building serviceslike Electrical, mechanical and secuirity,
the property management deals als with tenants, and their needs
PM:
For property manager the building is an end in itself.
Property Managers priority isto increase the net operating income& value.
property manager actson the principle consideration of the planned business cycle of an asset,which is lease determined.
Property manager is focussed on qwner/tenant relations management inorder to achieve balance of interests.
Property managers control allproperty generated revenues & expenditures for their investor owner clients.
FM:
Facility manager is a representative of the building user/occupier.
Facility managers priority is to increase the users primary business effectiveness & productivity.
FM is focussed on end user and occupierworkplace needs & demands.
FM manager acts on the principle:consideration of the whole life cycle of an asset.
Property Management Describes the roof ,Floors ,Electrical Equipments HT/LT Sides.
Facility Management Describes total Facility department .it is important for data centres and IT Centers because large number of asserts used in Telecom sites..
basicly in most of the companies property management is a devision of facility management, facility management is handling the day to day operation for maintenance scheduling the work to be done arranging the materials in their store and maintaining the property. in the other hand the property management usualy is considered as a connection chain between the tenants and facility management in case if there is a delay for any maintenance issue, supervising the operations and to push whenever the delay is, supervising the safety & security, dealing with governmental devision moreover property management is the devision making sure that property is reaching the required standard.
