How Valuable Are Your Clients Investments?
Do you manage more than just the tenants in the properties in your portfolio? Asset management Software for Sage will help you increase the value of your portfolio. Facility management is more complex as its adaptability and extensive range in services can cover everything in a portfolio or one specific area.
There are fine lines between property, facility and asset management, many of the roles and expectations overlap, however the intentions are often much different. Facility management is one of the fastest growing industries in the UK as it becomes more specialised.
Getting to Know Property, Facility and Asset Management
You would think that property management would be self-explanatory but that role raises many questions depending on who you are.
- Letting agents offer property management services, charged to the landlord to cover maintenance work such as faulty boilers etc.
- Property management for commercial portfolios often includes the full service from finding tenants and collecting rent to completing maintenance work such as replacing the faulty boilers but also the communal areas where businesses share kitchens, lifts and gardens. The cost of these are often split equally with a service charge budget.
- Then there is property management for residential flats, often labelled ‘block management’. This service concentrates on the non-occupied areas of a building such as the external structure, hallways and car parks. Like with commercial portfolios, this cost is split equally amongst the leaseholders in a service charge budget.
An asset can be anything of value, to manage that asset it is essential that you increase its value and performance. This could be any investment including property which has become an increasingly popular way to invest money, whether that is as a buy-to-let landlord with a handful of properties to fund their retirement or large acquisitions for either commercial use or residential tenancies.
When it comes to managing large projects, complex portfolios or multi-purpose sites facility management is the service that can specialise in improving everything from ROI of the properties within the portfolio, maximise space or improvements within the operation.
Offering these services for your clients often requires a bespoke approach as the work can be varied and require specific results.
Working impartially for both the landlord/freeholder and the tenant/leaseholder can be a challenge in itself. It is essential to deliver transparency in your reports and clarity in how you can communicate. This can be time-consuming if there is no system in place.
Asset management is often a challenging procedure as it is unique to every client and their expectations don’t always match reality so the relationship between provider and client must be close to ensure investments are inline and updated regularly.
Understanding the asset and the market is essential, lowering the cost to maximise the value is equally important.
Facility managers can take care of a whole project but this requires experience and specialised skills, finding staff who can do that isn’t always easy.
The Services of Asset Management
Asset management is a valuable addition to any service provider as clients can see their ROI increase, allowing them to grow more cost-effectively.
- Improve the value of the assets
- Research further investment opportunities
- Monitor the assets location, condition and functions
- Cut-costs on the services you provide and the contractors you use
- Improve efficiency by consolidating your workload
- Provide transparent reports on the assets you manage
The Services of Facility Management
Facility Management is an extensive and complex area which covers a lot of ground. This adaptability can include property management itself or work alongside property managers. Here is just a selection of what a facility manager can do.
- Communicate with clarity and provide transparency in reports to all parties
- Bring sustainability to every area in the business (from employees to properties)
- Maximise usage of buildings during maintenance and refurbishments
- Work with contractors and clients to ensure work is completed on time and to budget
- Look after the structure and fabric of the building and how it operates
- Ensure the space in the building is being used to its full potential
- Work with clients closely for feedback
- Introduce climate control to buildings to make savings on energy and impacts on the environment
- Implement Health and Safety standards within buildings
- Increase the potential of employees
- Provide bespoke services to each client
- Solve business problems to work more efficiently
- Build relationships with suppliers to minimise costs
- Manage buildings and employees across different sites
- Implement security services throughout the business
Asset managers look to improve the value of the assets within a business whilst the facility management is focused on improving the way a business is run.
Whether you manage assets or facilities, your goal is always to improve the ROI for your clients.
Decorus for Sage
Decorus for Sage is a solution capable of managing large portfolios, maintenance work, assets and financials all in one package. To see how you can increase the value of your portfolio arrange an online demonstration of our asset management software for Sage. This is a high-powered desktop solution which can be hosted in the cloud for convenience.