The Difference Between Property Management and Facility Management
The more we delve into the FM world, the more we realize the intricacies and nuance inherent in the industry. This week I took a closer look at Property Management and Facility Management.
Of course, there are many perspectives on what defines each role, but one logical differentiation that stood out to me was that Property Managers oversee buildings that are an asset to its owner and generate revenue while Facility Managers oversee buildings that don’t directly generate revenue.
From my understanding, the key here is that Property Managers are tasked with financial duties such as budget projections and tenant rent collection as well as certain operational activities like site inspections, renovations, security, and the hiring of janitorial, general maintenance, and landscaping staff. Their priority is to ensure tenants are happy and that the money keeps rolling in. Facility Managers are tasked with ensuring a building/campus runs as efficiently as possible, from overseeing assets and space utilization to managing and streamlining processes and systems. Understanding their company’s core business strategies is crucial because everything the FM does should ultimately be geared towards helping to reduce facility costs, improve productivity, and put the company in the best light possible to aid in generating revenue elsewhere within the organization.
Is this what you’ve encountered or are you seeing something different? Would love to hear your insight!