Understanding the nexus between facilities management and property value enhancement

By Funke Taiwo

Maintenance or management of facilities plays an important role in extending the lifespan of properties, be it private, residential, commercial or industrial properties. Without these critical and very essential endeavors, buildings would fall into disrepair. It is within a building owner’s or manager’s best interests to perform proper maintenance or hire professionals to do so, in as much as a building is an asset, a process and a product which can be one of the best and largest investments anyone can make. This will help preserve the structural integrity of the building, as well as its initial appearance and functionality. And, as a result, or when effectively done, the building will of certainty retain its value.

Unfortunately, as with a lot of assets, buildings do deteriorate over time. This is a natural process, though there are certain factors that purposely and significantly contribute more to the deterioration than others. Building maintenance which is an important aspect of building management when, and which is often neglected, or not properly undertaken, would begin to deteriorate. That is a sure consequence.

Apparently irked by the dilapidated state of public buildings and infrastructure across the country, former President Muhammadu Buhari in 2022 signed into law the Executive Order 11, a landmark order which focuses essentially on the maintenance of public buildings. The first of its kind with a policy framework for maintenance of national infrastructures, the Executive Order expects Ministries, Departments and Agencies of government (MDAs) to set up maintenance departments. The Order which gives legal backing to the country’s national maintenance policy also expects the office of the Head of Civil Service of the Federation to establish a department of federal public assets maintenance.

The initiative is expected to strengthen and sustain the development and management of infrastructures in the country.

And that tells us there is a nexus between facilities management and property value enhancement. Facilities Management (FM) covers and incorporates multi-disciplinary activities within the built industry. The aim is to improve the quality of life of people and enhance productivity in business and the workplace, by focusing or ensuring that the support services and logistics of the work environment or the organization it serves are effectively delivered, and working efficiently. That makes Facility Management closely related to Property Management. Hence, the practice of Facility Management is entrenched and embedded in property, assets, infrastructure and public facilities management.

With maintenance culture institutionalized, buildings would retain their economic life, there would be lower depreciation cost, and consequently, there would be higher productivity and profitability. In other words, proper maintenance would ensure lower expenditures on replacement, and would allow more expenditure or funds for incursion into new productive ventures and investment.

Proper Facility Management ensures sustainability of buildings and infrastructure, and also income hence; it saves government, organizations, and property owners unnecessary expenditure on repairs, while enhancing the life span of properties and infrastructure, and also enhances income at the same time. This is because Facility Management focuses more on preventive measures.

It follows therefore that the working place, working environment, the tools, structures, facilities must function and be made to enhance creativity and productivity. Good living and working environment produces the best in man.

Maintenance is a process and product in addition to restoring the weak part of the building element in order to keep the maintenance work performed. So the importance of maintenance is great, as it preserves the existing buildings and extends their life. The import of this is that maintenance work must be done continuously, carefully and in a way that achieves the required purpose.

And the required purpose is to increase the value of the property via improvement of operational efficiency, reduction of costs of maintenance, while ensuring tenants satisfaction. When these purposes are achieved, there would be a higher rate of property occupancy, and ultimately stronger and sustainable return on investment.

All said and done, facility management in addition to enhancing the values of properties, private and public assets is critical to national economic development. In as much as peoples’ efforts and activities, oil ensures that structures and institutions work, and ultimately drives development in all its ramifications.

Preserving the building in its structural, aesthetic and functional condition is the main goal of the maintenance process. I would like to recommend that Estate Surveyors and Valuers across the length and breadth of Nigeria are adequately trained to undertake Property and Facilities Managements of all assets in the best global practices, and in strict compliance to our Code of Professional Ethics.

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