Previously, I looked at the planning and construction phases of a development project. In this post I want to focus on the last and final phase: the management of the development once it is completed. This describes the on-going life of the development and is proportionally the longest phase of all. I consider it to be part of the development cycle because it is here that the investment is maintained and maximised over time. As a business, we are also committed to responsible development that leaves a positive legacy on the world, and as such, this final phase is one we at GeoAfrika take very seriously.
Ensuring a long and successful life for developments
In this phase, there are two main functions to consider – property and asset management. These cover all the components of the built environment, from what is inside it (asset management) to the maintenance of the building and services (facility management) and the on-going strategic management of developed assets (property management). By combining legal expertise, technologically advanced systems and seamless property management, we’re able to offer clients a complete solution for this entire phase, led by our Property and Facility Management division.
The specific post-construction management required for a development depends on its end-use. In residential properties you have entities like body corporates, homeowners’ associations and managing agents involved, while with commercial properties you have a particular focus on the fixed and movable assets. All components require careful maintenance and management plans to ensure an optimal return on investment. Taking this macro view of the development is something GeoAfrika is well-versed at, and like in other stages of development, it is the big picture custodianship we offer that truly brings value to our work.
Failing to plan for Facility Management is expensive
Estimations of the operational lifecycle costs of a building vary from between 60-80% of the total investment cost and yet developers still often fail to plan correctly for the largest portion of their investment. In a recent study conducted on The Factors Influencing Facilities Management Cost Performance in Building Projects, the researchers identified five major factors that influence the cost performance (ie actual vs budgeted cost) of Facility Management (FM):
- Design errors
- Lack of maintenance plan
- Poor understanding of FM during design and construction
- Underestimating the impacts of FM
- High maintenance cost due to lower maintenance quality
At least three of the factors are linked to poor planning and understanding of the importance of cohesive planning for Property and Facility Management from the inception of a project.
Image Credit: Jhosie Espantaleon | Unsplash
There are a few ways we are able to tackle this part of the development cycle more efficiently and holistically than others. For a start, our in house Reality Capture expertise means we’re able to create accurate records of all aspects of a built form, captured using Building Information Modeling (BIM) and 360 imagery solutions. This allows for data-rich, up-to-date models of a development that ensure maintenance is conducted when needed, and accurate and consistent records are kept. Combining these visually rich models with our custom-built Property Management App, our teams are able to empower facility managers at any location to easily manage faults and seamlessly procure maintenance service providers. It means GeoAfrika Property Management is able to proactively keep developments in the best condition, without the owners or tenants needing to continually report issues.
In the property management space, the interaction between the different professional specialisations from the inception of a project is as important as in the other phases of development. Here, our legal, technology and facility management teams are able to come together as and when needed to present a single, seamless solution for clients. From lease agreements, dealing with tenants and ensuring the ongoing maintenance, GeoAfrika is able to take care of the tangible and intangible aspects that all impact on a development’s ROI.