Investment in real estate may yield the desired returns but a well maintained property will yield better returns, both in the short and long run. There has been a growing awareness about the need to maintain a property. While international property consultants maintain commercial property for corporate and MNCs, there are not many organizations that offer similar services for retail buyers. The concept of managing properties, ESP in the absence of owners, is popular in Europe and other Western countries.
According to the market sources, the rate of managing property varies depending on the type of building and the services required by the clients. As IT/ITES companies require round the clock services, the rate invariable is very high. Whereas the non-IT companies require considerable lesser rate. The value of a well-maintained building goes up with the passage of time. Tenants often tempted to move out of properties that are poorly looked after. It is imperative for the property developers to realize the need for facility management services as it is their reputation which is at stake.
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