How has the property management sector transformed over the years?
Property management traditionally involved overseeing every aspect of commercial and residential properties on behalf of owners and building associations. This included day-to-day operations such as screening tenants, collecting rent, handling maintenance issues, and ensuring legal compliance. The sector used to be quite unorganized, but in the past 5-6 years, it has become much more structured. The introduction of technology and ESG reporting has been transformative. Today, property management companies offer integrated facility management services, financial and ESG advisory and audits, renewable energy setup, project management consultancy, AMC support, and procurement advisory. These services allow property owners to focus on their core business while everything else is managed. From installing smart technology and integrating IoT to managing waste and water, property management companies ensure the smooth operation of tenants' and property owners' day-to-day activities.
What are the advantages of having a developer owned property management arm?
Developer-owned property management teams typically have comprehensive knowledge of a building's design, construction materials, and systems, allowing for more effective maintenance and problem-solving. We collaborate with the developer from the inception of a project, contributing to design, MEP (Mechanical, Electrical, and Plumbing) design and installation, ESG compliance, and the Design Basis Report (DBR). This close involvement facilitates better upkeep and extends the asset lifecycle of the buildings. Developers often have a long-term investment in the property, ensuring that property management aligns with the developer’s vision and standards for the asset. Maintaining a high standard of management helps protect and enhance the developer’s brand reputation. Developer-owned property management arms can seamlessly coordinate between property development, leasing, and management, ensuring a cohesive approach to property services. With fewer intermediaries, communication between property management and the development team can be more direct and efficient.
We leverage economies of scale, potentially reducing costs for maintenance, bulk purchasing of materials, and services, with internal resources, such as legal, financial, and technical expertise. Having been involved from the outset, we often establish relationships with tenants, fostering better communication and service. We are more committed to providing high-quality service to maintain tenant satisfaction and occupancy rates. With a vested interest in the property’s success, we stay proactive in addressing issues and implementing improvements. Often making decisions more quickly without the need for external approvals, leading to faster resolution of issues. Access to cutting-edge property management technologies and innovations that enhance operational efficiency and tenant experience, we are often at the forefront of implementing sustainable and energy-efficient practices, adding long-term value to the property.
How does Embassy Services provide ‘Procurement as a Service’ which is unique and not provided by others?
Embassy Services (ESPL) exemplifies an Property Management company prioritizing ESG-centric procurement, empowering clients to drive sustainable change through comprehensive services. We excel in managing Annual Maintenance Contracts (AMCs) by coordinating with ESG-adherent vendors to optimize resource use and prolong asset lifespan. Our tender management incorporates ESG criteria, fostering supplier innovation in renewable energy and waste reduction. ESPL negotiates favorable terms while upholding sustainability standards and closely monitors Service Level Agreements (SLAs) and Key Performance Indicators (KPIs) to ensure vendor performance in environmental compliance and ethical practices. By consolidating purchasing activities, we achieve economies of scale and reduce carbon footprints. Prioritizing local sourcing minimizes transportation emissions and supports regional growth. At every step, ESPL embeds ESG principles, ensuring sustainability remains central to our procurement decisions.
How is ESPL supporting India’s vision of net-zero and climate action?
At ESPL, we prioritize Net Zero for environmental responsibility, financial benefits, regulatory compliance, future-proofing assets, and fostering innovation. To facilitate smooth transitions and measurable progress, we offer renewable energy advisory services, including energy wheeling, solar rooftop, solar farms, and wind energy management. Currently, we manage over 460 million units of renewable energy aiding our clients in achieving their ESG goals. We also have a focused ESGRO (ESG-Focused Real Estate Operations) group which emphasizes on ESG reporting and audits, supporting clients in energy and water conservation, waste management, and maintaining buildings to standards such as LEED, Sword of Honour, and ISO certifications, thereby validating their commitment to sustainability.
What is the next focus area of ESPL’s growth avenues?
While we will continue to grow in our IFM services to new regions and industries, our strategic emphasis lies on enhancing our Project Management Consultancy services and renewable energy advisory, aiming to facilitate the adoption of renewable energy across all client sites. Anticipating substantial growth, we project our workforce to reach 20,000 by 2026, alongside a targeted revenue increase of 15 percent by 2026.