PROBLEMS AND SOLUTIONS OF PROPERTY MANAGEMENT
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PROBLEMS AND SOLUTIONS OF PROPERTY MANAGEMENT
INTRODUCTION TO CHAPTERS ONE AND TWO
A non-professional estate agent’s role in property management is limited to collecting rent.
Real estate management entails more than just collecting rent. A property manager is involved in managerial decision making and issue solving. He also undertakes a variety of actions and tasks affecting the portfolio of real estate assets handled on behalf of his clients, such as planning, organising, directing, and controlling.
This is significant since one of the characteristics of real estate that distinguishes it from other investment media is the need for management.
Because of the increasing pace of technological development or innovation, particularly in the construction of high-rise and high-tech structures in our cities, there is a need for a trained manager who can deal effectively and efficiently with the latter’s management problems.
Multi-tenanted properties, such as office buildings and residential residences, offer the surveyor with the most management challenges.
The author’s experience with the nonchalant attitude of a large number of property investors towards property management led the selection of this topic.
1.2 OBJECTIVES OF THE STUDY
The research will look into property management issues and propose methods to address them.
1.3 SCOPE
This project will be limited to a few selected properties in Abuja’s metropolis, which would include.
1. House of Refuge
2. Alaji M.D. Shitus’s property on Plot 801 Malumfashi Close Area 11, Gariki Abuja.
3. The property of C.O.C. Enterprises in Karmo, Abuja
4. Mrs. Nwankwo’s property at Plot 118 Tunis Street, Zone 6 Wuse, Abuja
1.4 RESEARCH METHODOLOGY
The following methods were used to acquire data for this investigation.
1. The fundamental method
2. Secondary procedure
The primary data collection method entails the delivery of questionnaires to some practising estate surveyor values as well as some land lords.
It entails a professional personal interview.
Secondary data are those gathered from previously published publications (e.g., journals, newspapers, magazines, etc.).
1.4 DEFINITION OF PROPERTY MANAGEMENT
Property management, according to Michael Thorncraft, is the direction and supervision of an investment in landed property with the goal of maximising return. This return, which may or may not be financial, may take the shape of social advantage, position, reputation, political strength, and so on.
Property management, according to John P. Macey and Charles Baker, is the use of skill in caring for property. Its surroundings and amenities, as well as in developing a sound relationship between tenants themselves, in order that the Estate,
as well as the individual house, may give the fullest value to both the land lord and the tenants, it is desirable from the land lords point of view that the property should be efficiently and economically maintained and managed as much as possible, while from the tenants point of view, the house should provide a home, the focal point of full and happy lives.
1.6 APPROACH TO PROPERTY MANAGEMENT
In this study, two types of property management approaches are used.
(i) Management strategy based on active participation
(ii) An method to passive management
Approach to active management: This form of management includes both long-term and short-term initiatives. This entails the property manager’s constant attempt to be active in all matters related property improvement, maintenance, repairs, conversion, extension, and so on.
The benefit of this management system is that it allows the property manager to be informed of all issues concerning the property. Because his attention is required whenever property-related issues arise. This gives him the opportunity to assess the condition of the property and identify all necessary actions to maximise the return.
It also allows the manager to detect and correct faults at an early stage, preventing them from becoming more difficult and thereby extending the life of the property.
Approach to Passive Management
This is a management system in which the manager has little or no involvement in the property’s management.
This approach has a disadvantage, especially if the tenant has a nonchalant attitude towards the property’s maintenance. The property manager may also lose control of what is going on in the property and discover the damage done to the property when it is too late and requires more funds to repair.
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