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PROBLEMS AND PROSPECTS OF RESIDENTIAL PROPERTIES MANAGEMENT IN NIGERIA

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  • Chapters:5
  • Pages:49
  • Format:Microsoft Word
(Accounting Project Topics & Materials)

PROBLEMS AND PROSPECTS OF RESIDENTIAL PROPERTIES MANAGEMENT IN NIGERIA; A CASE STUDY OF KADUNA NORTH LOCAL GOVERNMENT AREA

 

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

Residential property management is emerging as a managerial science today (Kyle and Baird, 1995). It transcends beyond the role of rent collector (Li, 1997). Managing a residential property involves establishing goals, objectives and policies and implementation of strategies to achieve those goals and objectives. Singh (1994, 1996) posited that residential property management is an activity that seeks to control interests in property owner and particular purpose for which the property is held. Wong (1999) considers residential property management as the work carried out to manage and maintain the development including its facilities at the level that will retain or enhance the value of the residential property, create a safe, functional and conducive living environment for occupants, keep or restore every facility in efficient working order and in good state of repair, and project a good appearance or image for the development. Ismail (1996) regards residential property management responsibility as including all the necessary making to ensure the economic and physical vitality of residential property assets.

Residential property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain the residential property. Property management involves the processes, systems and manpower required to manage the life cycle of all public residential property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition (Njoku, 2006). According to Ebie (2012), duties involved in residential property management generally will include a minimum of these basic primary tasks

-      The full and proper screening or testing of an tenants/applicant's credit, criminal history, rental history and ability to pay.

-      Lease contracting or accepting rent using legal documents approved for the area in which the property is located.

-      Mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.

There are many facets to this residential property management, including managing the accounts and finances of the real estate/residential properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from residential property managers. Therefore, it is a necessity that a public residential property manager be current with applicable municipal, county, state and Federal Fair Housing laws and practices. In advanced countries, residential property management, like facility management, is increasingly facilitated by computer-aided facility management (CAFM).

However, managers of residential properties in Nigeria are faced with various kinds of problems ranging from uncooperative attitude from workers, poor maintenance and environmental condition, security and other basic infrastructures. Some managers in Nigeria have been able to cope with some of these challenges but the researcher will provide an overview about the problem and prospects of residential properties management focusing on Kaduna North Local Government Area.

1.2   STATEMENT OF THE PROBLEM

According to Bello (2008), residential property is more than a mere shelter; it includes all facilities within and around it, embracing a bundle of services which entails both product and process. Management of residential building embraces in all ramifications the maintenance and development process, be it economic, social, physical). In fact, management of these properties has been subject of focus by researcher in recent times based on the cumbersome nature of the process. The problem of poor management of residential properties is a global phenomenon and the severity of the problem differs from one nation to another. However, the researcher is seeking to examine the problems and prospects of management of residential property in Kaduna North Local Government Area.

1.3   OBJECTIVES OF THE STUDY

The following are the objectives of this study:

1.  To examine the problems of residential properties management in Kaduna North Local Government Area.

2.  To analyze the prospects of residential properties management in Kaduna North Local Government Area.

3.  To identify the solution to the problems of residential properties management in Kaduna North Local Government Area.

1.4   RESEARCH QUESTIONS

1.  What are the problems of residential properties management in Kaduna North Local Government Area?

2.  What are the prospects of residential properties management in Kaduna North Local Government Area?

3.  What is the solution to the problems of residential properties management in Kaduna North Local Government Area?

1.6   SIGNIFICANCE OF THE STUDY

The following are the significance of this study:

1.  The outcome of this study will educate the general public on the problems and prospects of managing residential properties in Nigeria emphasizing on its proper management and some other management challenges which will form a guide for estate managers in decision making.

2.  This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.

1.7   SCOPE/LIMITATIONS OF THE STUDY

The scope of this study on the problems and prospects of residential properties management in Kaduna North Local Government Area will cover all the basic problems faced by managers in effective maintenance of both the infrastructure and finances generated on residential property.

LIMITATION OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

 Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.8   DEFINITION OF TERMS

Management: the process of dealing with or controlling things or people.

Residential: designed for people to live in.

Property: a thing or things belonging to someone; possessions collectively.


 

REFERENCES

Bello, N. A. (2008): The Economics of Land and Housing. (Revised Edition). Abeokuta: DENAB Publication.

Ebie, S. P. O. F. (2012): The Imperative of Social Housing in the South-South Region of Nigeria. The Estate Surveyor and Valuer. Vol.37(1). July-December 2012.

Ismail, I. (1996) “The Operational Property Management Process in Large Non-property Organization in Malaysia” unpublished Ph. N. Thesis, University of Reading.

Kyle, R.C. and Baird, F.M. (1995) “Property Management” Real Estate Education Company, Chicago, II.

Li, L.H. (1997) “Property Management in China: Opportunities and Problems” Property Management. Vol. 15, No. 1. p. 6 – 11. MCB University Press ISSN 0263 – 7472.

Njoku, J. (2006): “Why ‘Cash and Carry’ Housing Transaction Persist’. Retrieved on 29/4/2009 from http://www.library.hbs.edu/hbsonly_cgi.

Singh, G. (1994) “Re-engineering property management: Sustaining Asset Value through Effective Property Management” Conference of Property Maintenance and Management in the 90’s 30 – 31 May, Kuala Lumpur, Malaysia.

Singh, G. (1996) “Property Management in Malaysia” Federal Publications, Malaysia, p. 4.

Wikipedia (2015): www.wikipedia.com

Wong, K.S. (1999) Property Management in Private Practice, Unpublished Lecture Notes, Kurus Pengunesan Hartanah dan Facilities 20 – 23, September, INSPEN

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Details

Type Project
Department Accounting
Project ID ACC1511
Price ₦3,000 ($9)
Chapters 5 Chapters
No of Pages 49 Pages
Format Microsoft Word

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    Details

    Type Project
    Department Accounting
    Project ID ACC1511
    Price ₦3,000 ($9)
    Chapters 5 Chapters
    No of Pages 49 Pages
    Format Microsoft Word

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