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PROBLEMS
OF PROPERTY MANAGEMENT AND SOLUTIONS
ABSTRACT
Property management is a vital aspect
of read estate profession. To a non professional estate agent property
management entails only vent collection and receiving of fee, but there are
other aspects of it which intake the expertise of a professional Estate agent
to task. These include selecting the right type of tenant for a particular property
arrangement and execution of leases, advising on insurance policy and rating
assessment and ensuring that they are settled regularly, defining maintenance
obligation of both the land lord and the tenant.
Beside all these, there are so many problem associated with property management
which ranges form attitude of the land lord inflation, political and economic
factors, particular circumstance of individuals properties etc.
This study will therefore examine these problems and proffer solutions.
Proffer
Solution: It
is the responsibility of the manger to ensure that the defects are properly
repaired. In a situation where the management agent is responsible for
maintenance of the property, the agent must be very prudent with maintenance
cost, and ensure that client receive good value of their money. If it is
multiple occupied properties, the manager will or have to introduces the
service charge approach for maintenance work.
TABLE OF CONTENTS
CHAPTER
ONE
1.1
Introduction
1.2
Objective of Study
1.3
Scope
1.4
Study Methodology
1.5
Definition of Property Management
1.6
Property Management Approach
CHAPTER
TWO
Functions of property management
2.1
Preparation and Interpretation of Lease
2.2
Advising and Arrangement of Insurance Transaction
2.3
General and Routine Maintenance of Property
2.4
Rent collection
2.5
Action Under Lease
2.6
Multiple Ownership
2.7
Property Counseling
CHAPTER
THREE
Problems of property management
3.1
Location and Design
3.2
Lease Agreement
3.3
Rent Collection and Renewal
3.4
Disagreement Over Utility Bills
3.5
Maintenance and Repairs
3.6
Uncooperative Attitude of some Land Lord
CHAPTER
FOUR
Case study
CHAPTER
FIVE
5.1
Summary of findings
5.2
Conclusion
5.3
Recommendation
CHAPTER
ONE
1.1
INTRODUCTION
Property management
to a non – Professional Estate agent entails mere collection rent.
Real property
management goes beyond mere collection of rent. A property manger gets involved
with managerial problem solving and decision making. He also performs several
activities and tasks involving planning, organising, directing and controlling
with respect to the portfolio of real estate assets being managed on behalf of
his clients.
This is important
since one of the features of real property that distinguishes it from other
investment media is its requirement to be managed.
Because of the
increasing pace of technological development or innovations resulting
particularly in the construction of high rise and high technological structures
in our cities, there is need for a trained manager who is able to cope
effectively and efficiently with management problems arising from the latter.
Multi – tenanted
properties such as office blocks and residential houses present the greatest
management challenge to the surveyor.
The author’s
experience of non-challant attitude of a good number of property investors
regarding the management of the property prompted the choice of this topic
1.2
OBJECTIVES OF THE STUDY
The study will
examine the problems of property management, and proffer solutions towards
rectifying these problems
1.3
SCOPE
This project will be
limited to a few selected property in Abuja metropole, which includes.
1.
Shelter House
2.
Alaji M.D. shitus property on Plot 801 Malumfashi Close Area 11, Gariki Abuja
3.
C.O.C. Enterprises property in Karmo, Abuja
4.
Mrs. Nwankwo’s property on Plot 118 Tunis Street Zone 6 Wuse, Abuja
1.4
STUDY METHODOLOGY
This study is based
on data collected by the following methods
1.
Primary method
2.
Secondary method
Primary
Method: Primary data
collection involves the distribution of questionnaires among some practicing
Estate surveyor value’s as well as some land lords.
It involves the
personal interview of professional.
Secondary Method:
Secondary data are those collected from previously published works (e.g.)
Journals, newspapers, magazines etc.
1.5
DEFINTIION OF PROPERTY MANAGEMENT
Michael Thorncraft
defined property management as the direction and supervision of an
interest in landed property with the aim of securing the optimum return. This
return, which may not always be financial may also be in the form of social
benefit, status, prestige, political strength etc.
John P. Macey
and Charles Baker defined property management as the application of skill
in caring for property. Its surrounding and amenities, and in developing a
sound relationship between tenants themselves, in order that the Estate, as
well as t he individual house may give the fullest value to both the land lord
and the tenants, from the land lords point of view it is desirable 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 life for the family.
1.6
PROPERTY MANAGEMENT APPROACH
There are two types
of property management approaches used in this study.
(i)
Active management approach
(ii)
Passive management approach
Active management
approach: This type of management encompasses
both long term and short time strategies. This involves constant attempt by the
property manager is involved in all issues concerning improvement maintenance,
repairs, conversion, extension, of e property etc. The advantage of this system
of management is that it enables the property manager to be aware of all
problems concerning the property. Since his attention is required at any time
matters regarding the property comes up. This provides him with an opportunity
to asses the state of the property and determine all necessary actions needed t
obtain maximum return.
It also makes it possible for the manger to detect defects, and remedy them at
an early stage to prevent it from degenerating into a more complex one, there
by prolonging the life of the property.
Passive Management Approach
Passive Management Approach
This is a system of management where the manager takes little or no part in the
management of the property.
This approach has a disadvantage especially in a situation where the tenant
exhibits a non – chalalant attitude towards the maintenance of he property, the
property manager may also loose grip of what goes on in ht e property and may
discover the damage done to the property when it is already later and require
more funds to undertake repairs.
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