PROBLEMS OF PROPERTY MANAGEMENT AND ITS SOLUTIONS IN NIGERIA

ABSTRACT

Property management is a vital aspect of real estate profession. To a nonprofessional 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 from 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 introduce the service charge approach for maintenance work.

CHAPTER ONE

1.0 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 authors experience of nonchalant 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. Nwankwos 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 values 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.