PROBLEMS AND SOLUTIONS OF PROPERTY MANAGEMENT IN NIGERIA
Property management is an important part of the real estate industry. Property management may appear to a non-professional estate agent to comprise merely fee collection and receipt, but there are other aspects of it that require the skills of a professional estate agent.
These include selecting the suitable sort of tenant for a specific property arrangement and lease execution, advising on insurance policy and rating evaluation and ensuring that they are settled on a regular basis, and establishing maintenance obligations for both the landlord and the tenant.
Aside from this, there are several issues related with property management, ranging from landlord attitudes to inflation, political and economic variables, unique property circumstances, and so on.
As a result, this project will investigate these issues and propose remedies.
Provide a Solution: It is the manager's obligation to guarantee that the problems are repaired properly. In a situation where the management agent is responsible for property upkeep,
the agent must be very conservative with maintenance costs and guarantee that clients get good value for their money. If there are numerous inhabited properties, the manager will or must implement a service charge approach to maintenance work.
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.
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 is located on Plot 801 Malumfashi Close Area 11, Gariki, Abuja.
3. Property of C.O.C. Enterprises in Karmo, Abuja
Mrs. Nwankwo's property is located in 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 first method
2. Secondary technique
Primary Data gathering: The distribution of questionnaires among practising estate surveyor values and land lords is the primary data gathering method.
It entails a professional personal interview.
Secondary data are those gathered from previously published publications (e.g., journals, newspapers, magazines, etc.).
1.5 PROPERTY MANAGEMENT DEFINITION
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.