Problems and prospects of residential properties management in nigeria.,

Project Abstract

Residential properties management in Nigeria faces various challenges and opportunities that impact the overall efficiency and effectiveness of property management practices in the country. This study aims to investigate the problems and prospects associated with the management of residential properties in Nigeria. The problems identified in this research include issues related to inadequate infrastructure, such as poor road networks, lack of reliable power supply, and inadequate water and sanitation facilities. These deficiencies contribute to the overall maintenance challenges faced by property managers in ensuring the proper upkeep of residential properties. Additionally, the study highlights challenges related to security concerns, including theft, vandalism, and unauthorized occupation of residential properties. These security issues not only pose risks to the safety of residents but also create additional financial burdens for property owners and managers in terms of security measures and insurance costs. Furthermore, the research examines the regulatory environment governing residential properties management in Nigeria, noting inconsistencies and inefficiencies in existing laws and regulations. These regulatory challenges can hinder property managers' ability to operate effectively and comply with legal requirements, leading to potential legal disputes and financial penalties. Despite these challenges, the study also identifies several prospects for improving residential properties management in Nigeria. These prospects include the growing demand for quality housing in urban areas, driven by population growth and urbanization trends. This demand presents opportunities for property managers to invest in residential properties and cater to the housing needs of the population. Moreover, advancements in technology offer prospects for enhancing property management practices in Nigeria, such as the use of property management software for efficient record-keeping, maintenance scheduling, and communication with tenants. Technology can also improve security measures through the installation of surveillance systems and access control solutions. Additionally, the research highlights the potential for collaboration and knowledge sharing among property managers, industry professionals, and government agencies to address common challenges and develop best practices for residential properties management in Nigeria. By fostering partnerships and promoting industry standards, property managers can enhance their skills and capabilities, ultimately improving the overall management of residential properties in the country. In conclusion, this study provides valuable insights into the problems and prospects of residential properties management in Nigeria, highlighting the need for addressing infrastructure deficiencies, security concerns, regulatory challenges, and leveraging opportunities for growth and innovation in the property management sector.

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p><strong>1.1 &nbsp; BACKGROUND TO THE STUDY</strong></p><p>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.</p><p>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</p><p>– &nbsp; &nbsp; The full and proper screening or testing of an tenants/applicant’s credit, criminal history, rental history and ability to pay.</p><p>– &nbsp; &nbsp; Lease contracting or accepting rent using legal documents approved for the area in which the property is located.</p><p>– &nbsp; &nbsp; 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.</p><p>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).</p><p>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.</p><p><strong>1.2 &nbsp; STATEMENT OF THE PROBLEM</strong></p><p>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.</p><p><strong>1.3 &nbsp; OBJECTIVES OF THE STUDY</strong></p><p>The following are the objectives of this study:</p><p>1. To examine the problems of residential properties management in Kaduna North Local Government Area.</p><p>2. To analyze the prospects of residential properties management in Kaduna North Local Government Area.</p><p>3. To identify the solution to the problems of residential properties management in Kaduna North Local Government Area.</p><p><strong>1.4 &nbsp; RESEARCH QUESTIONS</strong></p><p>1. What are the problems of residential properties management in Kaduna North Local Government Area?</p><p>2. What are the prospects of residential properties management in Kaduna North Local Government Area?</p><p>3. What is the solution to the problems of residential properties management in Kaduna North Local Government Area?</p><p><strong>1.6 &nbsp; SIGNIFICANCE OF THE STUDY</strong></p><p>The following are the significance of this study:</p><p>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.</p><p>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.</p><p><strong>1.7 &nbsp; SCOPE/LIMITATIONS OF THE STUDY</strong></p><p>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.</p><p><strong>LIMITATION OF STUDY</strong></p><p><strong>Financial constraint</strong>– 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).</p><p>&nbsp;<strong>Time constraint</strong>– 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.</p><p><strong>1.8 &nbsp; DEFINITION OF TERMS</strong></p><p>Management: the process of dealing with or controlling things or people.</p><p>Residential: designed for people to live in.</p><p>Property: a thing or things belonging to someone; possessions collectively.</p><p><strong>&nbsp;REFERENCES</strong></p><p>Bello, N. A. (2008): The Economics of Land and Housing. (Revised Edition). Abeokuta: DENAB Publication.</p><p>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.</p><p>Ismail, I. (1996) “The Operational Property Management Process in Large Non-property Organization in Malaysia” <em>unpublished Ph. N. Thesis, </em>University of Reading.</p><p>Kyle, R.C. and Baird, F.M. (1995) “Property Management” <em>Real Estate Education Company</em>, Chicago, II.</p><p>Li, L.H. (1997) “Property Management in China: Opportunities and Problems” <em>Property Management. </em>Vol. 15, No. 1. p. 6 – 11. MCB University Press ISSN 0263 – 7472.</p><p>Njoku, J. (2006): “Why ‘Cash and Carry’ Housing Transaction Persist’. Retrieved on 29/4/2009 from <a target="_blank" rel="nofollow" href="http://www.library.hbs.edu/hbsonly_cgi">http://www.library.hbs.edu/hbsonly_cgi</a>.</p><p>Singh, G. (1994) “Re-engineering property management: Sustaining Asset Value through Effective Property Management” <em>Conference of Property Maintenance and Management </em>in the 90’s 30 – 31 May, Kuala Lumpur, Malaysia.</p><p>Singh, G. (1996) “Property Management in Malaysia” <em>Federal Publication</em>s, Malaysia, p. 4.</p><p>Wikipedia (2015): <a target="_blank" rel="nofollow" href="http://www.wikipedia.com">www.wikipedia.com</a></p><p>Wong, K.S. (1999) Property Management in Private Practice, <em>Unpublished Lecture Notes</em>, Kurus Pengunesan Hartanah dan Facilities 20 – 23, September, INSPEN</p> <br><p></p>