PROBLEMS AND PROSPECTS OF RESIDENTIAL PROPERTY MANAGEMENT IN NIGERIA

PROBLEMS AND PROSPECTS OF RESIDENTIAL PROPERTY MANAGEMENT IN NIGERIA (A CASE STUDY OF IKOT EKPENE LOCAL GOVERNMENT AREA, AKWA IBOM STATE)

CHAPTER ONE

INTRODUCTION

• Background of the Study

Residential property management is emerging as a managerial science today. Managing a residential property involves establishing goals, objectives and policies and implementation of strategies to achieve those goals and objectives. Single (2004, 2006) posited that residential property management is an activity that seeks to control interest in property owner and the particular purpose for which the property is held.

Wong (2009) considers residential property management as the work carried out to manage and maintains the development including its facilities at the level of the residential property. It creates 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 (2006) regards residential property management responsibility as including all the necessary making to ensure the economics and physical vitality of residential property assets.

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

The screening of a prospective tenant is very necessary to find out whether he/she can occupy the property he/she wants to rent. There are many facets to the residential property management, including management of the accounts and finances of the real estate/residential properties and participating in or initiating litigation with tenants, contractors and insurance agencies.

However, managers of residential properties in Nigeria are faced with various kinds of problems ranging from unco-operative attitude from workers, poor maintenance and environmental condition, security and other basic infrastructures.

Though some managers in Nigeria have been able to cope with some of these challenges, but this research will provide an overview about the problems and prospects of residential property management focusing on Ikot Ekpene Local Government Area as a case study.

• 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 and physical. In fact, management of these properties has been subject of focus by researchers in recent times based on the cumbersome nature of the process. The problem of poor management of residential property is a global phenomenon and the severity of the problem differs from one another depending on each area.

However, this research work is seeking to examine the problems and prospects of residential property management in Ikot Ekpene Local Government Area.

• Aim/Objectives of the Study

The aim of this study is to examine the problems of residential property management practice and possible solutions.

The following are the objective of the study.

1. To identify the problems of residential property management.
2. To identify the causes of residential property management problems.

To suggest the possible solutions to