PROBLEMS OF PROPERTY MANAGEMENT AND ITS SOLUTIONS IN NIGERIA

PROBLEMS OF PROPERTY MANAGEMENT AND ITS SOLUTIONS IN NIGERIA

ABSTRACT

Property management is a vital aspect of real 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 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.

PROBLEMS OF PROPERTY MANAGEMENT AND ITS SOLUTIONS IN NIGERIA