PROBLEMS OF PROPERTY MANAGEMENT AND SOLUTIONS

PROBLEMS OF PROPERTY MANAGEMENT AND SOLUTIONS

TABLE OF CONTENTS

CHAPTER ONE

1.1              Introduction

1.2              Objective of Study

1.3              Scope

1.4              Study Methodology

1.5              Definition of Property Management

1.6              Property Management Approach

CHAPTER TWO

Functions of property management

2.1              Preparation and Interpretation of Lease

2.2              Advising and Arrangement of Insurance Transaction

2.3              General and Routine Maintenance of Property

2.4              Rent collection

2.5              Action Under Lease

2.6              Multiple Ownership

2.7              Property Counseling

CHAPTER THREE

Problems of property management

3.1              Location and Design

3.2              Lease Agreement

3.3              Rent Collection and Renewal

3.4              Disagreement Over Utility Bills

3.5              Maintenance and Repairs

3.6              Uncooperative Attitude of some Land Lord

CHAPTER FOUR

Case study

CHAPTER FIVE

5.1              Summary of findings

5.2              Conclusion

5.3              Recommendation

CHAPTER ONE

1.1              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 author’s experience of non-challant 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. Nwankwo’s 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 value’s 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.

PROBLEMS OF PROPERTY MANAGEMENT AND SOLUTIONS