PROBLEMS AND PROSPECTS OF RESIDENTIAL PROPERTIES MANAGEMENT IN NIGERIA

PROBLEMS AND PROSPECTS OF RESIDENTIAL PROPERTIES MANAGEMENT IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

Today, residential property management is gaining traction as a managerial science (Kyle and Baird, 1995). It goes beyond the role of a rent collector (Li, 1997). Setting goals, objectives, and policies, as well as implementing strategies to achieve those goals and objectives, are all part of managing a residential property. 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 repair, and project a positive image for the development. According to Ismail (1996), residential property management responsibility includes all decisions that must be made to ensure the economic and physical viability of residential property assets.

Residential property management also includes the management of personal property, equipment, tooling, and physical capital assets acquired and used to construct, repair, and maintain a home. Property management refers to the processes, systems, and personnel required to manage the life cycle of all public residential property, as defined above, which includes acquisition, control, accountability, responsibility, maintenance, utilization, and disposition (Njoku, 2006). According to Ebie (2012), residential property management duties will generally include a minimum of these basic primary tasks.

– The complete and

Proper screening or testing of a tenant’s or applicant’s credit, criminal history, rental history, and ability to pay.

– Lease contracting or accepting rent using legal documents approved for the property’s location.

– Mitigation and remediation of any maintenance issues, generally within a budget, with the property owner’s prior or conveyed consent via a Limited Power of Attorney legally agreed to.

Residential property management has many facets, including managing the accounts and finances of the real estate/residential properties, as well as participating in or initiating litigation with tenants, contractors, and insurance agencies. Litigation is sometimes regarded as a separate function, reserved for trained attorneys. Although this is part of a person’s job description, an attorney may be involved.

working under a property manager. Landlord/tenant law is given special attention, and evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are the legal subjects that receive the most attention from residential property managers. As a result, a public residential property manager must be up to date on applicable municipal, county, state, and federal Fair Housing laws and practices. Residential property management, like facility management, is increasingly facilitated in advanced countries by computer-aided facility management (CAFM).

However, managers of residential properties in Nigeria face a variety of issues, including uncooperative workers, poor maintenance and environmental conditions, security, and other basic infrastructures. Some Nigerian managers have been able to overcome some of these challenges. However, the researcher will provide an overview of the problem and prospects of residential property management with a focus on Kaduna North Local Government Area.

1.2   STATEMENT OF THE PROBLEM

According to Bello (2008), residential property is more than just a place to live; it encompasses all facilities within and around it, encompassing a package of services that includes both product and process. Residential building management encompasses all aspects of the maintenance and development process (economic, social, and physical). Indeed, due to the time-consuming nature of the process, researchers have recently focused on the management of these properties. The problem of poor residential property management is a global phenomenon, and the severity of the problem varies by country. However, the researcher wishes to investigate the issues and prospects of residential property management in Kaduna North Local Government Area.

1.3   OBJECTIVES OF THE STUDY

The following are the study’s objectives:

1. To investigate residential property management issues in Kaduna North Local Government Area.

2. To assess the prospects for residential property management in the Kaduna North Local Government Area.

3. To find a solution to the residential property management issues in Kaduna North Local Government Area.

1.4   RESEARCH QUESTIONS

1. What are the residential property management issues in Kaduna North Local Government Area?

2. What are the prospects for residential property management in Kaduna North LGA?

3. What is the solution to the residential property management problems in Kaduna North Local Government Area?

1.6   SIGNIFICANCE OF THE STUDY

The following are the study’s implications:

1. The findings of this study will educate the general public about the problems and prospects of managing residential properties in Nigeria, with an emphasis on proper management and other management challenges that will serve as a guide for estate managers in making decisions.

2. This research will also serve as a resource base for other scholars and researchers interested in conducting additional research in this field in the future, and if applied, will go so far as to provide new explanations for the topic.

1.7   SCOPE/LIMITATIONS OF THE STUDY

The scope of this study on the problems and prospects of residential property management in Kaduna North Local Government Area will cover all of the basic problems encountered by managers in the effective maintenance of both infrastructure and finances generated by residential property.

LIMITATION OF STUDY

Financial constraint- Inadequate funding tends to impede the researcher’s efficiency in locating relevant materials, literature, or information, as well as in the data collection process (internet, questionnaire and interview).

Time constraint- The researcher will conduct this study alongside other academic work. As a result, the amount of time spent on research will be reduced.

1.8   DEFINITION OF TERMS

Financial constraint- Inadequate funding tends to impede the researcher’s efficiency in locating relevant materials, literature, or information, as well as in the data collection process (internet, questionnaire and interview).

Time constraint- The researcher will conduct this study alongside other academic work. As a result, the amount of time spent on research will be reduced.