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1.1 BACKGROUND TO THE STUDY
Public residential property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business (Wikipedia, 2015).
Public 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 public 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 public residential property management generally will include a minimum of these basic primary tasks
- The full and proper screening or testing of an tenants/applicant's credit, criminal history, rental history and ability to pay.
- Lease contracting or accepting rent using legal documents approved for the area in which the property is located.
- 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.
There are many facets to this public 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 public 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, public residential property management, like facility management, is increasingly facilitated by computer-aided facility management (CAFM).
However, managers of public residential properties in Nigeria are faced with various kinds of challenges ranging from uncooperative attitude from workers, poor maintenance and environmental condition, security and other basic infrastructures. Some managers in Nigeria has been able to cope with some of this challenges but the researcher will provide an overview about the challenges and how public residential properties can be managed effectively.
1.2 STATEMENT OF THE PROBLEM
According to Bello (2008), public residential properties 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 public 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 public 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 challenges of management of public residential property in Nigeria.
1.3 OBJECTIVES OF THE STUDY
The following are the objectives of this study:
- To examine the challenges of management of public residential properties in Nigeria.
- To analyze the effect of adequate management of public residential property on its value.
- To identify the solution to the problems of public residential property management in Nigeria.
1.4 RESEARCH QUESTIONS
- What are the challenges of management of public residential properties in Nigeria?
- What is the effect of adequate management of public residential property on its value?
- What are the solutions to the problems of public residential property management in Nigeria?
1.5 RESEARCH HYPOTHESES
The following hypotheses will be tested to guide this study;
H0: There is no significant effect of adequate management of public residential property on its value.
H1: There is significant effect of adequate management of public residential property on its value.
1.6 SIGNIFICANCE OF THE STUDY
The following are the significance of this study:
- The outcome of this study will educate the general public on the intricacies of public 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.
- 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.
1.7 SCOPE/LIMITATIONS OF THE STUDY
The scope of this study on the challenges of management of public residential properties in Nigeria will cover all the basic problems faced by managers in effective maintenance of both the infrastructure and finances generated from it.
LIMITATION OF STUDY
Financial constraint- 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).
Time constraint- 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.
1.8 DEFINITION OF TERMS
Management: the process of dealing with or controlling things or people.
Residential: designed for people to live in.
Property: a thing or things belonging to someone; possessions collectively.
Bello, N. A. (2008): The Economics of Land and Housing. (Revised Edition). Abeokuta: DENAB Publication.
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.
Njoku, J. (2006): “Why ‘Cash and Carry’ Housing Transaction Persist’. Retrieved on 29/4/2009 from http://www.library.hbs.edu/hbsonly_cgi.
Wikipedia (2015): www.wikipedia.com
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