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It has been said that people's expectation towards their living space has been increased. They have a higher requirement not only for the facilities it provides, but also for the quality of property management services. Property management is now regarded as one of the important considerations of buyers in purchasing a property. This research paper aims to investigate the significance of the quality of property management to property buyers.

ISO 9001 Certification and HKMA Quality Award (HKMAQA) are used as the measurement of the quality of property management. The paper used a hedonic price model to determine whether there is a relationship between property management and property price and the inference of property management on property price if there is such relationship. Seven private residential estates in Ma On Shan with similar locational characteristics were selected in the research.

The empirical results show that property management has a significant and positive relationship with property prices. People are willing to pay 4.92 percent and 2.84 percent more on properties managed by a property management company that is ISO 9001‐certified and HKMAQA winner respectively.

The implications of the results imply that well‐recognized property management increases the value of a property and attracts second‐hand property buyers, and quality property management adds value to properties and hence increases the property price.

The research has contributed an indication of the amount a household would be willing to pay on quality property management services as a reference for investors, users, developers and property management services providers.

As environmental awareness has become increasingly pronounced among various stakeholders such as governments and communities, many businesses start to adopt a more environmental-friendly approach in their operations. Even a service-oriented industry such as property management is no exception. One way to showcase a company's commitment to this cause is to become ISO14001-certified, under which it is required to implement an environmental management system. In light of this, this paper aims to investigate the impact of this certification in property management, along with two other well-known management certifications/awards in ISO9001 and Hong Kong Management Association Quality Award (HKMAQA), on property price.

The hedonic price model was used to determine whether or not there is a relationship between ISO14001 certification (as well as ISO9001 and HKMAQA) and property price, and if so, its impact. Three districts from different parts of Hong Kong, including 17 private residential developments, were covered in this research.

The results show that a flat managed by a company with ISO9001 certification is 8.87 percent higher than another flat managed by a non-ISO9001-certified property management companies (PMC); the adoption of ISO14001 certification appears to help generate a premium of about 3.65 percent in property price for a PMC which has already been ISO9001-certified; and for a company already with both ISO9001/14001 certifications, the obtaining of HKMAQA brings about an extra 15.37 percent in housing price. It can be said that the impact of ISO14001 certification on property value is smaller than that of the other two management standards.

The findings do not necessarily suggest that the adoption of ISO14001 (or HKMAMA) generates the exact same premium to a residential property by itself, as two or more components in tandem may create more value than the sum of the parts. Nonetheless, considering that most companies have already been ISO9001-certified prior to considering an ISO14001 certification, they, as separate variables, are inevitably highly correlated which could be an issue when using methods such as hedonic models. This renders the assessment of the impact on property price solely attributed to ISO14001 rather problematic if they are studied together.

In the short run, ISO14001 certification, as a public relations tool, might actually help flats within these developments to gain an advantage over the competitors within the district, or at least offset the adverse impact of some of its intrinsic defects in order to stay competitive (for instance, the age issue and the smaller brand name effect due to the development's lack of scope), but not in the long run.

The paper has provided some insights regarding the effect of various management standard certifications in property management, from the perspective of the end-users (i.e. homebuyers), rather than from that of those involved in the operations as seen in previous studies. This serves as a reference for developers, property managers, buyers, and users alike.

“Ill-maintenance of common areas” in multi-owner residential properties is described as the “tragedy of anti-commons problem”. The problem can be addressed by outsourcing the management of the property to a company possessing quality property management (PMGT) certification. The PMGT certification is normally hailed as an effective means of reassuring occupiers and prospective property buyers of the good level of quality of the property management to be expected. This study investigated whether PMGT certification carries with it a price premium for residential properties.

A fixed-effects modelling approach was employed in relation to a large residential properties dataset in Hong Kong, in the period 2009–2018.

The results indicate, on average, that the PMGT certification commands a price premium of between 3.3 and 3.9%. This premium can be called, the “tragedy of anti-commons premium (TAC premium)”. The results further suggest that significant price premium differences relate to the four different types of certifications studied. The price of a residential unit managed by a property management company (PMC) with Q-mark certification is about 3.4% higher than a unit managed by a non-certified PMC, ceteris paribus. Likewise, corresponding price premiums for units certified related to ISO9001 and HKMAQA certifications are 3.5 and 2.4%, respectively.

To the best of author's knowledge, this is the first attempt to investigate if there is any relationship between the property price premium attributed to “tragedy of anti-commons” and PMGT certification.

With the success of the Deming Prize, the Malcolm Baldrige National Quality Award, and the European Quality Award, many other countries have developed or are in the midst of developing their own quality award programs. This article provides background information on 16 national quality awards (NQAs) and discusses the similarities and differences among them. Key strengths of each award are also highlighted. Recommendations for developing an NQA are provided based on the findings.

The purpose of this paper is to compare some major National Quality Award/Business Excellence Models (NQA/BEM) in terms of the criteria employed and their relative weights. It shows that these models vary both in terms of criteria and their weights. Whereas some of them are changing weights frequently, others are almost static. It employs the analytic hierarchy process (AHP) to allocate scores to 12 criteria identified in the model by Agrawal et al. (1998) to propose a modified quality award model similar to that. The six quality award models used in the USA, Canada, Europe, Australia, Japan and India are compared with the proposed model using AHP and their relative rankings are obtained.

First, a literature review is done to identify various quality award models globally, with their features being compared. Furthermore, paired comparison technique is used to rationalize the relative weights of proposed 12 criteria, and then AHP is again used to rank this proposed model with six major award models.

This paper shows that the six NQA models vary substantially on parameter weights. They do not include some relevant criteria to evaluate the organizational performance holistically. It also reveals how some models have been revising criteria weights very frequently, whereas others are static. In some models, the results get much higher weightage than enablers, and hence the performance may not be sustainable. The modified Agrawal et al. (1998) model is taken as a base model, with weights rationalized in it using the AHP. The rankings obtained using AHP reveal that proposed model scores over the other six prominent quality award models. The result also reveals that for organizational excellence, the quality of people plays a major role in the successful implementation of quality processes. Hence, it is very important to focus on improving the quality of people before expecting improvement in the quality of products and services.

The paired comparison results are based on the researchers’ own perception and do not consider interdependence among the criteria, which is a limitation of AHP. Analytic network process can be further explored to overcome the limitation. The proposed model has not been tested in a variety of real-world situations, which can constitute a scope for further work in the direction.

The proposed model framework and weightages evolved using AHP can provide a universally acceptable quality award model framework. The companies can adopt it with or without modifications to address their contextual adaptation. It can possibly become a standard model framework globally. This model does not capture the measurement of the softer aspects that impact the people quality. As people play an important role in the success of the implementation of any practice, hence measurement of people quality is another important aspect that can be further studied and researched.

This comparative study & analysis of National Quality Award/Business Excellence Models using AHP is presented for the first time. The authors have not come across any such studies in their literature review. This paper is an original conceptualization of the application of the AHP on the various Quality Award model parameters, and it has been submitted exclusively to JAMR for publishing.