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1 – 10 of over 92000Jinhuan Li and Paavo Monkkonen
Assessing the value of property management services is challenging because of collinearity between property quality and the quality of property management companies. In order to…
Abstract
Purpose
Assessing the value of property management services is challenging because of collinearity between property quality and the quality of property management companies. In order to overcome this challenge and isolate the impact of property management services, the purpose of this paper is to use an experimental approach inspired by work in labor economics (Bertrand and Mullainathan, 2004) to measure the value of property management services for residential properties in Hong Kong.
Design/methodology/approach
The authors surveyed over 150 experts in the real estate industry and asked them to estimate the value of five hypothetical properties. In each survey, the authors randomly assign different property management companies, which we have ranked by levels of quality, to the properties. In this way the authors were able to test whether property management services significantly impact property prices and whether this impact varies across types of residential buildings.
Findings
Results show that property management does add value, especially to older and more dilapidated properties.
Practical implications
Findings suggest that there is money to be made by high-quality companies providing services for lower quality buildings.
Originality/value
The experimental survey methodology applied in this paper provides an innovative way to measure company value.
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Describes research into the present position, involved parties andfuture outlook for property management in Hong Kong. The practice ofproperty management follows traditional…
Abstract
Describes research into the present position, involved parties and future outlook for property management in Hong Kong. The practice of property management follows traditional styles that can be observed in other developed countries. The property management industry represents a very small, but essential part of the overall property sector. The major executants in Hong Kong are: property management agents in the private sector; statutory bodies responsible for the management of properties owned and developed by the public sector; and participatory building management organizations.
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John D. Gilleard and Pan Yiqun
China is currently the fastest growing economy in the world. This paper discusses the current state of property management in Shanghai and reviews the challenges and opportunities…
Abstract
China is currently the fastest growing economy in the world. This paper discusses the current state of property management in Shanghai and reviews the challenges and opportunities for facility management in this city. In particular, it focuses on the embryonic role of FM resulting from the changes that are taking place in attitudes, both at the corporate and government level. It considers issues arising from personal observation of, and visits to, companies in Shanghai, and discussions with professionals in the property management sector in China. It describes typical property management provision in Shanghai and the growth in the importance of training for property management as part of the growing recognition of the significance of facility management in China. However, it concludes that until the property management industry fully matures it is unlikely that facility management will be widely practised for some time.
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Aims to provide a clearer understanding of the perceived role of property and facilities management of higher education institutions. Shows that the provision in this area needs…
Abstract
Aims to provide a clearer understanding of the perceived role of property and facilities management of higher education institutions. Shows that the provision in this area needs to be matched to the organization’s strategic direction. Outlines the position of estates management in HE institutions; the property manager’s understanding of the HE business; the role of property in HE institutions; and current strategic estates management practice.
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T.B. Oyedokun, A. Oletubo and A.O. Adewusi
Occupier satisfaction has received noticeable attention in recent years due to the perceived relationship between satisfaction and investment performance which has led to property…
Abstract
Purpose
Occupier satisfaction has received noticeable attention in recent years due to the perceived relationship between satisfaction and investment performance which has led to property investors giving an increased priority to creating good landlord-tenant relationship. The purpose of this paper is to assess the occupier satisfaction on management of commercial properties in Nigeria using Akure as the research site.
Design/methodology/approach
Based on a total population of 160 and employing random sampling technique, 142 questionnaires were administered on the occupiers of shopping complexes along the major routes of the city namely Oba-Adesida and Oyemekun, out of which 98 were returned and found adequate for analysis. Data analysis were done using weighted mean score and paired t-test.
Findings
The result revealed that there is significant difference between occupiers’ expected and actual satisfaction. The paper recommends a tenant-oriented management style for better performance.
Originality/value
The most important contribution of the paper is to underline the need for pragmatic and tenant-oriented management as a means to achieving increased occupier satisfaction in commercial properties.
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Examines the issue of the quality of property asset management.Discusses recent studies on property management quality and theirfindings. Considers the role of computer…
Abstract
Examines the issue of the quality of property asset management. Discusses recent studies on property management quality and their findings. Considers the role of computer information, functional performance, property costs, monitoring the use of space, strategic planning, the use of consultants, and pragmatic approaches to property management that emerged from the studies. Also looks at reactive management and the problem of lack of data and performance measures. Finally, offers a framework for quality property management.
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Trade centers are operationally run by a property manager as a delegate of the property owner. The dimensions of service quality (SERVQUAL), which include tangibles, assurance…
Abstract
Purpose
Trade centers are operationally run by a property manager as a delegate of the property owner. The dimensions of service quality (SERVQUAL), which include tangibles, assurance, empathy, reliability and responsiveness, are vital to be implemented as the duties of property managers when providing service to tenants to maintain tenant satisfaction and property reputation. This study aims to understand the effects of the SERVQUAL dimensions, the role of property management and the quality of rental value on tenant satisfaction and property reputation.
Design/methodology/approach
The sample was gathered using the purposive sampling technique with the criteria of being a tenant and kiosk owner in trade center properties in Surabaya. Data were gathered using questionnaires, from which 100 respondents were acquired. It was then analyzed using the partial least square structural equation model (SEM) in the SmartPLS 3.0 program to test the hypothesis.
Findings
The results of this study prove that the SERVQUAL dimensions – assurance, empathy and responsiveness – significantly influence tenant satisfaction with the mediating variable of the role of property management. Moreover, the SERVQUAL dimensions – empathy, reliability and responsiveness – significantly influence property reputation with the mediating variable of the role of property management.
Practical implications
Property managers are expected to proactively map out different service measures related to the dimension of satisfaction by conducting service training programs for their employees. In fact, in the post-pandemic period, property managers require new marketing strategies, such as leaseback, to effectively carry out renovations of the trade center’s public facilities and restructure the tenant mix.
Originality/value
Trade centers as trading areas experience management limitations because of the prohibition of mass gatherings during the COVID-19 pandemic, resulting in a limited number of onsite trading. Tenants who have entered into a long-term contract experience loss and rely on the aid of property management to survive. The role and quality of service of property management influence tenants’ satisfaction post-COVID-19 pandemic.
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Property has been increasingly recognized as a key resource which, ifwell managed, contributes to an organization′s success. For localauthorities, property is the environment in…
Abstract
Property has been increasingly recognized as a key resource which, if well managed, contributes to an organization′s success. For local authorities, property is the environment in which people work and from which services are delivered. In this sense its suitability has an impact on both employees and clients, and therefore an influence on the efficiency and effectiveness of all the organization′s activities. With the pressure on organizations, not least local government, to deliver ever higher quality services at an even lower cost, property must be considered as a significant element on both sides of the formula, quality and cost. Elected members and senior managers need to identify and evaluate if and how property is contributing to value for money. This can only be achieved if both groups are clear about how property contributes to the authorities′ objectives. Establishes a broad framework for considering property at the most strategic level so that the senior management team are able to understand the costs and benefits of their decisions and the impact on the property resource.
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This paper discusses the problems for facilities managers in measuring the contribution of property towards the primary task, taking into account the different goals of the…
Abstract
This paper discusses the problems for facilities managers in measuring the contribution of property towards the primary task, taking into account the different goals of the various stakeholders within the organisation. It suggests that the types of performance measures used to measure the property resource should reflect the culture of the primary task, rather than reflecting traditional property measures found in investment property management. A case study of a project undertaken for the Estates Management Department of the Mass Transit Railway Corporation of Hong Kong is reviewed, where measures of customer satisfaction were devised to measure property performance, in accordance with the culture of the primary task of the organisation.
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Discusses the effectiveness of the private and public sectors inmanaging property assets. Examines the principles of operationalproperty management in practice, and the influence…
Abstract
Discusses the effectiveness of the private and public sectors in managing property assets. Examines the principles of operational property management in practice, and the influence of effective management. Concludes that it is not possible to isolate specific groups as being good or bad at operational property management, effectiveness seeming to depend more on the overall process than on specific techniques.
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