Search results

1 – 10 of over 76000
Article
Publication date: 10 June 2014

Marit Støre-Valen, Anne Kathrine Larssen and Svein Bjørberg

The purpose of this paper is to assess the status of the physical assets of Norwegian hospital facilities in terms of technical condition, building performance, usability and…

Abstract

Purpose

The purpose of this paper is to assess the status of the physical assets of Norwegian hospital facilities in terms of technical condition, building performance, usability and adaptability, thereby comprehending the main challenges for property management as part of facilities management (FM) within hospitals of the Norwegian Specialist Health-Care Services and permitting a discussion on a more strategic property management role.

Design/methodology/approach

The research is based on an action research approach using data collection from surveys, schemes and questionnaires, literature studies, documentation analysis and workshops with an active research team involvement with stakeholders. In-depth interviews were undertaken with owner representatives, property management representatives and health-care deliverers, and a GAP analysis allowed a study of the quality of property management (as part of the FM).

Findings

A severe technical backlog was documented together with a strong demand for structural upgrading, which was roughly estimated to be approximately 30-35 billion NOK in 2012 (3.75-4.4 billion euros). Improvements are necessary in all areas of FM delivery within limited economic frameworks, even though several examples of good property management (as part of FM delivery) were found. A gap exists between the general strategy concerning hospital assets and the property management role, particularly with regard to the translation of change in user needs into changed facilities. A need for an increasing professionalization of the role is pressing, turning attention from operational costs and control to potential added value. This requires a shift of focus from the property manager in order to implement visions and goals for the health-care sector, which involves several actions such as an improved communication between stakeholders and technically improved skills, thus ensuring the recruitment and capability of property management staff and improved measurement processes.

Practical implications

This paper give two major recommendations: first, a stronger integration of the property management role as part of the FM delivery with the executive management of the Health Authorities and Regional and Local Health Trusts; and second, a nationally coordinated strategy for the development of property management in the Specialist Health-Care Services (called Strategic FM). The authors believe that developing a pool of competencies at the national level is necessary to develop the tools, methods and standardized measurements to enable a change in the use of the terms of added value and sustainability. Ultimately, this will enhance the assets of the health sector, and this paper suggests a model that allows for this development.

Originality/value

This paper shows a model for property management as a strategic role in a holistic process involving all stakeholders from both the bottom up and the top down. The authors believe this process will engage the stakeholders in agreeing upon a clear vision and set of goals for the health-care service assets.

Details

Journal of Health Organization and Management, vol. 28 no. 3
Type: Research Article
ISSN: 1477-7266

Keywords

Article
Publication date: 9 January 2024

Robby Adi and Anastasia Njo

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.

Details

Journal of Facilities Management , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-5967

Keywords

Article
Publication date: 1 March 2006

C.Y. Yiu, S.K. Wong and Y. Yau

To re‐examine the role of property management from an institutional economics perspective.

3586

Abstract

Purpose

To re‐examine the role of property management from an institutional economics perspective.

Design/methodology/approach

The role of property management is explored by asking why property management has emerged from the first principle. Then, an analytical framework for property management is put forward. Different dimensions of institutional arrangements, ranging from open access to communal private property or solely owned private property, are discussed in the real estate property context.

Findings

The paper shows that a unique feature of property management is its role in excluding outsiders and resolving internal conflicts among the stakeholders of communal private property.

Research implications/limitations

This approach opens up a new research agenda for property management. The adoption of different institutional arrangements in property management can be explained by further studies.

Practical implications

The efficiency of different institutional arrangements for the governance of communal private property is situation‐specific. An endogenous assumption of institutional regime in property management practice greatly expands the flexibility of management.

Originality/value

This paper is the first to apply an analytical framework for interpreting the institutional arrangements in property management.

Details

Property Management, vol. 24 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 March 2006

Lawrence Wai‐chung Lai

The purpose of this paper is to theorise on the nature of property management broadly understood as resource management and demonstrate the actual and potential contribution of…

4708

Abstract

Purpose

The purpose of this paper is to theorise on the nature of property management broadly understood as resource management and demonstrate the actual and potential contribution of innovative property management to sustainable development.

Design/methodology/approach

The approach is analytical and backed by real life examples, using concepts of property rights informed by Coasian neo‐institutional economics and Yu's ideas on the Schumpeterian process in innovation.

Findings

There is a fast spread of gated communities in the Pearl River Delta and some private shopping centres provide public facilities and entertainment as a public relation method.

Research limitations/implications

The transformation of negative externalities into positive ones is the crux to achieve win‐win solutions to property management for sustainable development.

Practical implications

A good property manager does not simply perform the role of a passive housekeeper or management fee collector. S/he is, above all, an innovator who applies updated technology and concepts with great sensitivity to the externalities generated by or affecting the resource s/he manages.

Originality/value

This is the first paper that defines for property management a research agenda anchored in Coasian economics and demonstrate the actual and potential contribution of property management.

Details

Property Management, vol. 24 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 15 June 2020

Pat McAllister

Focussing on the UK’s institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main…

Abstract

Purpose

Focussing on the UK’s institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main categories of institutional investors, the key tasks in real estate operational management, and the ways in which these tasks are typically bundled and categorised by investment managers are reviewed. Three broad operational management models are outlined. Case studies of real estate operational management models in practice are discussed.

Design/methodology/approach

The research approach is primarily descriptive, drawing upon illustrative investor case studies.

Findings

A range of operating models are identified for managing real estate investment portfolios. Specialists real estate investors tend to have highly vertically integrated operating models viewing most operational management functions as core operational capabilities. Multi-asset owners tend to have a vertically disintegrated operating model outsourcing fund, asset, property and facilities management. Investing institutions such as fund houses and specialist real estate investment advisors seem to have converged upon a common hybrid operating model with high margin, analytical functions such as fund and asset management being insourced and low margin, routine functions such as property and facilities management being outsourced.

Originality/value

Despite the size of the global, institutional real estate investment universe (estimated by DTZ to be worth more than USD 13.6 trillion in 2015), the topic of how (and how effectively) these assets are managed by institutional investors has attracted very little attention from the real estate research community. This paper provides some initial analysis and insights into operational management models for real estate investment portfolios in the contemporary real estate investment management landscape.

Details

Property Management, vol. 38 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 20 February 2017

Andrew Carswell

The purpose of this paper is to determine the effect that ownership and management structures have on ability to control operating expenses. For individual investors, intensity of…

Abstract

Purpose

The purpose of this paper is to determine the effect that ownership and management structures have on ability to control operating expenses. For individual investors, intensity of management experience is also explored as a possible explanatory variable for operating expenses. For property management services that are contracted out, the level of the fee is investigated as a possible cause for movements in operating expenses as well. Finally, operating expenses are used as a possible explanatory variable for a property’s lease-up performance during the year.

Design/methodology/approach

The analysis consists of a series of regression models performed on data provided by the 2012 Rental Housing Finance Survey (RHFS) in the USA. The RHFS is a unique data set that covers a wide degree of information on multifamily properties. The RHFS represents 2,260 properties in total, and covers various aspects of the apartment industry, including financing and operational cost measures. Control variables used as independent variables include number of units, year of property acquisition, and age of building.

Findings

Individual ownership and self-management proved to be statistically significant drivers in driving down log operating expenses. Hours spent by individuals performing property management roles on their own properties had a slightly positive association with operating expenses. For professional managers, the fees devoted solely to the manager or management company had a highly significant and positive effect on other operating costs. Finally, when separating out the individual components of operating expenses, only two variables had significant effects on tenant lease-ups: management expenses (positive) and security expenses (negative).

Research limitations/implications

The data set is potentially biased toward those properties with less than 100 units, and thus it would be problematic to assume that these findings are generalizable to the population at large. There are also no geographic coding indicators within the RHFS data set, which eliminates the potential to control for various market factors and rural/urban differences.

Practical implications

The research provides an understanding of some of the basic factors behind increases in operating expenses, which ultimately has implications for performance benchmarks such as net operating income and property market value.

Social implications

The reasonable controlling of operating expenses ultimately has potentially positive implications for low- to moderate-income populations, who would ultimately experience lower rents as a result.

Originality/value

This research represents one of the first known uses of the RHFS database.

Details

Property Management, vol. 35 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 7 August 2023

Abdul Basit, Ismail Nizam, Rosalind Goh, Sharmila Sethumadhavan, Noor Rosly Hanif, Zubair Hassan and Ainoriza Mohd Aini

Property management companies in residential properties are increasingly using ICT and specific property management software applications to conduct daily property management

Abstract

Purpose

Property management companies in residential properties are increasingly using ICT and specific property management software applications to conduct daily property management tasks. However, the benefits of using specific software applications and how it can add value to property management companies are largely unexplored. The present study examines the impact of property management mobile applications usage features on strata property residents' satisfaction in Kuala Lumpur.

Design/methodology/approach

A total of 205 residents from 3 strata residential buildings in Kuala Lumpur using property management applications were surveyed. The study employed structural equation modelling using SPSS Amos software.

Findings

The findings suggest that visitor management and security management via software applications positively influence the residents' satisfaction. However, facility management via software application was found to be negatively affecting residents' satisfaction.

Originality/value

The study highlighted the benefit of property managers adopting property management software to achieve increased residents' satisfaction in strata residential properties.

Article
Publication date: 1 March 1997

Mark Deakin

Outlines the attempts made over the past few years to develop the financial services required by Kiev City Council to function as a privatization authority. Looks at the…

1836

Abstract

Outlines the attempts made over the past few years to develop the financial services required by Kiev City Council to function as a privatization authority. Looks at the privatization programme, the authority responsible for the transfer of ownership and the role the property management division of Kiev City plays in the economic reform and liberalization of Ukraine. Examines the financial aspects of property management, real estate registration, evaluation, land taxation, leasing agreements and the use of receipts from the transfer of ownership. Presents discussions which aim to reflect the developments currently taking place in Kiev City to transform the property management division into a structure that allows it to function as a privatization authority.

Details

Journal of Property Finance, vol. 8 no. 1
Type: Research Article
ISSN: 0958-868X

Keywords

Article
Publication date: 12 August 2014

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

1241

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.

Details

Property Management, vol. 32 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 April 1991

Victoria Edwards and Bill Seabrooke

Provides a critique of the conventional approach to propertymanagement, highlighting the inadequacies of this approach inaccommodating the needs of modern property owners and…

2188

Abstract

Provides a critique of the conventional approach to property management, highlighting the inadequacies of this approach in accommodating the needs of modern property owners and users. Explains inadequacies in relation to the management of property portfolios where high performance is demanded and greater reliance on professional judgement is required.

Details

Property Management, vol. 9 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

1 – 10 of over 76000