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Article
Publication date: 23 August 2011

Eddie Chi‐Man Hui, Hoi Ting Lau and Tareef Hayat Khan

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…

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2462

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Originality/value

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.

Details

Facilities, vol. 29 no. 11/12
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 October 2005

Daniel Ho, Graeme Newell and Anthony Walker

This paper identifies the importance of key factors influencing the quality of CBD office buildings. An office building quality index (BQI) is constructed and its…

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2664

Abstract

Purpose

This paper identifies the importance of key factors influencing the quality of CBD office buildings. An office building quality index (BQI) is constructed and its relationship with net rent assessed.

Design/methodology/approach

The importance of 30 property‐specific CBD office building attributes on the quality of CBD office buildings is assessed using a survey of property industry respondents. The analytical hierarchy process procedure is used to determine weights for each of these attributes to construct an office BQI.

Findings

Findings indicate that functionality (31.0 per cent), services (22.6 per cent), access and circulation (16.4 per cent), presentation (13.1 per cent), management (11.5 per cent) and amenities (5.4 per cent) are the order of importance in assessing office building quality. There was found to be a strong functional relationship between office building quality and net rent.

Practical implications

A better understanding of the factors influencing CBD office building quality is determined, with a more effective and practical office BQI developed for benchmarking purposes in property portfolios.

Originality/value

Importance of CBD office building attributes is determined and a new CBD office BQI is developed for practical implementation in the property industry.

Details

Journal of Property Investment & Finance, vol. 23 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 15 June 2021

Jayantha Wadu Mesthrige

“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…

Abstract

Purpose

“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.

Design/methodology/approach

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

Findings

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.

Originality/value

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.

Details

Property Management, vol. 39 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 10 June 2014

Jinhuan 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…

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2800

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.

Details

Property Management, vol. 32 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 20 November 2007

George K. Stylios

Examines the thirteenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched…

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1315

Abstract

Examines the thirteenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.

Details

International Journal of Clothing Science and Technology, vol. 19 no. 6
Type: Research Article
ISSN: 0955-6222

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Article
Publication date: 2 March 2012

Ronald C. Rutherford and Jun Chen

Prior research indicates a discount for foreclosures sold through the multiple listing service (MLS). The purpose of this paper is to examine whether the effect of…

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301

Abstract

Purpose

Prior research indicates a discount for foreclosures sold through the multiple listing service (MLS). The purpose of this paper is to examine whether the effect of foreclosure on house value is consistent over submarkets based on property size in the US single family home market. The paper also tests whether the spillover effect of a nearby foreclosure on the specific property value varies across submarkets.

Design/methodology/approach

The full sample is split into four quartiles based on the square feet of all observations. The hedonic pricing models are estimated across full sample and three subsamples, in order to examine the effect of foreclosure on selling price. The number of neighborhood foreclosures within each combination of radii and timing intervals is used to investigate the spillover effect of a nearby foreclosure on the specific property value.

Findings

It is found that the quartile with smaller houses have the largest discount associated with a foreclosure of approximately 24 percent, while the medium and larger houses have a discount of approximately 19 percent. The results are robust after including a proxy for property quality. Second, the spillover effects of nearby foreclosures are lowest for small properties and highest for large properties. Adding additional controls for housing quality reduces the observed spillover effect.

Research limitations/implications

The findings on foreclosure discount are consistent with Pennington‐Cross's argument, that the foreclosures in the smaller properties have lower appreciation than the larger ones. The paper's results about spillover effects also support the previous research, implying a greater stigma for foreclosed houses in neighborhoods with larger, more expensive houses.

Originality/value

The paper provides potential explanation for foreclosure discount and spillover effects of nearby foreclosure in the US single family residential markets.

Details

International Journal of Housing Markets and Analysis, vol. 5 no. 1
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 16 November 2018

Michael J. McCord, Sean MacIntyre, Paul Bidanset, Daniel Lo and Peadar Davis

Air quality, noise and proximity to urban infrastructure can arguably have an important impact on the quality of life. Environmental quality (the price of good health) has…

Abstract

Purpose

Air quality, noise and proximity to urban infrastructure can arguably have an important impact on the quality of life. Environmental quality (the price of good health) has become a central tenet for consumer choice in urban locales when deciding on a residential neighbourhood. Unlike the market for most tangible goods, the market for environmental quality does not yield an observable per unit price effect. As no explicit price exists for a unit of environmental quality, this paper aims to use the housing market to derive its implicit price and test whether these constituent elements of health and well-being are indeed capitalised into property prices and thus implicitly priced in the market place.

Design/methodology/approach

A considerable number of studies have used hedonic pricing models by incorporating spatial effects to assess the impact of air quality, noise and proximity to noise pollutants on property market pricing. This study presents a spatial analysis of air quality and noise pollution and their association with house prices, using 2,501 sale transactions for the period 2013. To assess the impact of the pollutants, three different spatial modelling approaches are used, namely, ordinary least squares using spatial dummies, a geographically weighted regression (GWR) and a spatial lag model (SLM).

Findings

The findings suggest that air quality pollutants have an adverse impact on house prices, which fluctuate across the urban area. The analysis suggests that the noise level does matter, although this varies significantly over the urban setting and varies by source.

Originality/value

Air quality and environmental noise pollution are important concerns for health and well-being. Noise impact seems to depend not only on the noise intensity to which dwellings are exposed but also on the nature of the noise source. This may suggest the presence of other externalities that arouse social aversion. This research presents an original study utilising advanced spatial modelling approaches. The research has value in further understanding the market impact of environmental factors and in providing findings to support local air zone management strategies, noise abatement and management strategies and is of value to the wider urban planning and public health disciplines.

Details

Journal of European Real Estate Research, vol. 11 no. 3
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 15 December 2020

Yu-Hsiang Hsiao and Yu-Ting Hsiao

This study was to develop a methodology of online review analytics for hotel quality management at macro and micro levels. The macro level was for understanding the…

Abstract

Purpose

This study was to develop a methodology of online review analytics for hotel quality management at macro and micro levels. The macro level was for understanding the service properties critical to quality and future development. The micro level was for personalized quality diagnosis for individual hotels.

Design/methodology/approach

Textual reviews of superior hotels were studied using latent semantic analysis and Kano model to understand what service properties customers concern and expect. Taguchi's quality engineering was applied to establish a quality reference base using superior hotels for evaluating other hotels in the same semantic space. A decision tree algorithm was then used to identify the properties critical to quality discrimination, and the decision rules were used to diagnose individual hotels.

Findings

The service properties concerned by customers for superior hotels were identified. The market positioning and value of each property to customers were clarified. For individual hotels, the deficiencies of service properties were diagnosed. With reference to market positioning, deficient properties of priority in improvement and the strategies for enhancing competitiveness were suggested.

Originality/value

The proposed methodology demonstrated the potential value that review analysis can achieve a new and deeper understanding of customer voices and transform it into more specific business operation requirements. The research and application gap that most previous studies only stayed at the macro-level analytics was filled. Moreover, this study effectively applied the diagnostic techniques derived from quality engineering to online review analytics.

Details

Industrial Management & Data Systems, vol. 121 no. 2
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 1 March 2000

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes…

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22459

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Property Management, vol. 18 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 May 2000

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes…

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22475

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Journal of Property Investment & Finance, vol. 18 no. 5
Type: Research Article
ISSN: 1463-578X

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