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Article
Publication date: 3 February 2012

Job Taiwo Gbadegesin and Olatoye Ojo

Management factors of recalcitrant tenants in residential premises have become central concerns of many private residential property owners in Ibadan metropolis. The…

Abstract

Purpose

Management factors of recalcitrant tenants in residential premises have become central concerns of many private residential property owners in Ibadan metropolis. The purpose of this paper is to investigate the causes and dimension of the phenomena so as to prevent the loss of rent and encourage investment in rental housing in the city.

Design/methodology/approach

The study elicited data through personal and direct administration of questionnaires on 51 estate surveying and valuation firms. The data collected included companies' profiles, years of property management experience, properties in their management portfolio, tenants' selection, category of recalcitrant tenants, handling techniques and influencing factors.

Findings

Results indicated that act of non‐compliance and adherence to ethics of property management by estate surveyors and valuers (managers) in the area constitutes a major cause of recalcitrant tenants. Also, estate surveyors and valuers disregard some relevant factors while selecting tenants to fill vacancies such as police report, family factor, rental arrears, maintenance culture, personal/family crisis and mental illness/addiction. These, among others, consequently affect the objectives of investing in rental properties in the metropolis.

Practical implications

The study recommends strict compliance to ethics (rules and regulations) put down in the constitution of NIESV (2005). Also estate surveyors and valuers (managers) should be encouraged to attend mandatory continuing professional development (MCPD). Lease/tenancy agreement should be clearly reached, documented and implemented. All transactions in residential property management should be executed at “arm's length” with transparency without bias.

Research limitations/implications

Future research is needed to undertake statistical references through a comprehensive survey of all types of tenant: private/public tenants, commercial properties tenants and agricultural land tenants in Ibadan land.

Originality/value

The study helps to identity categories of recalcitrant tenants in residential properties, the rental residential properties occupied, causes of recalcitrance and treatment approaches of recalcitrant tenants.

Details

Property Management, vol. 30 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

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…

23405

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

Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

13869

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Property Management, vol. 19 no. 3
Type: Research Article
ISSN: 0263-7472

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…

23417

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

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

Keywords

Article
Publication date: 1 June 1996

Jiafeng Xu and Zhida Fang

China’s property industry in the past few years has made great progress and it is now vital to improve its management processes. Explains the traditional system of…

1231

Abstract

China’s property industry in the past few years has made great progress and it is now vital to improve its management processes. Explains the traditional system of management for urban residential districts (urban living quarters) in China and the professional management pattern now becoming popular in the southern part of China. Comparing these two different management patterns, claims that the professional management pattern will sooner or later be adopted and accepted for all urban residential districts throughout China.

Details

Property Management, vol. 14 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 11 April 2008

Alice Christudason

This study aims to enlighten strata property owners about the importance of choosing the appropriate vehicle for the management of the common property in their strata development.

3381

Abstract

Purpose

This study aims to enlighten strata property owners about the importance of choosing the appropriate vehicle for the management of the common property in their strata development.

Design/methodology/approach

The research methodology employed for this inquiry is a case study of two residential strata‐titled properties. The two were selected on the basis that, although they share certain similar characteristics including age, tenure and locational attributes, each employs different systems of property management. Data were gathered mainly through interviews with the Property Managers and Chairs of the Management Council. Interviews were also carried out with professionals in the real estate industry specializing in property and facilities management.

Findings

The study reveals the various factors of which Management Corporations should be mindful when deciding what form of property management vehicle to use. Careful consideration of these factors will result in a decision that not only is cost‐effective, but also provides greater efficiency in the management and maintenance of the strata titled development.

Practical implications

Careful consideration of the factors revealed in the findings can result in a decision by the Management Corporation, which is cost‐effective. Evaluation of the factors will also result in greater efficiency in the management and maintenance of common property in the strata titled development.

Originality/value

This is an up‐to‐date comparison of two property management systems available to strata developments, in the context of the Singapore Land Titles (Strata) Act, which is based on New South Wales' legislation. The information is useful for strata owners and Management Councils in other jurisdictions in that it provides pointers on the choice of a property management system.

Details

Property Management, vol. 26 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 23 August 2022

Adedayo Ayodeji Odebode, Shittu Oluwakayode Aro and Alirat Olayinka Agboola

The paper aims to examine the influence of urban violence on residential property rental value in Kaduna metropolis. This is motivated by the spate of insurgency and the…

Abstract

Purpose

The paper aims to examine the influence of urban violence on residential property rental value in Kaduna metropolis. This is motivated by the spate of insurgency and the attendant destructions of land and properties in the past few years in the study area.

Design/methodology/approach

This paper adopted a survey of key sites of urban violence and also a total enumeration of all the 67-estate surveying and valuation firms in the study area to elicit from them vital information on trends on rental from 2011 to 2019. The data obtained were analyzed using both descriptive and inferential methods of statistical analysis.

Findings

The result of this study revealed that among other sources of urban violence, violence fueled by ethnic affiliations/convictions is the only significant factor that influenced rental value of residential property in the study area. The regression analysis shows that ethnic violence accounted for 21.6% of the variability observed in residential property rental value over the period of study. Furthermore, the correlation result showed that ethnic violence is negatively correlated (−0.458) and significantly related to residential property rental value.

Practical implications

This study concluded that the emergence of urban violence in Kaduna metropolis contributed to a fall in the rental value of residential property in the study area. This study thus suggested policy directions that could engender harmonious coexistence among different ethnic groups in the study area.

Originality/value

This study is expected to enhance improvement in residential property rental value in Kaduna metropolis through increase assurance to security of lives and property.

Details

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

Keywords

Article
Publication date: 3 April 2018

Andrew T. Carswell

This paper aims to examine whether property managers who live on-site within a residential apartment building provide a value-added benefit to the management in the form…

Abstract

Purpose

This paper aims to examine whether property managers who live on-site within a residential apartment building provide a value-added benefit to the management in the form of cost control and revenue maximization.

Design/methodology/approach

This research uses two large US data sets that cover operational and financial data of apartment owners/operators and the financial and individual housing situations of renters themselves. The regression models developed were general linear models with operating expenses, rent collection and monthly rent paid as dependent variables, with on-site resident manager status as the experimental variable.

Findings

This research finds that the value of on-site property managers does not definitively maximize rent revenue, as expected. On-site property managers also don’t show significant reductions in operating expenses, although they are not cost centers either. Individual renter households do, however, pay a significant rent premium for units in communities with on-site personnel living there.

Research limitations/implications

The limitations of this research include the inability to merge the two data sets and the inability to measure the intangible attributes of the on-site residential manager’s experience.

Practical implications

As roughly 30 per cent of US rental apartment buildings have some form of on-site manager, this research has some practical implications for multifamily housing investors/owners, a highly visible US building sector.

Social implications

The action of hiring an on-site residential property manager also addresses issues related to the optimization and efficient allocation of human resources for property management companies.

Originality/value

This appears to be the first research addressing property managers who live at the site where they also work.

Article
Publication date: 12 June 2017

Jaume Roig Hernando

The purpose of this paper is to analyze the securitization of rental streams, a new investment and finance product introduced in the USA in 2013 that enables fundraising…

Abstract

Purpose

The purpose of this paper is to analyze the securitization of rental streams, a new investment and finance product introduced in the USA in 2013 that enables fundraising from large residential portfolios owned by major investment funds and investment banking. The securities are made up of non-performance loans as well as real estate portfolios of financial entities.

Design/methodology/approach

An academic analysis of the European securitization market is performed, as well as a broad overview of the state of the art of the rental housing market and investment property market. Moreover, a market study of Real Estate Owned (hereinafter, REOs) and Real Estate Debts is carried out to determine both the present framework and future trends. Various financial entities and real estate management companies are examined through interviews and data collection to assess the reality of distressed assets and residential portfolios owned by major investors. It introduced the Broker’s Price Opinion concept, de loan-to-value concept and the London Interbank Offered Rate.

Findings

REO-to-rental securitization is a step forward toward the democratization of finance through the globalization of the residential market, improving risk sharing for major and retail investors. The securitization of rental streams in Europe has not taken off, despite several issuances in the USA since 2013 with significant success where first tranches obtained a credit qualification of triple-A from the majority of the main rating agencies.

Originality/value

At the end of 2013, a global investment firm launched an innovative finance and investment vehicle that securitized the cash flows originating from leased residential properties. That issue resulted in considerable success and in the development of a new alternative and innovative financing source for real estate activity. Taking into account that housing is a primary need of our society, there is a strong motivation for improving the residential market, and thus, REO-to-rental securitization could help take a step forward in making the housing market more efficient.

Details

International Journal of Housing Markets and Analysis, vol. 10 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

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