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1 – 10 of over 7000Job 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 purpose of…
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.
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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;…
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.
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;…
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.
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;…
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.
“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…
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.
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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 management for…
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.
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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.
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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.
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.
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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 attendant…
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.
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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…
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.
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