PROBLEMS AND PROSPECTS OF RESIDENTIAL PROPERTY MANAGEMENT IN NIGERIA (A CASE STUDY OF IKOT EKPENE LOCAL GOVERNMENT AREA, AKWA IBOM STATE)

ABSTRACT

This research project is on the problems and prospects of residential property management in Nigeria, a case study of Ikot Ekpene Local Government Area, Akwa Ibom State. To achieve the main objectives of this study, the project was divided into five chapters. Convenience sampling technique was used to select two- hundred and fifty (250) respondents as the sample size for the study. The study utilized both secondary and primary sources of data. The method of data analysis adopted was the simple frequency table and percentages. The study revealed that; non-remittance of rent as at when due and other charges related to the residential properties by tenants, lack of tenant working in accordance with their lease terms, inability of tenants to have a cordial relationship with their landlords or managers create problems of residential property management. However, the researcher recommends that; property managers should be selective in the type of tenants they lease out properties to in order to avoid problems. Property managers should make provisions for rules and regulations to regulate the conduct of tenants in residential properties. The tenants should try to live in accordance with their lease terms and agreement in order to maintain a cordial relationship with their landlords and/or caretakers.

TABLE OF CONTENTS

CHAPTER                 TITLE                                                       PAGE

Title Page  –       –       –       –       –       –       –       i

Declaration        –       –       –       –       –       –       ii

Approval/Certification- –       –       –       –       –       iii

Acknowledgements     –       –       –       –       –       iv

Abstract     –       —      –       –       –       –       –       vi

Table of Contents       –       –       –       –       –       vii

CHAPTER ONE: INTRODUCTION

1. Background of the Study     –       –       –       –       1
   1. Statement of the Problem    –       –       –       –       3
   1. Aim/Objectives of the Study –       –       –       –       4
   1. Research Questions    –       –       –       –       –       4
   1. Scope of the Study     –       –       –       –       –       5
   1. Significance of the Study     –       –       –       –       5
   1. Limitation of the Study –       –       –       –       –       5
   1. The Study Area  –       –       –       –       –       –       6

CHAPTER TWO: LITERATURE REVIEW

• Introduction               –       –       –       –       –       –       9
  • Definition of Terms     –       –       –       –       –       –       9
  • Historical Survey –       –       –       –       –       –       –       16
    • Concept of Property Management –       –       –       –       16
    • Type of Residential Properties      –       –       –       –       17
    • Factors Affecting Residential Property Management        –       20
    • Problems of Residential Property Management       –       –       21
    • Solution to the Problem of Residential Property

                Management      –       –       –       –       –       –       –       27

• Functions of Property Managers   –       –       –       –       34
  • Types/Classification of Tenancy or Leases      –       –       36
  • Tenants and Landlords Covenants        –       –       –       –       38
  • Reason for Investing in Residential Property  –       –       41

CHAPTER THREE: RESEARCH METHODOLOGY

• Research Methodology                –       –       –       –       –       43
  • Population of the Study       –       –       –       –       –       43
  • Sample Size       –       –       –       –       –       –       –       44
  • Source of Data           –       –       –       –       –       –       44
  • Procedure for Data Collection       –       –       –       –       44
  • Sampling Technique           –       –       –       –       –       45
  • Procedure for Data Analysis         –       –       –       –       45

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

• General Responses to Questions   –       –       –       –       46
  • Discussion of Findings         –       –       –       –       –       55

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

• Summary   –       –       –       –       –       –       –       57
  • Findings    –       –       –       –       –       –       –       58
  • Conclusion –       –       –       –       –       –       –       59
  • Recommendation                –       –       –       –       –       60

References

Appendix/Appendices

CHAPTER ONE

INTRODUCTION

1. Background of the Study

Residential property management is emerging as a managerial science today. Managing a residential property involves establishing goals, objectives and policies and implementation of strategies to achieve those goals and objectives. Single (2004, 2006) posited that residential property management is an activity that seeks to control interest in property owner and the particular purpose for which the property is held.

Wong (2009) considers residential property management as the work carried out to manage and maintains the development including its facilities at the level of the residential property. It creates a safe, functional and conducive living environment for occupants, keep or restore every facility in efficient working order and in good state of repair and project a good appearance or image for the development. Ismail (2006) regards residential property management responsibility as including all the necessary making to ensure the economics and physical vitality of residential property assets.