Thesis Abstract

Abstract
Residential properties management is a critical aspect of real estate that involves the oversight and operation of residential buildings such as apartments, condominiums, and single-family homes. This research project delves into the problems and prospects associated with the management of residential properties, aiming to provide insights into the challenges faced by property managers and the potential opportunities for improvement in this sector. The study identifies various issues confronting residential properties management, including maintenance challenges, tenant relations, financial management, regulatory compliance, and technological advancements. Maintenance problems such as regular repairs, renovations, and upkeep of common areas can be a significant burden on property managers, impacting the overall value and desirability of the residential units. Additionally, managing tenant relations, addressing complaints, and ensuring tenant satisfaction are crucial for maintaining occupancy rates and fostering a positive living environment within the property. Financial management poses another significant challenge for property managers, as they must balance operational costs, rental income, budgeting, and investment decisions to ensure the financial viability of the property. Regulatory compliance with local, state, and federal laws governing landlord-tenant relationships, building codes, safety regulations, and environmental standards adds another layer of complexity to residential properties management. Keeping abreast of changing regulations and ensuring compliance can be daunting for property managers. On the other hand, the research also highlights the prospects and opportunities for improvement in residential properties management. Technological advancements such as property management software, smart home systems, online payment platforms, and digital marketing tools offer property managers innovative solutions to streamline operations, improve communication with tenants, and enhance overall efficiency. Adopting these technologies can lead to cost savings, improved tenant experiences, and better decision-making for property managers. Moreover, the growing demand for sustainable and energy-efficient buildings presents an opportunity for property managers to implement eco-friendly practices, reduce utility costs, and attract environmentally conscious tenants. Embracing sustainability can not only benefit the environment but also enhance the long-term value and marketability of residential properties. In conclusion, the problems and prospects of residential properties management are multifaceted, requiring property managers to navigate various challenges while exploring innovative solutions to enhance operational efficiency, tenant satisfaction, and financial performance. By addressing maintenance issues, fostering positive tenant relations, ensuring regulatory compliance, and leveraging technological advancements and sustainable practices, property managers can unlock the full potential of residential properties and thrive in a competitive real estate market.

Thesis Overview

INTRODUCTION 1.1   BACKGROUND TO THE STUDY Residential property management is emerging as a managerial science today (Kyle and Baird, 1995). It transcends beyond the role of rent collector (Li, 1997). Managing a residential property involves establishing goals, objectives and policies and implementation of strategies to achieve those goals and objectives. Singh (1994, 1996) posited that residential property management is an activity that seeks to control interests in property owner and particular purpose for which the property is held. Wong (1999) considers residential property management as the work carried out to manage and maintain the development including its facilities at the level that will retain or enhance the value of the residential property, create 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 (1996) regards residential property management responsibility as including all the necessary making to ensure the economic and physical vitality of residential property assets. Residential property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain the residential property. Property management involves the processes, systems and manpower required to manage the life cycle of all public residential property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition (Njoku, 2006). According to Ebie (2012), duties involved in residential property management generally will include a minimum of these basic primary tasks –     The full and proper screening or testing of an tenants/applicant’s credit, criminal history, rental history and ability to pay. –     Lease contracting or accepting rent using legal documents approved for the area in which the property is located. –     Mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner. There are many facets to this residential property management, including managing the accounts and finances of the real estate/residential properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from residential property managers. Therefore, it is a necessity that a public residential property manager be current with applicable municipal, county, state and Federal Fair Housing laws and practices. In advanced countries, residential property management, like facility management, is increasingly facilitated by computer-aided facility management (CAFM). However, managers of residential properties in Nigeria are faced with various kinds of problems ranging from uncooperative attitude from workers, poor maintenance and environmental condition, security and other basic infrastructures. Some managers in Nigeria have been able to cope with some of these challenges but the researcher will provide an overview about the problem and prospects of residential properties management focusing on Kaduna North Local Government Area. 1.2   STATEMENT OF THE PROBLEM According to Bello (2008), residential property is more than a mere shelter; it includes all facilities within and around it, embracing a bundle of services which entails both product and process. Management of residential building embraces in all ramifications the maintenance and development process, be it economic, social, physical). In fact, management of these properties has been subject of focus by researcher in recent times based on the cumbersome nature of the process. The problem of poor management of residential properties is a global phenomenon and the severity of the problem differs from one nation to another. However, the researcher is seeking to examine the problems and prospects of management of residential property in Kaduna North Local Government Area.1.3   OBJECTIVES OF THE STUDY The following are the objectives of this study: 1. To examine the problems of residential properties management in Kaduna North Local Government Area. 2. To analyze the prospects of residential properties management in Kaduna North Local Government Area. 3. To identify the solution to the problems of residential properties management in Kaduna North Local Government Area.1.4   RESEARCH QUESTIONS 1. What are the problems of residential properties management in Kaduna North Local Government Area? 2. What are the prospects of residential properties management in Kaduna North Local Government Area? 3. What is the solution to the problems of residential properties management in Kaduna North Local Government Area? 1.6   SIGNIFICANCE OF THE STUDY The following are the significance of this study: 1. The outcome of this study will educate the general public on the problems and prospects of managing residential properties in Nigeria emphasizing on its proper management and some other management challenges which will form a guide for estate managers in decision making. 2. This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic. 1.7   SCOPE/LIMITATIONS OF THE STUDY The scope of this study on the problems and prospects of residential properties management in Kaduna North Local Government Area will cover all the basic problems faced by managers in effective maintenance of both the infrastructure and finances generated on residential property. LIMITATION OF STUDY Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).  Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work. 1.8   DEFINITION OF TERMS Management: the process of dealing with or controlling things or people. Residential: designed for people to live in. Property: a thing or things belonging to someone; possessions collectively.