PROBLEMS OF PROPERTY MANAGEMENT AND SOLUTIONS

By

UBONG A. SAM EM/N2003/008

Presented To

Estate Management Department

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ABSTRACT

Property management is a vital aspect of read estate profession. To a non professional estate agent property management entails only vent collection and receiving of fee, but there are other aspects of it which intake the expertise of a professional Estate agent to task. These include selecting the right type of tenant for a particular property arrangement and execution of leases, advising on insurance policy and rating assessment and ensuring that they are settled regularly, defining maintenance obligation of both the land lord and the tenant.

Beside all these, there are so many problem associated with property management which ranges form attitude of the land lord inflation, political and economic factors, particular circumstance of individuals properties etc.

This study will therefore examine these problems and proffer solutions.

Proffer Solution: It is the responsibility of the manger to ensure that the defects are properly repaired. In a situation where the management agent is responsible for maintenance of the property, the agent must be very prudent with maintenance cost, and ensure that client receive good value of their money. If it is multiple occupied properties, the manager will or have to introduces the service charge approach for maintenance work.

TABLE OF CONTENTS

Dedication

Acknowledgment

Synopsis

CHAPTER ONE

1.1 Introduction

1.2 Objective of Study

1.3 Scope

1.4 Study Methodology

1.5 Definition of Property Management

1.6 Property Management Approach

CHAPTER TWO

Functions of property management

2.1 Preparation and Interpretation of Lease

2.2 Advising and Arrangement of Insurance Transaction

2.3 General and Routine Maintenance of Property

2.4 Rent collection

2.5 Action Under Lease

2.6 Multiple Ownership

2.7 Property Counseling

CHAPTER THREE

Problems of property management

3.1 Location and Design

3.2 Lease Agreement

3.3 Rent Collection and Renewal

3.4 Disagreement Over Utility Bills

3.5 Maintenance and Repairs

3.6 Uncooperative Attitude of some Land Lord

CHAPTER FOUR

Case study

CHAPTER FIVE

5.1 Summary of findings

5.2 Conclusion

5.3 Recommendation