AN EXAMINATION OF PROBLEMS ASSOCIATED WITH THE MANAGEMENT OF PRIVATE RESIDENTAL ESTATE
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Until recently, property management as an area of real estate practice was considered as simple of rent collection and attendance to minor repair works in building.
Landlords or their appointed surveyor in most cases, were involved in this regard.
However, the national economy coupled with the resultant effect of increasing cost of building material and souring cost of capital caused a shift of attention to corporate management in landed properties, the risk involved in real estate development has inevitably increased.
Consequently, additions to existing stock of properties have reduced strongly. In conforming to the attributes of capital appreciation, rents and value on properties rise with multiple years rent now being demanded.
For new lettings, the market forces if supply and demand are easily reflected in rents and other considerations.
However, requires professional experience to negotiate comparative terms with “sitting tenants”, besides, vacant possession is not easily obtained as it involves intricate legal procedure.
For these and other related reasons property owners and developers are beginning to appreciate the important roles estate surveyor could pay ion realizing their investment objectives of profit maximization while extending the economic life of their properties.
1.1 STATEMENT OF PROBLEM
Inadequate management of most private residential estate has load most of them being in a state o obsolescence.
This inadequate property management is largely due to non discount attitude among Nigerians towards maintenance culture.
The owners of most private residential estate have the full responsibility I entrusting their properties into the hands of efficient property manager in other to enjoy profitable returns which will allow the occupant a peaceful stay in the property.
But in most cases, it is affected by the interview of those who need to be trained.
Alhaji Oseni Olanrewaju estate which is private residential estate use for developing place have been facing little management problem in view of the state of the economy.
The problems which are connected with private residential estate management include nature of electricity, water supply, effect of inflation on rent, service charge administration and maintenance culture.
1.2 AIMS AND OBJECTIVES OF THE STUDY
The aim of this dissertation is to certifiably examine the management procedure associated with private residential estate with or view to identify the management problems and prefer solution.
The following objectives were pursued to achieve the aim:
i. To determine the various hips of residential properties with the estate.
ii. To examine the state and condition of the state
iii. To analyze the management procedure in the management of Alhaji Oseni Olanrewaju estate.
iv. To identify problems of private residential estate management.
v. To suggest ways that would enhance better management of the estate.
1.3 SIGNIFICANT OF THE STUDY
The significant of the study is to analyze management and maintenance procedure of a private residential estate
. It also provides an essential body of knowledge that will encourage further research on ht4e topic.
It also serves as a valuable material to the general public to stop the non-chalet attribute towards management and maintenance of landed properties.
Also the study maintenance of existing physical facilities is part of the overall process of national development.
1.4 SCOPE OF THE STUDY
There are various types of properties as we have various types of land uses and will of the property types desire efficient management for the purpose of this research findings, shall be based on private residential estate notably Alhaji Oseni Olanrewaju estate.