AN EXAMINATION OF PROBLEMS ASSOCIATED WITH THE MANAGEMENT OF PRIVATE RESIDENTAL ESTATE. (A CASE STUDY OF ALHAJI OSENI OLANREWAJU ESTATE)
SYNOPSIS
Developers and property ensure now realizes the close relationship between property management and effectively managed property and the income flow form which property, termites too are becoming increasingly aware of their ringlets and liabilities within the legal framework of their tenancy, a situation which now makes property management practices more technical and broad in operation.
This research work is therefore carried out to examine a critical analyzes of the management procedure, associated with private residential estate.
It also identifies the management problems and recommends possible solutions to the problem.
Both Primary and secondary sources of data collection will be adopted in the research work to get necessary information about the research problem.
TABLE OF CONTENT
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Table of content v
Synopsis vi
CHAPTER ONE
1.0 Introduction
1.1 Statement of problem
1.2 Aim and objective of the study
1.3 Significant of the study
1.4 Scope of the study
1.5 Limitation of the study
1.6 The study area
1.7 Definition of term
CHAPTER TWO
2.0 Literature review/concept/theoretical frame work
2.1 general principle of management
2.2 Management functions
2.3 Concept of property management
2.4 Property maintenance
2.5 Functions of property manager
2.6 Concept of private resident estate
CHAPTER THREE
3.0 Research methodology
3.1 Research design
3.2 Data types and source
3.3 Instrumentation for data collection
3.4 Sample frame, sample size and sampling procedure
3.5 Method of data collection
3.6 Method of data analysis
CHAPTER FOUR
4.0 Data presentation and analysis
4.1 Facilities and services in the study area
4.2 Management procedure employed in the management of the study area.
4.3 Analysis of response in the facilities and services
4.4 Condition of the building and services
CHAPTER FIVE
5.0 Summary of finding, Recommendation and conclusion
5.1 Summary of findings
5.2 Recommendation
5.3 Conclusion
5.4 References
5.5 Appendix i-iii
CHAPTER ONE
1.0 INTRODUCTION
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.
1.5 LIMITATION OF STUDY
Limitations of study are those problems that limit the scope of coverage and quality of the output such as:
1. Financial constraint
2. Unwilling attitude of the tenants to reveal vital information concerning the estate.
3. Scarcities of relevant textbooks on the topic really limit my literature review on the concept of management.
4. Time is another factor fact served as constraint in this course of the research work.
1.6 THE STUDY AREA
Ilorin is the capital f Kwara State of Nigeria; Ilorin was founded by a hunter called Ojo-Isekuse who migrated from Gambia. His descendant live up till today in a village called Gambia in Likponrin. He was later followed by Emila (elci). According to local history, the name Ilorin was derived from an important stone used for shaping Kaives and cutlass. The stone can be found today outside a compound called “Ile Bamidele”.
Emila (ela) who was followed by a Kanisi man called Solaegu and settled at Okesuna at the out sketch of Ilorin town was later joined by Olufade a low rarer, who migrated to Ilorin fromIresa in the Western state. Then came Afonja from old Oyo (Oyo Ile) these were followed by Alfa Alimi (Shehu ALimi) Sarkin Gambari, Surkin Gobis and a shehu Alimi called Abdulsalam who became the first emir of Ilorin later succeeded by his brother Mallam Shittu.
Ilorin was an area of 4, 164 square miles and a population of over 30, 000.
People: The inhabitants of Ilorin are Yoruba, Nupe, Fulani, Gobie and Huasa
Economic activities: These includes farming, petty trading, cloth weaving, (Aso Oke) and plot making, others includes carpentry, tailoring, bricklayer mechanic etc.
Industrial establishment: The industries in Ilorin include global soap and detergent, coca-cola, 7up bottling company, informational tobacco company, Kamwill Nigeria Limited, Shelter setter limited etc. Ilorin is an essential cattle route of the South of the country. Ilorin is a large sprawling nature town.
Trade and commerce: It is a nodal centre of trade because of its geographical position. The North to South railway line and the truck and trunk a road linking the Southern states pass through Ilorin. Dry seasonal and other feeder roads, connecting Ilorin with the other towns in Kwara State are properly maintained, Ilorin is an essential cattle route to the South of the country.
Festivals: Because the greater numbers of people are Muslim, the important festivals are those associated with Islamic religion. These include id-elfitri (lesser helvan), id-el-abir (bigger beirams), Maolud Nabiyy (the birth of the noble prophet Muhammad).
Communication: Ilorin is well served with modern communication facilities and postal facilities.
Institutions: Ilorin town has many primary and post primary institutions owned by the government and by individuals. And four (4) higher institutions namely, University of Ilorin, Kwara State Polytechnic, Kwara State University (KWASU) and Kwara state college of education. All in Ilorin.
CONSTRUCTION DETAILS
The property consists of 21 numbers of 4 and 3 bed room bungalows of the same prototype.
Floor: The floor is concrete have core floor finished with sound screed.
Wall: It is of hallow rendered and painted both inside and outside with emulsion paint.
Door: The door sued is of flush doors, metal glaze door and the window are of louvers type. There is a burglary for security and mosquito net.
Roof: The roof is made of aluminum roofing sheet nail to timber tresses with asbestos.
Service: Electricity is connected to the premises with a transformer serving the whole estate and water form water corporation and there is a well to serve as supplement.
Dimension: The length of the estate is 250 meters and depth 160 meters, fenced and with hollow blocks and render.
Age: The age of building is thirty two (32) years old i.e. from December 1980 to 2013.
Accessibility: There is a tarred road from the main road to the estate but less been eroded.
Waste disposal: This is done by an individual i.e. some tenant make use of receptacle provided by the state government outside the estate and some tenant burn their refuse within the estate.
Types of foundation: Strip foundation is adopted for the construction of whole block.
1.7 DEFINITION OF TERMS
Premium: This is a lamp sum of money paid by the tenant (lesser) is the landlord (lessor) in consideration for a reduced rent.
Outgoing: This is the term used in describe the annual incurred by the landlord or tenant in order to keep the property in state so as to command its open market value. It can also be defined as the total amount of money spent annually by lessor in order to make it property habitable.
Estate: Can be defined as the landlord property, residential or industrial district planned as a unit.
Private: Can be defined as the property that belongs to an individual.
Real property: This can be defined as the right ogf use of physical land or building and the total of all tangible benefit o ownership.
Lease: This may be described as a contract giving the exclusive right of possession and use of landed property (IES) for a fixed or determinable period of time to an individual, organization or group of people.
Maintenance: This is defined as work embarked upon in order to restore a building and all facilities therein, in a currently acceptable standard.
Service charge: is a compulsory deposit made by all categories of occupiers of a property in multiple occupations, in addition to rent for the discharged of those obligations which would be taken by each of such occupiers.
Rent: it can be described as the periodic payment made by the tenant to the landlord for the use of property.
Management: Can be defined as the act or skill of directing human activities and physical resources towards the aim of achieving pre-determine or desire goals.
Landed Property: This can be defined as the immoveable properties but can be seen, touched and acquired e.g. building of different types if pattern example are bungalow, mansion, duplex, semi detach, bungalow etc.
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