T.B. Oyedokun, A. Oletubo and A.O. Adewusi
Occupier satisfaction has received noticeable attention in recent years due to the perceived relationship between satisfaction and investment performance which has led to property…
Abstract
Purpose
Occupier satisfaction has received noticeable attention in recent years due to the perceived relationship between satisfaction and investment performance which has led to property investors giving an increased priority to creating good landlord-tenant relationship. The purpose of this paper is to assess the occupier satisfaction on management of commercial properties in Nigeria using Akure as the research site.
Design/methodology/approach
Based on a total population of 160 and employing random sampling technique, 142 questionnaires were administered on the occupiers of shopping complexes along the major routes of the city namely Oba-Adesida and Oyemekun, out of which 98 were returned and found adequate for analysis. Data analysis were done using weighted mean score and paired t-test.
Findings
The result revealed that there is significant difference between occupiers’ expected and actual satisfaction. The paper recommends a tenant-oriented management style for better performance.
Originality/value
The most important contribution of the paper is to underline the need for pragmatic and tenant-oriented management as a means to achieving increased occupier satisfaction in commercial properties.
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Funminiyi Emmanuel Olayiwola, Bioye Tajudeen Aluko and Timothy Oluwafemi Ayodele
Pre-letting and pre-sale financing arrangements have been widely adopted to increase housing delivery in the developed economy. Despite the increasing level of adoption in some…
Abstract
Purpose
Pre-letting and pre-sale financing arrangements have been widely adopted to increase housing delivery in the developed economy. Despite the increasing level of adoption in some developed countries, some are reverting to spot property buying because of factors militating the adoption of pre-letting and pre-sale financing. However, little has been done on the factors influencing the adoption of these trust-based financing arrangements in the developing economy where there are challenges of trust and market transparency.
Design/methodology/approach
Using a closed-ended questionnaire, 87 property development companies (PDCs), which constituted 63.5% of the 137 PDCs in Lagos metropolis, were sampled. Variables that influence adoption of pre-letting and pre-sale financing arrangements were presented to respondents for rating on a five-point Likert scale, ranging from 1 (not influential) to 5 (very highly influential). With the aid of SPSS software, acquired data were analysed using principal component analysis (PCA), mean rating and standard deviation.
Findings
The PCA finding revealed that factors influencing the adoption of pre-letting and pre-sale financing had 69.641% total variance. Top-rated components were fear of financial risk and firm’s reputation and poor government involvement and contractors' credibility, with 15.114% and 11.895% variances, respectively. The study findings suggested that the buyers' apprehension regarding the transfer of financial risk and the reputation of the firms significantly influence their decision to embrace both arrangements. As a result, the buyers' willingness to engage the financing arrangements is reduced, which consequently imparts adoption negatively. Furthermore, there is worrisome lack of government involvement, a crucial aspect for the success of such arrangements.
Practical implications
Pre-letting and pre-sale financing arrangements are found to be highly suitable for environments where there is trust. The findings enlighten the development firms on the need to uphold their reputation, as buyers attach great significance to the credibility and integrity of the companies they engage in business.
Originality/value
This paper is one of the few attempts that have sought to explore the factors influencing pre-letting and pre-sale financing arrangements in an emerging market like Nigeria.
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Samson Oluseun Ojekalu, Olatoye Ojo, Timothy Tunde Oladokun, Sumoila Aremu Olabisi and Sunday Samuel Omoniyi
The purpose of this paper is to assess the service quality (SQ) of property managers of shopping complexes in Ibadan with a view to improving management practice.
Abstract
Purpose
The purpose of this paper is to assess the service quality (SQ) of property managers of shopping complexes in Ibadan with a view to improving management practice.
Design/methodology/approach
Primary data were used for the study through questionnaire administration. Ibadan was stratified into five axes using existing major roads where shopping complexes were highly concentrated. From each axis, 33, 65, 48, 64 and 66 shopping complexes were identified (Oyo State Ministry of Land, Housing and Survey, 2017), and the systematic sampling technique (20 percent) was adopted to select 57 out of 276 shopping complexes and 192 (10 percent) out of 1919 occupiers of the shopping complexes in the study area. In total, 157 occupiers responded to the questionnaire, and the data were analyzed using mean ranking and stepwise multiple regression.
Findings
This study found that professionalism, tangible, assurance and empathy dimensions of SQ were rated fair, whereas reliability and responsiveness dimensions were rated poor. Also, stepwise multiple regression analysis predicted 78.5 percent overall SQ of property managers, and assurance, professionalism and empathy dimensions contributed significantly to the overall SQ. Hence, reliability and responsiveness dimensions of SQ need to be improved. It is expected that the findings of this study will help property managers to understand the role of various dimensions of SQ for enhanced property management practice.
Originality/value
The study is one of the few studies that assessed the SQ of property managers of shopping complex with a view to improving its management practice.
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Ndubisi Onwuanyi and Abiodun Kolawole Oyetunji
This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018) suggests…
Abstract
Purpose
This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018) suggests is information challenged. Given the country's lack of property data management, it is posited that inter-market studies can help to improve information supply and market knowledge. Inter-market research in Nigeria is compared with the UK's established market where such research is a key information source.
Design/methodology/approach
An online database search was used to collate published intra-market and inter-market research on Nigeria's property market between 2009 and 2019. The inter-market research were thereafter examined as to volume and scope (geographical and thematic) and compared with the UK's.
Findings
Relative to the UK, the volume as well as scope (geographical and thematic) of inter-market research in Nigeria are respectively far lower and narrower, thereby producing less information overall. Only a few Nigerian studies provide insights of two or more local markets. There is little or no research on many important market issues and other urban markets in the system. This suggests that inter-market research is relatively undeveloped in Nigeria.
Research limitations/implications
The online search approach used to assemble extant research in the absence of a research repository may have resulted in the omission of some inter-market research undertaken between 2009 and 2019 if these were not published online.
Practical implications
The dearth of inter-market research in Nigeria suggests an inadequately researched market. This limits market information, market knowledge, suggests a low market competitiveness with implications for development in view of the role of property in the modern economy.
Originality/value
In view of the little attention given to inter-market research in Nigeria, this study draws attention to its potential for improving market knowledge by the production of information which has a wider market relevance.
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Trade centers are operationally run by a property manager as a delegate of the property owner. The dimensions of service quality (SERVQUAL), which include tangibles, assurance…
Abstract
Purpose
Trade centers are operationally run by a property manager as a delegate of the property owner. The dimensions of service quality (SERVQUAL), which include tangibles, assurance, empathy, reliability and responsiveness, are vital to be implemented as the duties of property managers when providing service to tenants to maintain tenant satisfaction and property reputation. This study aims to understand the effects of the SERVQUAL dimensions, the role of property management and the quality of rental value on tenant satisfaction and property reputation.
Design/methodology/approach
The sample was gathered using the purposive sampling technique with the criteria of being a tenant and kiosk owner in trade center properties in Surabaya. Data were gathered using questionnaires, from which 100 respondents were acquired. It was then analyzed using the partial least square structural equation model (SEM) in the SmartPLS 3.0 program to test the hypothesis.
Findings
The results of this study prove that the SERVQUAL dimensions – assurance, empathy and responsiveness – significantly influence tenant satisfaction with the mediating variable of the role of property management. Moreover, the SERVQUAL dimensions – empathy, reliability and responsiveness – significantly influence property reputation with the mediating variable of the role of property management.
Practical implications
Property managers are expected to proactively map out different service measures related to the dimension of satisfaction by conducting service training programs for their employees. In fact, in the post-pandemic period, property managers require new marketing strategies, such as leaseback, to effectively carry out renovations of the trade center’s public facilities and restructure the tenant mix.
Originality/value
Trade centers as trading areas experience management limitations because of the prohibition of mass gatherings during the COVID-19 pandemic, resulting in a limited number of onsite trading. Tenants who have entered into a long-term contract experience loss and rely on the aid of property management to survive. The role and quality of service of property management influence tenants’ satisfaction post-COVID-19 pandemic.
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Danielle Claire Sanderson and Dustin C. Read
The purpose of this paper is to increase awareness of the value that can be derived from embracing customer service and ensuring tenant satisfaction.
Abstract
Purpose
The purpose of this paper is to increase awareness of the value that can be derived from embracing customer service and ensuring tenant satisfaction.
Design/methodology/approach
This literature review synthesizes the results of research conducted around the world to examine the value proposition of customer-focused property management. The literature was identified through a search of academic journal articles and industry publications, together with the authors' experience of working with industry practitioners. Drawing on these sources, the authors identify five emerging trends that are likely to make customer service an even more critical part of property managers' jobs and propose best practices to help property managers actualize the benefits.
Findings
Three themes emerge from the literature. First, property managers can add significant value to real estate portfolios by delivering high-quality customer service to tenants. Second, emerging trends in the real estate industry are creating new opportunities for property managers to participate in the value creation process. Third, there are a number of steps property managers can take to leverage customer service to benefit the real estate investors they represent.
Practical implications
Real estate investors, and the property managers working on their behalf, can realize the advantages of customer-focused property management by adopting a series of straightforward best practices, which are discussed in the paper.
Social implications
The trends identified and practical steps proposed are likely to be all the more relevant in the aftermath of the Covid-19 pandemic.
Originality/value
This research should increase awareness of customer-focused property management and the mechanisms through which it can affect real estate returns. The ten best practices proposed should help property managers deliver effective service to tenants and achieve the associated financial benefits for investors.
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The purpose of this paper is to identify factors on the property management level for analysing incentives for an effective property management with a focus on organising it…
Abstract
Purpose
The purpose of this paper is to identify factors on the property management level for analysing incentives for an effective property management with a focus on organising it in-house.
Design/methodology/approach
This research is based on an interview study of 11 firm representatives from the Swedish commercial real estate sector with in-house property management.
Findings
The study concludes that the property management organisation in the in-house setting is governed in an informal way, with a large portion of “freedom with responsibilities” setup instead of regulations.
Research limitations/implications
The research in this paper is limited to the Swedish commercial real estate sector.
Practical implications
The insights into the paper regarding how decision makers create incentives for the property management organisation can provide inspiration to design incentives for effort.
Originality/value
It provides an insight regarding how the commercial real estate industry prioritises different work tasks and how incentives are created to enable effort.