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Article
Publication date: 3 April 2018

Andrew T. Carswell

This paper aims to examine whether property managers who live on-site within a residential apartment building provide a value-added benefit to the management in the form of cost…

540

Abstract

Purpose

This paper aims to examine whether property managers who live on-site within a residential apartment building provide a value-added benefit to the management in the form of cost control and revenue maximization.

Design/methodology/approach

This research uses two large US data sets that cover operational and financial data of apartment owners/operators and the financial and individual housing situations of renters themselves. The regression models developed were general linear models with operating expenses, rent collection and monthly rent paid as dependent variables, with on-site resident manager status as the experimental variable.

Findings

This research finds that the value of on-site property managers does not definitively maximize rent revenue, as expected. On-site property managers also don’t show significant reductions in operating expenses, although they are not cost centers either. Individual renter households do, however, pay a significant rent premium for units in communities with on-site personnel living there.

Research limitations/implications

The limitations of this research include the inability to merge the two data sets and the inability to measure the intangible attributes of the on-site residential manager’s experience.

Practical implications

As roughly 30 per cent of US rental apartment buildings have some form of on-site manager, this research has some practical implications for multifamily housing investors/owners, a highly visible US building sector.

Social implications

The action of hiring an on-site residential property manager also addresses issues related to the optimization and efficient allocation of human resources for property management companies.

Originality/value

This appears to be the first research addressing property managers who live at the site where they also work.

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Article
Publication date: 30 September 2014

Martin C. Seay, Andrew T. Carswell, Melissa Wilmarth and Lloyd G. Zimmerman

The purpose of this research was to explore the growth of Home Equity Conversion Mortgage (HECM) fraud and the role of housing counselors in its identification and prevention…

413

Abstract

Purpose

The purpose of this research was to explore the growth of Home Equity Conversion Mortgage (HECM) fraud and the role of housing counselors in its identification and prevention. HECMs are the Federal Housing Administration endorsed version of a reverse mortgage and represent the majority of reverse mortgages on the market.

Design/methodology/approach

To investigate HECM counselor’s training, and their ability to detect fraudulent activity, a survey was constructed and distributed nationwide using HUD’s publicly available roster of qualified agencies and counselors. The survey consisted of three main sections agency and respondent information including HECM certification process, typical interactions with clients, and mortgage fraud and HECM fraud.

Findings

Responses indicate that HECM counselors have limited awareness of and training in identifying fraudulent activities.

Originality/value

The case is made that additional training is needed to raise awareness among counselors so that they might better serve their clients. Given the sizable population that may legitimately need HECMs, it is important to improve awareness and provide training to detect fraudulent schemes and prevent this type of deception from occurring.

Details

Journal of Financial Crime, vol. 21 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 27 March 2009

Andrew T. Carswell and Stephen Smith

The green building phenomenon has only recently extended to the residential sector. The purpose of this paper is to provide context on the prevalence of green building within the…

1402

Abstract

Purpose

The green building phenomenon has only recently extended to the residential sector. The purpose of this paper is to provide context on the prevalence of green building within the multifamily residential sector. The decisions on where green apartment buildings are sited are also examined.

Design/methodology/approach

A series of comparative analyses are performed on green criteria scorecards provided by the US Green Building Council (USGBC) across property types. Comparisons are made to determine whether the climate and rents differ substantially between green multifamily locations and the area means.

Findings

Green multifamily properties underperform other property types in each of the six categories that the USGBC uses in its green scoring criteria. While the siting of green multifamily properties was inordinately located in areas with high heating degree days during the early years of USGBC certification, green apartment buildings have since diffused to communities with more normal temperature patterns, suggesting an appeal of green buildings beyond simply energy savings. Finally, the median rents for areas where green apartments are located far outpace those of the surrounding areas, raising affordability concerns.

Research limitations/implications

The nascence of the green movement within the multifamily residential sector limits the amount of available data for use within this research project.

Originality/value

This research represents one of the first attempts outside of the housing trade industry at examining green multifamily residential properties. This research helps policy makers understand how the multifamily sector differs from other property sectors seeking green certification.

Details

Journal of Engineering, Design and Technology, vol. 7 no. 1
Type: Research Article
ISSN: 1726-0531

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Article
Publication date: 24 October 2018

Dustin C. Read and Andrew Carswell

The purpose of this paper is to examine the perspectives of real estate executives to assess the extent to which property management is viewed as a commodity or as a value-added…

1343

Abstract

Purpose

The purpose of this paper is to examine the perspectives of real estate executives to assess the extent to which property management is viewed as a commodity or as a value-added professional service contributing positively to investment performance and property value maximization.

Design/methodology/approach

The qualitative analysis draws on the result of 93 semi-structured interviews conducted with executives employed by some of the largest real estate investment management and service firms across the USA.

Findings

The findings suggest that significant perceptual cleavages exist in the real estate industry, with some executives believing property managers are incredibly important to the value creation process and others believing they play a much more modest role.

Practical implications

The results highlight the need for the property management industry as whole to continue its efforts to gain recognition as a value-added professional service and for individual property management companies to actively take steps to differentiate themselves from competitors if they hope to avoid commodification and fee compression.

Originality/value

The study is the first to the authors’ knowledge to examine real estate executives’ perspectives about the roles property managers play in the value creation process, as well as their views about whether property managers have the skills and autonomy required to make value accretive decisions.

Details

Property Management, vol. 37 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 18 February 2019

Heidi H. Ewen and Andrew Carswell

From the consumer side, this paper aims to highlight some of the various characteristics that older renters seek out from their apartment buildings, relative to conventional…

260

Abstract

Purpose

From the consumer side, this paper aims to highlight some of the various characteristics that older renters seek out from their apartment buildings, relative to conventional multifamily residential buildings and, from the operational side, to examine some of the costs involved in daily operation of such buildings.

Design/methodology/approach

The Rental Housing Finance Survey provides data that enables scholars to test empirical differences in amenities and costs between senior-oriented communities and other apartment buildings.

Findings

Occupancy rates outpace the rate for all other apartment communities. Regarding amenities, senior apartment communities are more likely than other communities to have a fitness center on premises, but less likely to have a swimming pool. Market value for senior properties is usually less than properties marketed toward multi-family property tenants. This difference may be due to a higher pattern of both operating/capital expenses within senior communities. Part of these increases in operating costs is due to a higher propensity to hire professional management companies and a higher fee for managing senior apartment communities.

Originality/value

Literature on seniors living within apartment communities is somewhat sparse, particularly regarding the operational aspects of managing apartment communities. There is a dearth of information on industry success measurements known as operating and capital expenditures. This study triangulates multiple sources of data to investigate differences in cost of senior housing apartment communities, as well as amenity structures.

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Article
Publication date: 20 February 2017

Andrew Carswell

The purpose of this paper is to determine the effect that ownership and management structures have on ability to control operating expenses. For individual investors, intensity of…

920

Abstract

Purpose

The purpose of this paper is to determine the effect that ownership and management structures have on ability to control operating expenses. For individual investors, intensity of management experience is also explored as a possible explanatory variable for operating expenses. For property management services that are contracted out, the level of the fee is investigated as a possible cause for movements in operating expenses as well. Finally, operating expenses are used as a possible explanatory variable for a property’s lease-up performance during the year.

Design/methodology/approach

The analysis consists of a series of regression models performed on data provided by the 2012 Rental Housing Finance Survey (RHFS) in the USA. The RHFS is a unique data set that covers a wide degree of information on multifamily properties. The RHFS represents 2,260 properties in total, and covers various aspects of the apartment industry, including financing and operational cost measures. Control variables used as independent variables include number of units, year of property acquisition, and age of building.

Findings

Individual ownership and self-management proved to be statistically significant drivers in driving down log operating expenses. Hours spent by individuals performing property management roles on their own properties had a slightly positive association with operating expenses. For professional managers, the fees devoted solely to the manager or management company had a highly significant and positive effect on other operating costs. Finally, when separating out the individual components of operating expenses, only two variables had significant effects on tenant lease-ups: management expenses (positive) and security expenses (negative).

Research limitations/implications

The data set is potentially biased toward those properties with less than 100 units, and thus it would be problematic to assume that these findings are generalizable to the population at large. There are also no geographic coding indicators within the RHFS data set, which eliminates the potential to control for various market factors and rural/urban differences.

Practical implications

The research provides an understanding of some of the basic factors behind increases in operating expenses, which ultimately has implications for performance benchmarks such as net operating income and property market value.

Social implications

The reasonable controlling of operating expenses ultimately has potentially positive implications for low- to moderate-income populations, who would ultimately experience lower rents as a result.

Originality/value

This research represents one of the first known uses of the RHFS database.

Details

Property Management, vol. 35 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 June 1962

R.D. MACLEOD

Scotland's day of reputation in publishing came with the Foulises, who set a standard not only for Scotland but also for Europe. Robert Foulis, who was inspired by Dr. Francis…

31

Abstract

Scotland's day of reputation in publishing came with the Foulises, who set a standard not only for Scotland but also for Europe. Robert Foulis, who was inspired by Dr. Francis Hutcheson to become bookseller and printer, opened his shop in Glasgow about 1741. He and his brother Andrew had visited the Continent on occasions, devoting themselves to studying the printing houses there. In a letter written by Thomas Innes of the Scots College of Paris, a well‐known Jacobite, to James Edgar, Secretary to the Chevalier de St. George at Rome, he tells about the departure of the brothers from Paris, and says that they returned home by London bringing with them six or seven hogsheads of books they had bought up in France. On their return to Glasgow, Robert opened out as a bookseller, his printers being Urie & Co., a firm some of whose issues are of higher quality than had to that date been achieved in Scotland. There was an obvious leaning to the classical side in the early Foulis publishing, and this inclination increased as the connexion with the University became cemented.

Details

Library Review, vol. 18 no. 6
Type: Research Article
ISSN: 0024-2535

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Article
Publication date: 1 February 2003

Ian Boxill

This exploratory paper argues that there is a need to rethink the issue of black entrepreneurship in the Caribbean. It contends that part of the problem with many of the…

864

Abstract

This exploratory paper argues that there is a need to rethink the issue of black entrepreneurship in the Caribbean. It contends that part of the problem with many of the discussions on black entrepreneurship in the Caribbean is that they have tended to focus on traditional areas of entrepreneurship. This means that other categories of business – the knowledge, culture/entertainment sectors and micro and small enterprises – are often ignored in these discussions. Yet, these are areas in which Afro‐Caribbean people have, historically, established cultural spaces. Therefore, it is being suggested that there is a need to understand the strengths and weaknesses of entrepreneurial activity in these areas, and account for the reasons why black entrepreneurs have not, in larger numbers, expanded beyond their traditional cultural spaces. To do so, there is a need to enter the world of the black entrepreneur and to discover that world. It is necessary to understand his/her definition of that world, and then see how s/he perceives opportunities and barriers to entrepreneurial success. In general, this paper calls for both a methodological and theoretical shift to the way in which the study of black entrepreneurship in the Caribbean is conducted.

Details

Equal Opportunities International, vol. 22 no. 1
Type: Research Article
ISSN: 0261-0159

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Article
Publication date: 1 January 1935

With this number the Library Review enters on its ninth year, and we send greetings to readers at home and abroad. Though the magazine was started just about the time when the…

147

Abstract

With this number the Library Review enters on its ninth year, and we send greetings to readers at home and abroad. Though the magazine was started just about the time when the depression struck the world, its success was immediate, and we are glad to say that its circulation has increased steadily every year. This is an eminently satisfactory claim to be able to make considering the times through which we have passed.

Details

Library Review, vol. 5 no. 1
Type: Research Article
ISSN: 0024-2535

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Article
Publication date: 3 July 2017

Clare Lynette Harvey, Jonathan Sibley, Janine Palmer, Andrew Phillips, Eileen Willis, Robert Marshall, Shona Thompson, Susanne Ward, Rachel Forrest and Maria Pearson

The purpose of this paper is to outline a conceptual plan for innovative, integrated care designed for people living with long-term conditions (LTCs).

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Abstract

Purpose

The purpose of this paper is to outline a conceptual plan for innovative, integrated care designed for people living with long-term conditions (LTCs).

Design/methodology/approach

The conceptual plan delivers a partnership between the health system, the person with LTCs (chronic), their family, and the community. The partnership aims to support people at home with access to effective treatment, consistent with the New Zealand Government Health Strategy. This concept of people-owned care is provided by nurses with advanced practice skills, who coordinate care across services, locations and multiple LTCs.

Findings

With the global increase in numbers of people with multiple chronic conditions, health services are challenged to deliver good outcomes and experience. This model aims to demonstrate the effective use of healthcare resources by supporting people living with a chronic condition, to increase their self-efficacy and resilience in accordance with personal, cultural and social circumstance. The aim is to have a model of care that is replicable and transferable across a range of health services.

Social implications

People living with chronic conditions can be empowered to manage their health and well-being, whilst having access to nurse-led care appropriate to individual needs.

Originality/value

Although there are examples of case management and nurse-led coordination, this model is novel in that it combines a liaison nursing role that works in partnership with patients, whilst ensuring that care across a number of primary and secondary care services is truly integrated and not simply interfaced.

Details

Journal of Integrated Care, vol. 25 no. 3
Type: Research Article
ISSN: 1476-9018

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