Effective Property Management in Increasingly Urbanized Cities

Abstract

Properties are important to how people live, work and recreate, the increasing pace of urbanization has therefore further necessitated effective management of properties in the midst of limited resources and the need to optimize returns. This current study has focused on the effectiveness of property management in urbanized Nigerian cities with a case study of Ibadan. The survey approach was adopted. Data was drawn from professionals practicing in the city with frequency tables and weighted mean score used to present data findings. Findings revealed that; the inherent facilities and services within individual properties and the neighborhood are key drivers of rental values. Further results showed that urbanization has increased the rental value of properties in the market, increased market activities and clients are now more sophisticated in their needs. The challenges identified by the study include; difficulty in tenant section, poor sanitation and unsanitary environment, subletting and conversion of properties as being key challenges on property management foisted by urbanization. The study has been able to map a nexus between property management and urbanization and the need to adopt a proactive approach towards property management. The study concluded by advocating that property managers should enhance their skills by embarking on capacity development programs through training to better prepare themselves and meet client expectations.