WHAT PROPERTY OWNERS LOOK FOR IN PROPERTY MANAGERS: A DEVELOPING CITY’S PERSPECTIVE

Purpose: This study assessed the factors that property owners consider in appointing property managers in Akure, Nigeria.

Design/methodology/approach: The study adopted a cross-sectional survey research design in which primary data were obtained from property owners across the city, which was divided into high, medium and low population density zones. A total of 382 questionnaires were administered, of which 260 (68.06%) were retrieved. Factor analysis was used to analyse factors that property owners consider before appointing property managers.

Findings: The result of the analysis revealed that six (6) components were extracted with the first being ‘Team Work and Professional Development’. The result further showed that the first component contributes approximately 27.268% of the choice of property owners on the desired qualities of the property managers, and this includes team spirit/development, educational qualification, level of technological skill, returns maximisation, firms’/property managers’ reputation and professional qualification. It is therefore concluded that while it is necessary for property managers to be professionally and educationally qualified, there are other qualities that are not restricted to professional and educational qualifications which property owners look for before appointing property managers.

Research Limitations/Implications: These findings are limited to a developing city in Nigeria, where real estate investment and property management practice are evolving. For a developed city where property management practices have advanced, the choice of property managers might be at different scales on the components extracted in this study.

Practical Implications: It is, therefore, recommended that property managers should not only rely on professional certification to secure property management jobs in developing cities, but also develop other traits like team spirit/development, and interpersonal relationship skills, which will enhance the image of the professionally registered property managers to attract the attention of property owners.

Originality/value: The study enhances existing studies on property management by highlighting managers’ attributes that attract property owners especially in a developing city, which further emphasizes the need to advance research that investigates efficient relationships between property owners and managers.