Why every property needs a manager | Dailytrust

Why every property needs a manager

A residential building at Lekki in Lagos
A residential building at Lekki in Lagos

With more investors being attracted to the property business in Nigeria, the number of landlords is gradually increasing, while the ability to manage property is decreasing.

There are cases where a structure will become dilapidated due to the inability of the owner to maintain it. Meanwhile, employing a manager otherwise known as caretaker in Nigeria would have saved the owner a lots of stress.

A property manager in Lagos State, Mr Kehinde Kasali, who has been practicing for over four decades, hinted that he had properties he managed for his clients.

He explained that, “My work involves going to the properties. I will oversee to ensure everything is in order. I sometimes check on the occupiers of these properties just to ascertain they still live there. If there is maintenance to do, I inform the owner of the property who finds someone to fix it or gives me the responsibility of fixing it. I collect rent and remit it to the owner, and whenever any tenant fails to pay rent, I ensure the money is being paid by continuously asking for it.

“There are times the tenants do not even know their landlord; they only know me. If they want to rent a house, I give it out and if they want to pack out, they return the keys to me and I assess the house before renting it out to another person.”

According to propertymanagement.com, there is a need for every property owner to hire a manager as the manager protects investment.

With a property manager, more money will be made

Many property owners are afraid to hire a property manager because of the cost involved, not realising that they will actually make more money in the long-term due to the increased care of the property, as well as good tenants with less damage and repairs to contend with.

Time, headaches will be saved

It can be a full-time job to track rent payment, collect late fees, deal with complaints and repairs, prepare the property for new tenants, find vendors and deal with bad tenants. It may also become a constant source of stress. Relinquishing these responsibilities to a property manager can allow the owner to benefit from the investment.

Better tenants, bigger pool of potential renters

Hiring a property manager with experience is great as such a person will know exactly how to find the best tenants and screen out potential tenants with bad history. Property managers have a bigger pool of applicants to choose from due to their extensive marketing and advertising programmes. An established property manager will already have waiting lists of potential tenants.

Property managers know the law

One of the biggest advantages of hiring a professional property manager is avoiding legal hassles. With a full understanding of all the state and federal laws when it comes to discrimination in screening and selecting tenants, property managers avoid breaking discrimination laws. In the event that an eviction becomes necessary, an experienced property manager will know how to handle it in a way that will save time and money while staying within the boundaries of the law.

They serve as a middlemen

When using a property management company, a property owner is able to keep a professional distance from his tenants. Getting too personally involved can result in being too lenient on certain issues or too defensive about certain types of complaints. Renting out a property is a business and it is much easier for a property manager to keep things on a strictly professional level. When issues arise, a professional property manager is better prepared to deal with the problems effectively.

Obviously, hiring someone to manage a property may cost the owner some money, however, it will pay in the long haul taxes.

With the support and concerted effort in promoting investment, Nigeria has achieved self-sufficiency in cement production with potential to export.

The Director General of the Raw Materials Research Development Council (RMRDC), Prof Hussaini Doko Ibrahim, while speaking on the council’s effort in promoting investment and development of the country’s minerals sector, said the country produced over 50 million tonnes of cement annually, adding that through the collaboration of RMRDC and Brewtech, some state governments such as Sokoto, Gombe and Kebbi were in the forefront to promote the establishment of mini cement factories.

Prof Idoko explained that the primary objective of promoting the establishment of mini cement plants in Nigeria was to reduce capital cost of cement industries establishment, reduce the price of cement and create job opportunities.

He said, “To promote optimal use of local raw materials in the cement industry, the council has assiduously worked on the development of limestone and gypsum locally.  The council’s effort and those of other relevant MDA’s have led to the documentation and publication of both limestone and gypsum deposits in Nigeria.

“Most of these deposits have been characterised and classified. Other major areas RMRDC has contributed to the sustainable development of limestone in recent times is in the design, fabrication and installation of granulated limestone processing plant in Calabar, Cross River State; the development, fabrication and installation of hydrated lime production plant in Kwakuti, Niger State in collaboration with Bembu Mining and Engineering Services; and the development, fabrication and installation of hydrated lime production plant at the National Research Institute of Chemical Technology (NARICT), Zaria, Kaduna State.

“The council, in partnership with a private entrepreneur, incorporated a company named Finestones Processing Nigeria Limited located in Calabar for the processing of granulated limestone for fertiliser blending purposes.”

The DG explained that the entire equipment required for the granulated limestone production was designed, developed, fabricated and installed by Musabaha Nigeria Limited which has an installed capacity for the production of 20,000 tonnes per annum.

He said the production process employed at the Calabar plant involved very simple operations requiring the following components: limestone ore bin, jaw crusher, hammer mill, conveyor belt, classifier, sieve, granulator and bagging machine, adding that RMRDC had divested from the project and it was now completely owned by the private sector collaborator.

He added that, “Likewise, the council has worked extensively on improving and developing the quality of gypsum in Nigeria. The estimated quantity of gypsum required in the cement industry in the country stands at 2.1 million on annual basis at five per cent usage. The demand far outweighs the supply capabilities of domestic mining.

“The gap has always been abridged by importation. As a result of this, the council designed, developed and fabricated a 30 tonnes per day gypsum scrubber/washer for the beneficiation of gypsum for POP and cement manufacturing,” Prof. Ibrahim said.

 

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410