Market cycle position in the quality of property managers’ advice in Victoria Island, Lagos State, Nigeria

Rasidat Adejoke Oladapo, Abedakin Simeon Asaju

Abstract


The paper described the position of market cycle in the quality of office property investment advice given by property managers in Victoria Island Lagos, Nigeria. Previous study in that location had established the presence of a steep market waves between 1995 and 2014. This study further examined the various factors normally considered by these managers in counseling the office property owners with a bid to determine their level of knowledge and importance placed on market cycle in rendering such services.

The study was a survey research in which data were collected through well structured close-ended questionnaire administered to the office property managers / investors with variables capturing quality of managers advice on a 5 point liker scale with their mean scores calculated; while Kendall coefficient of concordance W was employed to identify the level of agreement that exist among these managers.

The findings underscore managers’ consideration of market cycle in that locality for a period of ten years while given advice but that most managers’ emphasis was on market value trends. Market outcome trends had earlier been noted as a misleading and deceptive form of market performance and managers must be careful in its usage. The managers’ rating further revealed lack of knowledge and application of the market cycle indicators; and that managers lack data storage and applied research credibility which could bear on their quality of advice on when to let, purchase or sell, start a new development or convert existing- use, or wait for ripe period. The second analysis inferred that there was no significant agreement at 5% level in the ranking of the variables managers considered while giving advice to their clients; an evidence of lack of cooperation among managers in the study area.


Keywords


real estate, office market cycle, managers advice, Nigeria

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