The rising cost, which is due to increase in price of diesel from the pre -December rate of between N250 – 300 per litre and over N350 per litre in the open markets is now overwhelming many property managers.
In some of the estates in Lagos, Abuja, Kaduna and Port Harcourt, discussions have begun between the property agents, leaseholders and renters on ways to cut maintenance cost. Service charges are the fees most leaseholders pay to cover their share of maintaining their building and frequently the subject of controversy.
The Royal Institution of Chartered Surveyors’ Code of Practice document said service charge enables owners of estates to recover the costs of operating a property from the occupiers as well as any other persons who benefit from and use the services/facilities provided. The Managing Director, Global PFI, Dr. M.K.O. Balogun, told The Guardian that energy cost is just a component in the mix of issues and cost that managers worry about, especially with inflation and its impact on purchasing power of employers and cost of other goods and services.
According to him, technology is also helping in the management of estates, adding, “reducing resources by using technology will ultimately lead to cost reduction.”
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