English Abstract
Abstract :
Background: Given the current rapidly evolving world, real estate and property
management firms are expected to deliver exceptional customer experience and meet
the stakeholders’ needs in the sector. In the Kingdom of Bahrain, despite the
government’s national recovery plan to address the impact of COVID-19, there is a
dearth of information regarding key stakeholders’ perspectives on the challenges in real
estate and property management. Research Objectives: This research was conducted
to assess the challenges faced by property management companies in the changing
business environment and their response to the rising standards and expectations of
tenants and property owners in Manama, Bahrain. Methods: Using a qualitative
research method, a semi-structured interview was conducted among 20 stakeholders
from property management companies in Manama, Bahrain. The participants
comprised sole owners, co-owners, property managers, and junior staff. An interview
guide was developed by reviewing relevant literature aligning with the research
objectives, which was then assessed for validity, applicability and consistency. Data
obtained from the interview were analysed thematically. Results: Finding depicted that
most of the property management companies responded positively to the changing
business environment in the real estate sector. The main challenges faced were coping
with the new standard of operations (SOP) policies, new payment methods and fund
collection, declining client base, and dynamics of present-day property owners.
Notwithstanding, participants demonstrated their firms’ capacities to meet property
owners’ rising demands and addressing the difficulties experienced during and after the
pandemic. The main strategies adopted were ensuring good relationship with clients,
effective management strategies, reducing operational costs, building collaborative
network, prudent use of social media platforms, and deploying novel and advanced
technologies. Conclusion: The present findings have important implications for the
real estate sector by revealing the opportunities to transform the sector as provided in
Bahrain’s national recovery plan. Policymakers and relevant authorities involved in
Bahrain’s real estate and property management sector may consider the findings
presented in this thesis in their decision-making process while attempting to address
the key issues affecting property management companies in the country.
