Management Of Commercial Properties In Nigeria (A Case Study At Awka Metropolis)
In this recent times there has been inflationary trend in the Nigerian economy this has also effected different sectors of the economy including the financial affairs as long as one registers he becomes a management of commercial properties. The lack of trained professional to handled the commercial properties constitutes the first major obstacle to management in the way it is understand the Quack Again. Being that they are not trained in the profession are not capable in carried out the management of commercial properties more than licensed surveyor who has under gone so many training in the filed of Estate Management unlike Licensed Agent who are doubts trying to maximize profit.
Table of Contents
- Title page
- Approval page
- List of tables
- Table of content
1.0 General Introduction
- 1.1 State of Problem
- 1.2 Aims and Objective
- 1.3 Research Questions
- 1.4 Significance of the Study
- 1.5 Delimitation of Study
- 1.6 Limitation of Study
- 1.7 Definition of Term
- 1.8 Overview of the Study
2.0 Literature Review
- 2.1 Introduction Management
- 2.2 Importance of Management
- 2.3 Management Problems
3.0 Research Methodology
- 3.1 Restatement of the Problem
- 3.2 Description of the Study Area
- 3.3 Data Sources
- 3.3.1 Primary Sources of Data
- 3.3.2 Secondary Sources of Data
- 3.4 Population of Study
- 3.5 Sampling and Sampling Procedure
4.0 Presentation and Analysis of Data
5.0 Conclusion and Recommendation
- 5.1 Introduction
- 5.2 Recommendation
- 5.3 Conclusion
The dramatic reduction in number of commercial properties in Nigeria is a reflection of the level of decline which the nation has one through. The demise of same commercial properties in Nigeria did not discourage further investment in the development of commercial properties in Nigerian. Obviously the “big” names served the need of the whole of Awka metropolis when few investors considered the development of commercial properties (shopping complexes) as a worthwhile problem and the idea of a Central Business District was accorded a high respect.
Recently the management is not an easy idea to conceive for real estate especially with such development are in use by the owners. The lack of trained professional in handle the management of commercial properties constitutes the first major obstacle to management of commercial properties with in general.
Basically maintenance is a vital aspects of property management this aspect guarantees the physical life span of a property in order that a property may last for ages ad does not become economically obsolete, it must be maintained.
1.1 Statement of the Problems
Lack of proper maintenance has gone way to effect the image of some commercial properties many commercial properties failed due to ineffective handing of the properties which manifests in the physical deterioration.
When non-professional are entrusted with the task of property management, failure is easily result. In many instance policy or decision makers, have neglected the role of professional property manager. In the management of commercial properties. What is the correct solution? Who can provide the answer?
1.2 Aim and Objectives
This study aims at achieving or deriving a satisfactory way of management of commercial properties and party contributes to the management of the economic resources in Nigerian. The objectives of the project are:
- To determine ways and means of enhancing to economic returns of a commercial properties?
- To measure performance with benefit and thus guide future design, development and decision.
- To review the problems normally associated with the management of commercial properties, review design methodology and suggest ways and means of improving the existing method of management.
- To develop an efficient means in management of commercial properties so as to ensure maximum utilization and long life at minimum cost.
1.3 Research Questions
To throw more light on the topic at state, the researcher took the pains to arrange so me questions based on the assumptions earlier on put forward about the problem this is hoped, will help the researcher to get the solution to the problems, which is the failure of the existing method of management.
The following research questions will accommodate that:
- Is there any benefits derived from the management of commercial properties?
- Is commercial properties effectively managed?
- Does performance and benefits, guide, future decision making in the management of commercial properties?
- What are the ways and means of ensuring undisrupted flow of economic returns from a commercial properties?
- Does the involvement of the management in place effect the productivity of the commercial properties?
1.4 Significance of the Study
This section of chapter one of a research project states those whom the study will have impacts on and those that will benefit from the study.
It will be significant to the researchers and those associated with the project such as the occupant of the area the customers the entire public etc.
Finally the research work will serve as on additional to the existing literature in the area to managing and maintaining commercial properties, besides serving as reference for future researchers on the field.
1.5 Delimitation of Study
The study is on the management of commercial properties in Nigeria, with particular emphasis on BUSNIKE shop, Akwa this shows that the project will be restricted to the area, to enable the researcher has enough time for the project.
1.7 Definition of Terms
The science of organization and operation or at practical, level the art of directing and controlling affairs.
These occurs mainly inform of market shop office building, supermarket bank building, hotel, trade centre and petrol, filling station in commercial cities.
This defined as the highest right a man can have to any thing, property can be classified into two land and immovable good which a man owns a re know as corporeal property while incorporeal are those right which a man has over that property.
This is arranged in five(5) chapters the first chapter generally introduce the topic of the study while, the second chapter reviews into many other literature in the area of study, which has been written in the past. These areas include definition of management maintenance and management strategy.
Third chapter introduces the data collection method instruments, analysis and procedure while fourth chapter is the data presentation and analysis.
Fifth chapter includes conclusion and recommendation of the problem of strategies for management of commercial properties.
5.0 Conclusion and Recommendation
This project considered the management of commercial properties in Nigerian. It also attempted to highlight what is actually called a commercial properties and how it can be managed.
BUSNIKE SHOPPING centre Awka was chosen for the study.
Management problem deserved immediate attention for foresail deterioration and obsolescence. Any delay in tacking a management problem could result in unpleasant consequence. Various issue discussed included the involvement of the management in place and how it effect the productivity of the commercial properties (shopping centre).
The ineffective management which is evident in the poor maintenance of the building and its facilities that effected the productivity of the commercial properties.
Some of the study include the following.
- That the management in place effect the productivity of the commercial properties.
- That the commercial properties is not effectively managed in Nigeria.
- That there is benefit to be derived form management of commercial properties.
In the light of the foregoing, it is necessary to emphasize again that effective property management required that correct diagnosis of defects and corresponding implementation of correct remediate measures.
Therefore to ensure a high standard management of commercial property in particular the recommendation contained in this chapter should be adhered to in order to avoid the problem identified by this study.
In view of some finding and what has been discussed here in the following suggestion are volunteered for the effective management of commercial properties.
Firstly, there is need for the commercial properties to be managed by a trained profession (estate surveyors and values) so that the purpose for which the property is set out will be achieved.
Secondly, the necessary facilities should be provided at the shopping centre while constant supervision by the management authority should be in place. There should be enough toilet units to supplement the female an the male user respectively. The water supply network should be enhance the issue of the generating set in the shopping centre is of great important. This is in case of power failure from NEPA.
Thirdly, the issue of functional and effective protection system cannot be over emphasized. The commercial properties in question cannot boast of any means of putting of fire out break on its own before the arrival of state fire fighting team, whose efficiency is in doubt the management agent should endeavor to encourage the installation of an effective and functional fire fighting equipment within the commercial properties which can effectively check the out break of fire.
Every property that is put to use experience wear and tear especially commercial property since some of the commercial properties are owner occupied the managing agent should Liaise with owner to budget for repair in the property.
There is also need for proper maintenance of commercial properties. If the proper maintenance is put in place it will attract more customers.
Finally, the suggested solution and decision once put in place will take care of the problem.
This study has considerable discussed various issues affecting management of commercial properties especially that of BUSNIKE SHOP AWKA.
In the light of what has been discussed the researchers concluded that commercial properties are not well managed and also that there is benefits to be derived from effective management of commercial properties.
However if the suggestions made by the researchers ad adopted there will be some improvement in the perchance of commercial properties.
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