PROBLEMS AND PROSPECTS MANAGEMENT OF COMMERCIAL PROPERTY

PROBLEMS AND PROSPECTS MANAGEMENT OF COMMERCIAL PROPERTY

(A CASE STUDY OF SHOPPING CENTER GARKI AREA 1)

ABSTRACT

Property management generally relates to the overall supervision and direction of interest in landed property with the aim of securing optimum return. This study intend to examine the role of property managers which often include preparation of detailed budget for day to day operation, reasonable estimate of expenses for service charge, repairs and maintenance as well as administration of will. Due to effective competition, a marketing plan and advertising budget is quite important for regular periodic advert, with intent of minimizing vacancy rates. This project will endeavour to showcase challenge faced by property manager and recommend ways for improvements.

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

It is a broad knowledge that one of the feature of property management which distinguishes it from other investment portfolio is a serious requirement to be managed. In recent times, this peculiar management function has continuously undergo tremendous transformation brought about by the agglomeration of estates and massive involvement in property by a number of land dealers agencies and financial institutions.

Property management essentially concern with the decision to developed, maintain, improve or to replace building in their setting in order to satisfy or provide physical frame work for satisfying human needs. It is therefore concerned with investment decision and the economic use of resources. Property management is a broad field of practice in Estate Surveyor profession, whether public or private property, the objective are the same. It is only the method that may be different depending on the peculiarities of the properties management and the client whose interest on the management function are meant to serve. Concerned urban properties the role of Estate Surveying profession is immense and more visible especially in commercial properties. Commercial properties has a great impact on the life style in general, it is viewed in it’s wider socio-economic context as it serve as a work place for many families, for shop, stores, and also for recreation activities, it can generate income and provide a storage place for man’s valuable possession. The surveyor should be contacted to relate cost options to achieving desired optimum returns in the property. The best investment obtained in any commercial properties are obtained from those properties located in central position where values are maintained, central positioned properties have usually been regarded as very secure investment with satisfactory records of capital appreciation and a few management difficulties.

In performing his functions, the management surveyor encounters problem in the management of any type of property. This dissertation will look into the management strategies adopted in commercial properties, its problems, prospect of commercial properties and to suggest possible solution to those problems. In conclusion, there is need for urgent need to identify the management problems of properties “unless there is of attitude as to scope, functionality, style and mode of our property construction and eventual management, that we need not only to build what is management. Nigeria will be making history and destroying it immediately thereafter “A country that goes on building structure but fails to effectively manage them, burns it’s wealth and resources in a furnace it is a country with pride.

1.2 STATEMENT OF PROBLEM

In management of commercial property, the property manager will be facing with problem of rent default which is as a result of non compliance with tenancy agreement, poor tenant selection, poor management strategies and many others. In view of this, tremendous effort have been made by researchers to curtail these problems. These research are Akanni (1980) pg 7 and David Cleveland and William R. King pg 10.

1.3 BACKGROUND OF THE STUDY AREA

Garki is in the southwest corner of the city having the central district to the north. The district subdivided into unit called “Area” Garki uses distinctive naming convention of “Area” to refer to part of Garki. These designated as Area 1 to 11. Garki is presently the principal business district of Abuja. Numerous building of interest are in this area some of them include general post office, Abuja internantion conference center along the busy Herbert Macaulay  way, Nicon Luxury Hotel (formally known as Abuja Sofitel Hotel and meridian) Agura hotel and old federal secretariat complex building (Area 1) a new five star hotel How Won Suit Abuja is in Garki.

1.4 AIM AND OBJECTIVE OF THE STUDY

This research is aim to access the management of commercial property in area 1 shopping centre Garki Abuja. In other to achieve the above stated aim, the following objectives will be pursued:

1. To examine the concept of management and maintenance.
2. To identify the various problems and prospects peculiar to the management of the shopping center.
3. To identify and appraise the management and maintenance strategies adopted in commercial properties.
4. To analysis and provide an insight into the management problems facing the shopping centre and suggest ways of improving the standard of the property.

1.5 RESEARCH QUESTION

          To guide the researcher in the investigation, the researcher thus seeks       answers to the following question:

• What is the management of commercial properties in term of maintenance?
• What are various problems and prospects peculiar to the management of shopping centre?
• What are the management and maintenance strategies adopted in commercial properties?
• What are the solution to solve the problem facing shopping centre and ways of improving the standard?

1.6 SIGNIFICANCE OF THE STUDY

This research work is significance to the following:

Government for decision making, student, practicing estate surveyors and valuers, investors, researcher.

I was carried out to provide a frame work for efficient property management and in turn ensure adequate returns on the investment with particular references to their security and regularity. It will also help the management surveyor to adopt some strategies in determining in determining the condition of the building their service and advising on maintenance, attraction and improvement.

In addition, the study will enable the management surveyor on how the rudiment of service charge administration on commercial properties and properties of alike nature beside it will enable the management surveyor to know the strategies to be adopted in collection of services charge and it’s significance in effective property management.

1.7 SCOPE AND LIMITATION

The scope of the study is basically on the management of commercial properties and it limits itself to just one of such commercial properties in Abuja (i.e. shopping centre Area 1, Garki Abuja).

The research deals with the management strategies of the complex, problems and prospects of management in the complex as well as the management services and service charge administration provided in the shopping centre.

1.8 DEFINITION OF OPERATIONAL TERMS

1. Commercial Property: This refers to properties mainly developed and used for maximizing rental income / profit. They are built to provide accommodation for business accommodations e.g. shops, offices, show rooms etc.
2. Management: Is the system of directing, organizing and controlling of available human skills and financial resources to achieve a stated goal.
3. Maintenance: This is a kind of work carryout to maintain / restore landed properties in a good, healthy and habitable condition and to enhance its rental and capital values.
4. Property: In relation to real estate, is a legal entity denoting the character and quality of nigh that an individual has or process in a property to claim ownership of it.

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