EFFECT OF PROPERTY MANAGEMENT ON PROPERTY VALUE
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EFFECT OF PROPERTY MANAGEMENT ON PROPERTY VALUE
ABSTRACT
The primary goal of property management is to keep a property in a condition that allows it to command the highest potential net return while also protecting the owner’s capital investment at all times. Commercial properties are distinguished by the fact that they can be used for many purposes.
Given the significant capital expenditure required for their development, it is sensible to prioritise their effective management. Commercial property management, like all other types of public property, presents unique challenges that necessitate individual solutions.
The study’s goal is to assess the impact of property management on property value utilising commercial properties in Awka as a case study.
Chapter one
1.1 Background of The Study
Property management has been a long-standing issue in Nigerian society. Property management is the art and science of real estate in terms of development, maintenance, and cash flow from users and occupiers in order to maximise benefits for the owner and other parties interested in the property while adhering to applicable regulations.
This has been noticed for several years. Most properties have not been properly managed due to a shortage of trained property managers who are adequately equipped to handle property management.
Many property owners (landlords) do not use estate surveyors or valuers. They appoint “caretakers” to look after and maintain their properties. These caretakers, in turn, have limited rights because they can only collect rent from renters and make basic repairs to the homes.
Furthermore, the majority of them are laypeople with no estate management experience. This has had an impact on the market value of certain properties.
As a result, good property management is critical to a property’s ability to provide maximum profits while also having a long physical and economic life.
Good property management has progressed from routine property maintenance in response to tenant complaints to deliberate building service planning and an efficient accounting system that considers the legal, economic, and social interests of both tenants and landlords.
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