MANAGEMENT OF COMMERCIAL PROPERTIES IN NIGERIA
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MANAGEMENT OF COMMERCIAL PROPERTIES IN NIGERIA
ABSTRACT In recent times, there has been an inflationary trend in the Nigerian economy, which has impacted several areas of the economy, including financial issues.
As long as one registers, he becomes a commercial property manager. The first big barrier to management in understanding the Quack is a shortage of educated professionals to handle commercial properties.
Again. Because they are not trained in the industry, they are less competent of managing commercial properties than a licenced surveyor who has had extensive training in the field of estate management, as opposed to a licenced agent who is more concerned with profit.
CHAPITRE ONE
INTRODUCTION
The drastic decrease in the number of commercial properties in Nigeria reflects the extent of decline that the country is experiencing. The failure of similar commercial properties in Nigeria did not deter further investment in commercial property development in Nigeria.
Clearly, the “big” names satisfied the needs of the entire Awka metropolis at a time when few investors saw the construction of commercial assets (shopping complexes) as a viable task and the concept of a Central Business District was held in high regard.
Recently, management has been a difficult concept to imagine for real estate, especially when such developments are under use by the owners. The first main barrier to commercial property management in general is a shortage of educated professionals to handle the management of commercial assets.
Essentially, maintenance is an important component of property management since it ensures the physical life span of a property. In order for a property to remain for ages and not become economically obsolete, it must be maintained.
1.1 STATEMENT OF THE PROBLEMS
Lack of sufficient care has had a negative impact on the image of some commercial properties. Many commercial properties have collapsed due to ineffective property management, which manifests in physical deterioration.
Failure is common when non-professionals are entrusted with the duty of property management. Many times, policymakers or decision makers have overlooked the function of professional property manager. In charge of commercial property management. What is the proper solution? Who can supply the solution?
1.2 GOAL AND OBJECTIVES
This study intends to achieve or derive a good method of managing commercial assets and adds to the management of Nigerian economic resources. The project’s goals are as follows:
(i) To determine strategies and means of increasing the economic returns on commercial properties?
(ii) To assess performance in terms of benefit and hence guide future design, development, and decision-making.
(iii) To analyse the challenges commonly connected with commercial property management, review design process, and recommend ways and means of improving the existing management approach.
(iv) Create an effective method of managing commercial properties to ensure maximum utilisation and long life at the lowest possible cost.
1.3 RESEARCH QUESTIONS
To shed more light on the topic at hand, the researcher took the time to arrange so me questions based on the assumptions previously put forward about the problem. It is hoped that this will help the researcher find a solution to the problem, which is the failure of the existing management method.
The following research questions will address this:
(i) Does the administration of commercial buildings provide any advantages?
(ii) Are commercial properties being handled effectively?
(iii) Do performance and advantages influence future commercial property management decision-making?
(iv) What are the methods and means of maintaining an uninterrupted flow of economic returns from commercial properties?
(v) Does the presence of management have an impact on the productivity of commercial properties?
1.4 THE SIGNIFCANCE OF THE STUDY
This section of chapter one of a research project describes who the study will affect and who will profit from it.
It will be significant to the researchers and others involved with the project, such as the residents of the area, clients, the general public, and so on.
Finally, the research will add to the existing literature on managing and preserving commercial properties, as well as act as a reference for future scholars in the topic.
1.5 LIMITATIONS OF THE STUDY
The study focuses on the management of commercial properties in Nigeria, with a specific emphasis on the BUSNIKE shop in Akwa Ibom State. This indicates that the project will be limited to the area to allow the researcher adequate time to complete the project.
1.7 DEFINITION OF TERMS
1.7.1 SUPERVISION
The science of organisation and operation, or the art of guiding and controlling affairs on a practical level.
1.7.7 COMMERCIAL
In commercial cities, this primarily informs about market shop office building, supermarket bank building, hotel, trade centre and petrol, filling station.
1.7.3 REAL ESTATE
This is described as the highest right a man can have over anything. Property is divided into two categories: land and immovable goods that a man possesses, known as corporeal property, and incorporeal rights that a man has over that property.
This is divided into five (5) chapters. The first chapter often introduces the topic of the study, while the second chapter covers most of the previous literature in the area of study. These include management definition, management maintenance, and management strategy.
The third part covers data gathering methods, instruments, analysis, and procedures, while the fourth chapter covers data presentation and analysis.
The fifth chapter concludes and recommends solutions to the challenge of commercial property management strategies.
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