Management of commercial properties in nigeria (a case study of owerri north imo state)

Project Abstract

The management of commercial properties in Nigeria, particularly in Owerri North, Imo State, presents a complex and multifaceted challenge that requires a comprehensive understanding of the real estate market dynamics and effective management strategies. This study aims to investigate the current practices and challenges in managing commercial properties in Owerri North, Imo State, and provide recommendations for improving the efficiency and effectiveness of property management in the region. The research methodology includes a mix of qualitative and quantitative approaches, including interviews with property managers, property owners, and tenants, as well as a survey of commercial properties in the area. The findings reveal that the management of commercial properties in Owerri North is hindered by various challenges, including inadequate infrastructure, lack of transparency in property transactions, and limited access to financing for property development and maintenance. Property managers face difficulties in maintaining and marketing properties, collecting rent, and resolving tenant disputes. Additionally, property owners often struggle to maximize the return on their investments due to high vacancy rates and fluctuating rental prices. Based on the research findings, several recommendations are proposed to enhance the management of commercial properties in Owerri North, Imo State. These include improving infrastructure development to attract more businesses and investors, enhancing transparency in property transactions through the use of digital platforms, and providing access to affordable financing options for property development and maintenance. Property managers are advised to adopt modern property management techniques, such as digital marketing and tenant screening tools, to streamline their operations and improve tenant satisfaction. Overall, this study contributes to the existing literature on property management in Nigeria by shedding light on the specific challenges faced by property managers and owners in Owerri North, Imo State. The recommendations provided can serve as a roadmap for policymakers, property developers, and real estate professionals to address the issues identified and create a more conducive environment for the sustainable management of commercial properties in the region.

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p>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.</p><p>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.</p><p>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.</p><p><strong>1.1 &nbsp; &nbsp; &nbsp; STATEMENT OF THE PROBLEMS</strong></p><p>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.</p><p>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?</p><p><strong>1.2 &nbsp; &nbsp; &nbsp; AIM AND OBJECTIVES</strong></p><p>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:</p><p>(i) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; To determine ways and means of enhancing to economic returns of a commercial properties?</p><p>(ii) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; To measure performance with benefit and thus guide future design, development and decision.</p><p>(iii) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 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.</p><p>(iv) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; To develop an efficient means in management of commercial properties so as to ensure maximum utilization and long life at minimum cost.</p><p><strong>1.3 &nbsp; &nbsp; &nbsp; RESEARCH QUESTIONS</strong></p><p>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.</p><p>The following research questions will accommodate that:</p><p>(i) &nbsp;It &nbsp;is there any benefits derived from the management of commercial properties?</p><p>(ii) Is commercial properties effectively managed?</p><p>(iii) &nbsp;Does performance and benefits, guide, future decision making in the management of commercial properties?</p><p>(iv) &nbsp;What are the ways and means of ensuring undisrupted flow of economic returns from a commercial properties?</p><p>(v) &nbsp;Does the involvement of the management in place effect the productivity of the commercial properties?</p><p><strong>1.4 &nbsp; &nbsp; &nbsp; SIGNIFICANCE OF THE STUDY</strong></p><p>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.</p><p>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.</p><p>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.</p><p><strong>1.5 &nbsp; &nbsp; &nbsp; DELIMITATION OF STUDY</strong></p><p>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.</p><p><strong>1.7 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; DEFINITION OF TERMS</strong></p><p><strong>1.7.1 &nbsp; MANAGEMENT</strong></p><p>The science of organization and operation or at practical, level the art of directing and controlling affairs.</p><p><strong>1.7.2 &nbsp; COMMERCIAL</strong></p><p>These occurs mainly inform of market shop office building, supermarket bank building, hotel, trade centre and petrol, filling station in commercial cities.</p><p><strong>1.7.3 &nbsp; PROPERTY</strong></p><p>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.</p><p>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.</p><p>Third chapter introduces the data collection method instruments, analysis and procedure while fourth chapter is the data presentation and analysis.</p><p>Fifth chapter includes conclusion and recommendation of the problem of strategies for management of commercial properties.</p> <br><p></p>