Posted: 2023 | Pages: 68 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

This study was design to highlight the problems in the management of high rise multi tenanted commercial properties with reference to the bank of industry building in Bauchi, Bauchi state, as a case study. No organization exist without management practice so do commercial properties. In Nigeria today, property management is bedeviled by series of problems which hinders its effective functioning these problems range from those inherent in the property in the day-to-day exercises, these include rent default, renewal of lease, tenant selection, non payment of general rate, break down of services-lift; generator etc. to those problems caused by external factors, low rent, poor maintenance, use of non trained personnel, multiple ownership, inadequate property market, unauthorized alteration in building etc are problems of prominent features in the management of the bank of industry office complex in bauchi state. A careful prepared questionnaire was used to elicit useful information from a sample of thirty professionals and twenty artisan within the city the percentage method of data analysis was used based on the table, it was found that if the service of professional in real estate were used, the use of building for what it is designed for, the need to educate developers on suitable location of properties and proper maintenance culture. If these are considered, the problems of the management commercial properties will be reducing to a minimum.

 CHAPTER ONE

 INTRODUCTION

• BACK GROUND

Oxford advance learner’s dictionary defines management as the act of running and controlling a business or similar organization.

Management of commercial properties is therefore an act of managing properties specifically designed and constructed for use as offices and those built for use as shops and shopping centres.

Management of commercial properties requires affective and sound management for the security of investment and the minimization of problems that may arise in such areas, hence property management involves planning, organizing, co-ordinating, directing and supervising of interest in landed property with the aim of securing optimum return which does not necessarily have to be financial.

Properties that are not properly maintained will shortly experience obsolesce ranging from physical, economical and functional, these would certainly reduce the income derived from the property; there is no doubt that the way and manner in which resources are used has an important bearing on the well being of the people, thus the success or failure of business, firms and the state of the economic has a direct relationship with management, rather incentive creates good  incentive for expansion.

Notwithstanding investigations and findings shows some hindrances towards achieving effective management of properties examples rent review, selection of tenants, poor maintenance, property location, the use of un-trained personnel’s and the problems of incompetent managers whom in some cases deviates from the specification of the set plan and objectives in bid to maximizes there own profit, even when the required resources and materials must have been provided for an effective management.

Those problems being listed above and the ones the researcher has devoted time to discuse in the proceeding chapters are series of problems encountered in the management of high rise multi tenanted commercial properties.