PROBLEMS OF MANAGING COMMERCIAL PROPERTIES
This study was conducted to identify the problems of managing commercial properties using Uyo urban as a case study. the research design was a descriptive survey. A well structural questionnaire was used for data collection and administrated using simple random sampling techniques, Frequency Tables and percentage were employed to analyzed the research data. It was found that management problems leads to decrease in the talves of properties, Tenant/Owner of commercial properties pose a lot of problems to the Estate surveyor and valuer in the course of carrying out his responsibilities by refusing to pay rent as at when due, thereby affecting the benefits to be derive from the investments and also hindering effective management of the property. Base on findings the following recommendation are; hereby; made: Law should be enacted to govern the professionals and also qua.(key should be eliminated through enlightenment and there is need for the commercial properties to be managed by a trained Estate Surveyors and valuers so that the purpose for which the property is set out will be achieved.
1.1 BACKGROUND OF THE STUDY
Management refers to the technique, practice of science of controlling or that skillful or resourceful use of materials and time etc. it is the administrating or controlling, directing the business affairs of an organization (Hanks, 1985). Management signifies the executive function of planning, organizing, coordinating, controlling and supervising any industrial or business project of activity with responsibility of results.
The principal objective of property management is to maintain a property in a state to command the greatest possible net return and to protect the owners capital investment at all tarries. One unique feature of commercial properties is that they are often relatively large and complex buildings. Some of which are multi-stored or high rise type. The complexity is viewed in terms of the bigness of the structure and diverse and multiple occupants inform the need for specialized skill and training for effective and efficient service delivery. Considering the huge capital investment in their construction, it is prudent that their efficient management be of paramount importance.
Throncroft 1965, upholds that problems of commercial properties are basically that of estate planning and control, and are related to legal, physical and economic facets of real properties. He went further to state the following as some of the problems that a property manager will face: collection of rent, rent review, quarrel among tenants, sub-letting of property, demand by tenant, routine inspection and tenant selection etc. other daily problems that the property manager will face or encounter are electricity, maintenance of common path etc. and some tenants find it very difficult to settle these bills. As with all forms of public properties the management of commercial properties presents peculiar problems that demand their own solutions. Management problem exerts a lot of pressure on estate managers. This research is aimed at high lighting the problems inherent in the management of commercial properties using Uyo urban as a case study – this is with a view to devising ways of solving the problems.
1.2 STATEMENT OF THE PROBLEM
In most cases, tenants are not always willing to pay rent and other bills attached to the occupation and those willing to pay are not doing so at the appropriate time and this in turn affects the effective management of commercial properties.