International Journal of Research and Innovation in Social Science (IJRISS) |Volume VI, Issue IX, September 2022|ISSN 2454-6186
Stanley Chika Nwaogu*, Ihemeje Ifeanyi Edwin, Chidubem Grace Ugwu
Department of Estate Management, University of Nigeria, Enugu Campus, Enugu, Nigeria.
*Corresponding Author
Abstract: 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 times. Commercial properties are often relatively large and complex buildings which are multi-stored or high rise type. The complexity is viewed in terms of the bigness of the structure and diverse multiple occupants inform the need for specialized skill and training for effective and efficient service delivery. The absence of property management negatively affects the physical condition of commercial property due to poor maintenance. Therefore, it is important that the commercial properties are maintained in a sound condition to provide the greatest possible economic return. Effective property management is the only antidote necessary to generate maximum returns on property investment especially at this period of global economic crunch. The study adopted quantitative design. The population of the study are Estate Surveying and Valuation firms located in Enugu State. Hence the total population for the study is Forty-two (42). The study adopted simple random method while sample size is 38. The data was computed using factor analysis, variance, rotated component matrix and multiple regression analysis. The result confirms that poor usage of commercial properties is major problem confronting the management of commercial properties in Enugu which are not significant on commercial properties in Enugu. The implication is that problems associated with the management of commercial properties in Enugu does not have adversely affect the prospects attributed to such property investment.
Keywords: Commercial properties, Property Management, Poor Maintenance, Property Manager
I. INTRODUCTION
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, 2019). Management signifies the executive function of planning, organizing, coordinating, controlling and supervising any industrial or business project of activity with responsibility of results.
Property management is an act of intermediation between owners and occupies on issues affecting the parties arising from ownership and occupation of buildings. It is a conscious process of guiding and tailoring an investment in land into profitable venture. Its main concern is the optimization of the