APPRAISAL OF THE EFFECT OF PROPERTY MANAGEMENT ON PROPERTY VALUE

APPRAISAL OF THE EFFECT OF PROPERTY MANAGEMENT ON PROPERTY VALUE

chapter One

1.1 Research background

The problem of property management has existed in Nigerian society for quite some time. Property management is the art of real estate and the development, maintenance and cash flow of residents and occupants for the optimum benefit to owners and all persons interested in the property, within the framework of relevant legislation. Science.

This has been observed over the years. Most properties are poorly managed due to the lack of qualified property managers with the professional skills to manage properties.

Many property owners (landlords) do not typically hire a real estate appraiser or appraiser. They appoint a “caretaker” to manage or maintain their property. These custodians have limited powers as they can only collect rent from tenants and make minor repairs to properties. Moreover, most of them are laymen and have no training in property management. This has affected the value of some properties on the market.

Therefore, a property’s ability to generate the highest return and extend its physical and financial life depends on good property management. Good property management goes beyond the normal maintenance of a property based on tenant complaints to the targeted planning and efficient implementation of building services, taking into account the legal, economic and social interests of tenants and landlords. connected to a billing system.

Looking around and examining the multi-story public estates in some state capitals, especially Awka, it is easy to distinguish between well-managed and neglected ones.

The proper management of our lands is as important as the construction of those lands and is essential to the economic, historical, social and cultural development of our country, as well as the private and public should also be given sufficient importance.

1.2 Problem Description

Real estate developers and governments around the world are working on real estate development, especially in developing countries. Although these properties have been approved by city planning authorities, there are physical, economic, environmental, financial and social issues. Physically, the property causes discomfort to residents due to wear and tear on the physical structure of the property. Those looking for a residential or business residence may not want to rent an old, poorly maintained piece of land.

Economically, the property no longer generates revenue like it would in new construction.

From an ecological point of view, these properties contribute to environmental degradation. They also pose a threat to human life as they can collapse and kill their inhabitants. Social impact mostly borders on the trait of driving away demanding people. These properties have proven to be of low standard. All of this stems from poor management and lack of maintenance.

1.3 Purpose of the survey

(a) keep the property in good condition by regular maintenance on the premises;

(b) ensure that all these management tools, such as leasing, maintenance plans, and rent collection, are properly defined; (c) Extend the economic life or useful

1.4 Importance of research

There is no doubt that the findings of this study will greatly benefit multiple government owners and stakeholders in the real estate development industry.

This research is also of particular importance to society at large, the Anambra State Government and residents. Because it provides a remedy to eliminate the mismanagement of land tenure that benefits no one.

Furthermore, it will be of great help to construction industry professionals, real estate investors, occupiers, academic futurists in related fields, policy makers, legislators, students and organizers.

1.5 Scope of investigation

The scope of work is limited to Awka-only commercial properties. The metropolis in question has had years of poor management of land owned by both private and public companies due to the ignorance of the landowners. However, its work is limited to assessing the impact of property management on commercial property values.

1.6 Limitations of the study

It is true that nothing on earth is infallible. This position is the same in this survey, and there was a problem of logistics first. Our people are known to have a very poor research culture.

This was reflected in the cold demeanor of some people when asking for information and their reluctance to complete the surveys they were given. There was time pressure as there was not enough time to do further research on this work.

Some individuals were unsure of the purpose of this study and therefore withheld certain key information for obvious reasons known only to them.

In addition, financial problems such as transportation expenses to obtain materials and answers to questionnaires were also big problems.

That said, the research was carefully done in order to gain sufficient insight into this topic.