Assessment of Management Practices of Privately Owned Commercial Properties in Ibadan South East Local Government Area

 

Abstract of Assessment of Management Practices of Privately Owned Commercial Properties in Ibadan South East Local Government Area

 

This study investigated the assessment of management practices of privately owned commercial properties in Ibadan South East Local Government Area, Ibadan, Oyo State.

The study used survey research design which was highly structured, and data was collected by means of a structured questionnaire. The data was analyzed using statistical package for the social sciences, (SPSS) as the Pearson correlation was used in analyzing the data. The study make use of the descriptive analysis to achieve the mean, frequency distribution and percentage results of the responses from the instrument.

The study showed that, the physical characteristics of privately owned commercial property in the study area are as follows; toilet, walkway, car park, waste disposal, central electricity meter, individual electricity, common generating set, individual generating set and CCTV security. In addition, it was found that, the following are management practices of private properties in the study area, which are; in-house, outsourcing, hybrid and mixed are the management practices executed at the study area. In addition, the study revealed that following as the management practices method, which are; rent collection, client satisfaction, service delivery, waste management, response to complaint, tenant selection and repairs.

It is therefore concluded that, property managers should carry out the practice of property management at “arm’s length” transaction, integrity, transparency without bias or favouritism and responsibility. The study further recommended that; property managers should ensure that private commercial properties are in good physical condition and with the right facilities in order to ensure continuous demand of commercial properties in the area; property managers should ensure that the best approach to property management is adopted in order to ensure the sustainability of commercial properties; the management of commercial properties should be carried out on a routine basis so as to ensure that properties that need to be renovated or repaired are done to avoid sudden collapse; the management practice of private properties should be carried out professional in order to attract investors into the real estate industry.