CHAPTER ONE
INTRODUCTION
Property management involves the process, system and manpower required to manage the life cycle of all properties including acquisition, control, accountability, responsibility, maintenance, utilization and disposition (Njoku, 2006). Public proper management is the management of equipment and physical capital assets that are acquired and used to build, repair and maintain the public property. Managing of public property involves establishing goals objectives and policies and implementation of strategies to achieve those goals and objectives.
Property management is the direction, the nursing and sometime the overall control of policy of an interest in landed property with a view to obtain maximum returns may be financial, social prestiage, power or some other goals or group of goals (Thorncroft, 1976). It emphasize the need to economic, the use of resources and time so that the predetermined objectives are achieved.
According to Douglas (1976) property management seeks to control property interest having regard to the short and long-term objectives of the Estate owner and particularly to the purpose for which the interest is held: to negotiate rent reviews and lease renewals, to oversee physical maintenance and enforcement of lease covenants, to be mindful of the necessity of upgrading and merging the development of potential and fulfil the owner’s legal and social duties to the community.
Management of landed property is essential to enable such property to meet the expected target or taste and command higher rental or capital value. However managers of public properties in Nigeria are face with various kinds of challenges ranging from uncooperative attitude from worker’s taste and command higher rental or capital value. However managers of public properties in Nigeria are face with various kinds of challenges ranging from uncooperative attitude from worker’s, poor maintenance and environmental condition, security and other basic infrastructures. Some managers are able to cope with some of the challenges but research will provide an overview about the challenges in the management of public properties, Ibom Tropicana as a case study, Uyo Local Government Area.
Property management can be defined as a control or monitoring activity over property interest while considering the owner’s ascertained objectives (Scarret, 2983).
According to Arnold and John (1989), the main purpose of property management is to increase the value of the property. The same statement is strengthened by the statement posed by Scratlet (1983) who stated that property management is a management process to maximize income and capital assets.
Numerous problems had conspicuously occurred in the management of public properties such as schools, market, recreational centre, housing among others. According to Gibler and Black (2004), one of the problems that cause failure in the management of public property is the presence of incompetent staff with specific knowledge areas or work units.
Shahril (2004) stated that another problem faced in managing public properties/assets is insufficient financial resources. This financial problem becomes a critical disadvantages in the effort to manage public properties efficiently as Abdul Hamid (2002) concluded that financial resources act as a key fact in determing the success or failure of organization in their respective operations.
Another problem which contributes to the inefficient and ineffective management of public properties is lack or absence of communication Mohd et al (2009) recognized that communication breakdown exist due to the very structure of public governance as there are numerous departments and ministries that are involved in the day to day operations as well as the decision making processes.
However the researcher is seeking to investigate more on the challenges in the management of Ibom Tropicana Entertainment Centre Uyo, Akwa Ibom State.
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