CHALLENGES IN THE MANAGEMENT OF PUBLIC PROPERTIES IN UYO LOCAL GOVERNMENT AREA, AKWA IBOM STATE
CHAPTER ONE
INTRODUCTION
- Background to the Study
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.
