CRITICAL APPROACH TO EFFECTIVE PROPERTY MANAGEMENT AND DEVELOPMENT IN NIGERIA
By ESV. Irene C. Onwubariri
Property developers and managers in the various parts of Nigeria embark on a number of strategies to achieve property development and management . What distinguishes one strategy from another lies in the level of effectiveness and efficiency of the approach adopted
Effective property development pattern is fundamental because it resonates successful and sustainable housing programmes and socio-economic development of a nation. On the contrary, ineffective property development pattern provokes a chain of challenges as captured robustly in the later part of this submission
This submission, however, is a conscious attempt to establish the imperative need for developers and managers to pursue effective development and management trajectories in the housing sector. It’s in addition aimed to identify the challenges associated with poor property development framework
It is crucial at this point to put effective approach to property management and development into context and perspective . It implies a systematic strategy to enhance property value, by guaranteeing Its sustainability, and gains. It also involves a conscious effort to administer a property in the most competitive and commercially viable pattern
Over the years, there’s a.major shift in housing and property management and development. It’s currently underscored by strategic planning and adequate knowledge and data about the sector especially the relevant materials that prevail. Without innovative design and measurable data, it would be difficult to embark on effective property or housing development. Information and proper roadmap are therefore critical to property developers and managers to achieve remarkable results
To ensure effective approach to property management also involves developers and managers striking harmony between their profits and the subscribers fulfillment. Besides, it implies prioritization of environmental conservation measures. within the location of the property
However, there are established components upon which proper management and development of property are anchored. First is consistent appraisal and maintenance of the property This enables the managers to discover problems early enough, in so doing embarking on proactive steps to fix the issues before they get out of hand
There’s also the need for accountable, transparent and open financial processes from the conceptual stage of the project to the delivery and management phases. Nothing ruins a project like lack of accountability and financial recklessness These elements have destroyed a lot of well-intentioned housing projects. Prudent financial process is a veritable solution
It is therefore important to embark on proper budgeting, meticulous implementation of the budget and regular auditing and scrutiny of the cash flows to resonate effective property development and management
For enhanced financial safety net, it is crucial to apply relevant technological tools. The recommended softwares include and not limited to QuickBooks and Yardi. They serve as important devices for monitoring of income, expenditure, and revenue collections
In property and housing management, it’s essential to engage the services of a legal professional, in so doing, ensure compliance of the relevant laws. The ability of a property manager to navigate laws and regulations inherent in the sector enhances the success level of the business
Regular engagements of the estate or property occupants is recommended to build a strong clientele base desired.for proper management of the venture. It’s, more so, essential to provide topnotch services, safety devices and to embark on regular improvement of the property amenities to enlist occupants trust and interest
Effective property development and management approach is further underlined by efficient income-generating drive embedded in strategic, multifarious processes and plans
It’s common knowledge that poor approach to property management and development results in a number of problems.These include; project abandonment, facility deterioration, low income generation, regular conflicts between facility managers and the occupants, devaluation of the property, among several others.