An Examination Of Citizens’ Awareness And Perception Of The Estate Management Profession In Anambra State

Valuation

Valuation of assets is the core function of the estate surveyor and valuer. Assets here refer to landed property, plant and machinery, equipment, furniture and fittings, minerals, and so on. Valuation simply means determination of the value of the subject asset or property at a certain date for a certain purpose. Value of an asset may widely vary depending on the purpose of valuation. The purposes for which valuation can be carried out include: Sale and Purchase, Mortgage, Rental, Insurance, Rating and other Taxation, Compensation, Balance Sheet, Going-concern and redevelopment purposes.

Feasibility and Viability Appraisals

Because may conceived investment opportunities are mere day dreams, it is important to appraise both feasibility an d viability of such investment ideas before any commitment of scarce financial resources (capital) there-into. The Estate Surveyor and Valuer can appraise such investment idea to ascertain both the practicability (feasibility) and the worthwhileness (viability) before commencement of injection of funds into the project. Feasibility and viability is not only with respect to land development but indeed any proposed investment projects.

Estate Agency

An estate surveyor and valuer engage in estate brokerage (agency) both for the landlord or prospective tenants and for the seller or buyer with respect to leasing/renting and selling and buying of a landed property, respectively. In much similar manner, an Estate Surveyor and Valuer undertakes the brief to either find a buyer for the seller of a property or find a property for a buyer. His versatility with the property market makes him a veritable and reliable conduit for both the sellers and buyers of landed property within his domain.

Land Use Planning and Management

An Estate Surveyor and Valuer are very important in the formulation of land use policies and in the eventual sustainable land use management. This functions he performs in collaboration with other sister professionals of the environment.

Public lands administration

After land use design and parcellation of a layout or new town, it is the responsibility of the Estate Surveyors and Valuers in the lands department of the appropriate ministry to ensure orderly allocation of the plots, proper documentations and registration of subsequent transactions there-of.

Project Management

An Estate Surveyor and Valuer occupy a central position among professionals of the environment. In the light of this, he understands them and their operations with regards to land development projects. Hence he is well equipped for coordination of their activities harmoniously to achieve effectiveness and efficiency in the project execution.

Property Deal Counseling

An Estate Surveyor and Valuer offers professional advice on where, when and how best to buy, sell, develop or redevelop so as to secure maximum return on the investment.

Estate Finance

Real estate investments require huge amounts of capital. Not many investors can meet such amounts from private savings alone. An Estate Surveyor and Valuer being knowledgeable in the operations of the money markets, and also close to both the lenders and the borrowers, can bring money lenders and borrowers to deal. On the other hand, the estate surveyor and valuer can also link prospective developers into forming project development consortia for purposes of raising the required huge capital for big investment projects which ordinarily none of them can embark on alone. The estate surveyor and valuers role in this regard is mediatorial.

Arbitration

An Estate Surveyor and Valuer can be retained as an arbitrator in the disputes between the landlords and the tenants. In this situation he tries to bring amicable and peaceful resolution of disputes between the parties without their engaging in litigation. Arbitration is most often cheaper and socially better for landlord and tenant relationship than litigation.