The Role Of Estate Surveyors And Valuers In The Management Of Residential Properties (A Case Study Of Odume Layout Obosi) Anambra State


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Project and Seminar Material for Estate Management

Project and Seminar Material for Estate Management


Dedication


I dedicate this project to God Almighty who in his infinite mercy made me to be where I am now. And to our blessed mother Mary.


Acknowledgement


First and foremost, I give Glory, Honour and Praise to Almighty God, who strengthened me in the course of writing this project

To all the lecturers in my department especially to my supervisor Mr. A.C Ogbonna whose guidance and assistance gave me a lead towards the acquiring of this degree. And also to my financiers Prince and Mrs. Ebere Maduewesi, my parents Mr. and Mrs. Peter Maduewesi, my dearest cousins Mr. A E Maduewesi, Mr. Tochukwu Maduewesi, Mrs. Ngozika Obiora,Ikechukwu Azubuike, Uchenna Azubuike and to my friends Rev. Fr. Jude Obidigbo, Mrs. Ifeyinwa Nwagu, Onyinye Iketue,

And to my one and only husband, Mr. Okechukwu Okoye.

May God acknowledge you more abundantly.


Abstract


The basis of property Management is to ensure optional realization for property investment. Real Estate development involves huge capital outlay and financial returns could be an important factor to any property developer.

This study shall examine the duties/roles of the residential Estate manager using Odume layout Obosi as a case study.

The study with particular reference to the case study Odume layout, shall reveal the challenges of residential property management in Nigeria such as Obosi in Anambra state.

Recommendation based on findings drawn from the study shall be made.


Table Of Contents


  • Title page i
  • Approval page ii
  • Certification iii
  • Dedication iv
  • Acknowledgement v
  • Abstract vi
  • List of tables and graph vii

Chapter One

  • 1.0 Introduction 1
  • 1.1 Background of the study 1-2
  • 1.2 Statement of the problem:3-4
  • 1.3 Aim and objectives of the study:5
  • 1.4 Significance of the study 6
  • 1.5 Study Area:6
  • 1.6 Research questions:7
  • 1.7 Scope and limitation:8
  • 1.8 Definition of terms:8-11

Chapter Two

  • 2.0 Review of related literature 120-17
  • 2.1 The professional estate surveyor 18
  • 2.2 Residential properties 19
  • 2.3 Types of residential properties 20-26
  • 2.4 Qualities of a project (estate) manager 27-28
  • 2.5 Challenges in the management of odume layout 27-32
  • 2.6 Roles / functions of estate surveyors and valuers 33-39
  • 2.7 Methods of reporting defects. 40

Chapter Three

  • 3.0 Research methodology:41
  • 3.1 Design of the study:41
  • 3.2 Population of the study:42
  • 3.3 Sample size:42
  • 3.4 Sampling technique:43
  • 3.5 Sources of data:43
  • 3.6 Instrument for data collection:44-46

Chapter Four

  • 4.0 Data presentation and analysis 47
  • 4.0 Introduction:47-52

Chapter Five

  • 5.0 Summary, Conclusion and Recommendations 53
  • 5.1 Summary of finding 53-54
  • 5.2 Recommendations 55-56
  • 5.3 Conclusions 57-58
  • References 59-63

Chapter One


1.0 Introduction

1.1 Background Of The Study;

The study is on the role of Estate Surveyors and valuers in the management of residential properties a case study of Odume layout Obosi. It is to bring to the knowledge of the society that residential properties amongst other real Estate developments are not just being merely built but requires a deserving professional handling or management for the realization of fundamental goals and objectives.

Within odume layout Obosi, it is almost a fully built up high density residential area providing the ever growing housing needs of the populace in commercial and industrial town of Obosi. It is also a major form of real estate investment providing pools of income to the investors and enhancing the real development of the society at large.

Surprisingly, most of these properties are either not managed at all or being handled by quacks and charlatans who never have the requisite training and knowledge on sound professional property management. It is with this in mind that the study is being carried out to inform and educate the society on the very important role and duties of estate surveyors and valuers in the overall activities of residential property management. The study also x-rayed the impact of the services of the professional and the attendant effect on property values which has been boosted through an efficient and sound management and maintenance policy.

Finally, the low literacy level of the developers which made up the large population contributes greatly to the existence of quacks and charlatans in the complete activities as they lack the requisite knowledge of the function of the professional estate managers.


1.2 Statement Of The Problem:

There are agitations and disapprovals associated with the choice of the services of Estate surveyors and valuers in the management of residential properties. While some chooses the lawyer to manage the property claiming that they assisted them to purchase the premises, others simply say that the work is very simple as it entails rent collections which can be handled by all and sundry in the society. Also other sees it as a waste of hard earned resources, un-necessary and to rub the property owners of his true income.

For those who want to embrace viable investment in residential property development, they are rigid to eschew the afore said line of reasoning and embrace the role and functions of the professional estate managers to achieve their goal and objectives. The government and the society should acknowledge only the role of the professional to enhance rapid development of the society. It has thus become imperative in the face of these problems and challenges to discover the following.

  1. Whether the perception of majority of properties owners on non-use of Estate surveyors and valuers has effect on the aesthetic and capital value of the property.
  2. Whether there are adverse changes in the management of residential properties within the subject layout as a result of the major involvement of quacks.
  3. Whether there are significant changes in property values of the Estate surveyors and valuers.
  4. Whether the Estate surveyors and valuers are doing enough to sensitize the concerned public on the role of Estate surveyors and values in the management of residential properties.

The necessity for government to promulgate a law banning the use of quacks and charlatans in the very serious work of residential property management.


1.3 Aim And Objectives Of The Study:

The study will examine the duties/ roles of the property managers in the management of residential properties.
It is aimed at examining and bringing solution to the difficulties encountered in the management if residential properties within the environment with particular reference to the case duty.

Efforts will also be directed at identifying the challenges encountered by the property manager in carrying out the onerous task of service charge collection and its administration and to bring to limelight the importance of service charge in property management, solution will be proffered based on the authorā€™s experience, coupled with recommendations that could be useful to property professionals and would be property managers.


1.4 Significance Of The Study

The study will be of great value to property maintenance / facilities managers and has the likelihood of serving as guidance note for successful property management.


1.5 Study Area:

Obosi is a town in Idemili local Govt. Area of Anambra state. It is an urban area and is located in south East geopolitical zone of the country.

The population of Odume layout in Obosi according to (2006) National population census is estimated at 50,000. The projected population to 2011 using the formular pn = p1 (1+i)n is about 55,200. The increase in population and commercial activities in Odume layout in Obosi can be appreciated base on huge infrastructural investments from government.

Obosi is approachable form all part of the state. It is surrounded by neighbouring towns of Onitsha, Nkpor and Oba.


1.6 Research Questions;

  1. What are the functions of Estate surveyors in the management of residential properties within the case study
  2. What impact does it have on the overall maintenance and values of the properties
  3. How has the property owners within the case study embraced the services and functions of the Estate surveyors
  4. How has the activities of quacks affected the operations of Estate surveyors in the management of residential properties

1.7 Scope And Limitation:

The scope of the study is limited to the management of residential properties in Odume layout obosi.
The limitation of the study will be the cost and time of travelling to Obosi in the course of this project


1.8 Definition Of Terms:

These terms are defined purely as used in the context of this research.

Management:

A relatively broad term defined ā€œManagement as the science of organization and operation or at the practical level the act of directing and conducting affairs. Management elements functions or activities include forecasting, planning commanding coordinating or controlling.

Maintenance:

This means work undertaken in order to keep restore or improve every part of a building, its service and surrounding to a currently acceptable standard and to sustain the utility and value of the facilities in the building.

Repairs:

To make good by restoring to sound condition part or parts of a building structure or article. Repair also means restoration or renewal by replacement of subsidiary parts of a whole.

Fixtures:

These are properties or articles which are annexed to land or building in substantial way but does not form part of the land or building and are sometimes not intended to form part of the land or building. It could be landlord fixtures or tenant fixtures.

The degree of annexation will indicate whether it is tenantā€™s or landlordā€™s fixture. Whilst these fixtures which are commonly regarded as easily removable are tenants fixtures and are often described as fittingsā€ hence the expression fixtures and fittings.

Outgoings:

These are periodic expenses which are meant to maintain and protect the property against the effects of damage e.g. repairs, insurance, management, rates etc.

Investment:

Connotes the giving up of a capital sum in return for an income or benefits to be received periodically or at time a lumpsum.

Services And Facilities:

Refers to the plant machineries and other equipment installed in a property for comfort of the occupiers e.g. pumping machine, water treatment plants, generators, lift, air- conditioners, lawn movers etc.

Institution:

means the Nigeria institution of Estate Surveyor and valuers (NIESV).


I bet you, the complete material is fully loaded. This is just an excerpt. The Material is in MS-Word Format which you can easily edit and is comprehensive for a complete research work for this topic


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How to nail it on the head during your project defence


You are through with writing that project. Now what?

You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.

  • How am I going to start?
  • I hope I will do well enough to get an A.

You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.

I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.

Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.


Watch Your Body Language And Keep It Confident:

Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.


Dress In Your Most Comfortable And Impressive:

Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You donā€™t want to look so good and yet look like you were forced to wear something that does not belong to you. Itā€™s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.


Speak With Authority:

Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.


Use, Your Gestures:

I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesnā€™t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.


Have A Good Opening And Closing Line:

Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say ā€œwow, thatā€™s beautifulā€ or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.


Make Sure You Know Your Work:

Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.


Prepare For The Questions:

Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.


These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.


The structure of a good project work


Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and financeĀ project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.

A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are


1. Introduction

The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.

Below are the contents in chapter one of an undergraduate research project which includes;

  • Background of the study,
  • Statement of the problem,
  • Objectives or aims of the study,
  • The research questions,
  • Research hypothesis,
  • Significance of the study,
  • Scope of the study,
  • Limitations of the study and
  • Operational definition of terms.

2. Literature review

Literature review of any undergraduate research work, be it business administrationĀ project topics or Economics project topics just to mention a few is very critical to securing a high grade in oneā€™s project work. The literature review of a research process uncovers what other writers have written about the studentā€™s topic. A studentā€™s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.

3. Research Methodology

This section includes a description of theĀ research methods used in the undergraduate research work such as the sample size,Ā data collection methods,Ā measurement instruments,Ā research data analysis procedures and the population from which the sample was selected.Ā Ā This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work.Ā There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.


4. Results & Discussion

This section presents and discusses the data analysis results used in an undergraduate research work, theĀ results of each analysis is beingĀ summarized, tabulated, and then discussed for each research question.Ā Ā Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported.Ā Ā In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.


5. Summary, Conclusions And Recommendations

This section summarizes the findings of the study in an easy to understand manner.Ā  It also explains the practical implications of those findings, and points to recommended directions for future research in that area.


References:

This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.


Choosing A Good Project / Research Topic


Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.

Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.

There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?

If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.

Now what are the qualities of a good project topic?

  1. The materials for the project topic must be easily assessable.
  2. The project topic itself must be meaningful.
  3. The variables must be able to give a clear aim of the project topic.

What do I mean by variable?

Well I am deriving my point from the area of project writing; the variables here are those main words in the project topic.

Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.

Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.

I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.

What do I mean by your topic being assessable?

Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.

If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.

SAMPHINA ACADEMY

SAMPHINA ACADEMY

Samuel Obiora Blessed is the CEO and founder of Samphina Academy (samphina.com.ng) a.k.a Nigeria Students Media, the youngest engineering graduate of Federal Polytechnic Nekede in 2017 and the engine brain behind this great platform. He is the man behind the scene, filled with many potentials, a musician as well as a pro developer with the interest of Nigerian students at heart.

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