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

Project and Seminar Material for Estate Management

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


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
  • Approval page
  • Certification
  • Dedication
  • Acknowledgement
  • Abstract
  • List of tables and graph

Chapter One

  • 1.0 Introduction
  • 1.1 Background of the study
  • 1.2 Statement of the problem
  • 1.3 Aim and objectives of the study
  • 1.4 Significance of the study
  • 1.5 Study Area
  • 1.6 Research questions
  • 1.7 Scope and limitation
  • 1.8 Definition of terms

Chapter Two

  • 2.0 Review of related literature
  • 2.1 The professional estate surveyor
  • 2.2 Residential properties
  • 2.3 Types of residential properties
  • 2.4 Qualities of a project (estate) manager
  • 2.5 Challenges in the management of odume layout
  • 2.6 Roles / functions of estate surveyors and valuers
  • 2.7 Methods of reporting defects.

Chapter Three

  • 3.0 Research methodology
  • 3.1 Design of the study
  • 3.2 Population of the study
  • 3.3 Sample size
  • 3.4 Sampling technique
  • 3.5 Sources of data
  • 3.6 Instrument for data collection

Chapter Four

  • 4.0 Data presentation and analysis
  • 4.0 Introduction

Chapter Five

  • 5.0 Summary, Conclusion and Recommendations
  • 5.1 Summary of finding
  • 5.2 Recommendations
  • 5.3 Conclusions
  • References

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 author’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 “Management 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 tenant’s or landlord’s fixture. Whilst these fixtures which are commonly regarded as easily removable are tenants fixtures and are often described as fittings” 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).


Chapter Five


5.0 Summary, Conclusion And Recommendations

5.1 Summary Of Finding:

Proper preservation of our landed property stock through sound management policies will not only enhance but sustain their functionality values and also prolong their life span by postponing the process of obsolescence.
The management of residential properties can be quite demanding, as it requires professional touch, commitment, dedication and honesty of purpose to be able to achieve set objectives. The important of property management towards the realization of the objectives for which housing estates are set-up had been discussed in the preceding chapter. Whatever might be the motivating factors behind investing in residential development, it is important for the property to be given proper management attention.

Property management is an intricate function of the estate surveyor and valuers as such investors who want good returns and enhanced value should endeavour to employ the services of the Estate surveyors and valuer who are professionally qualified to take care of such investment and stop patronizing quacks.

There is the urgent need to change the attitude and emphasis of property owners and manager from emergency maintenance to planned and preventive maintenance because, it is only when maintenance are planned that we can achieve our desired aims.


5.2 Recommendation

Finally, property managers should as a matter of fact, strive to pursue policies and plan as laid out by seeking co operation of all concerned through:

  1. Intensification of enlightenment programmes to educate investor, landlords and occupiers on the advantages of engaging the services of professional estate surveyors and valuers for property management.
  2. Regular /periodic inspection of the building and fabric should be imbibed by the maintenance officers to ensure that all fixtures and fitting are in good working condition at all times
  3. Occupiers should be made to pay refundable caution deposit to minimize willful damage to properties fitting and other installations.
  4. Tenant selection: A through screening / evaluation must be carried out to ensure that the best tenant is selected any mistake at the selection stage may eventually lead to management problem.
  5. Tenant guarantor /referee- it is important that a prospective tenant who has passed the screening test should provide two or three guarantors that will accept full responsibility for the tenants breach of covenants.
  6. Lease Agreement- Property managers should ensure that tenancy agreements are duly executed by the parties before tenants are put in occupation.
  7. Professional advice to client – Property manager advice and encourage landlords and tenants to honour and observe their obligations under the lease agreement.
  8. Preventive maintenance – In order to prolong the economic life of the properties, property managers are advised to adopt preventive maintenance to foreclose unexpected breakdowns of vital components.
  9. Periodic meeting with the occupiers: This should be encourage to find common front to likely problems but should not be used as a forum for rent negotiation.

5.3 Conclusion

Nigeria is a rich country endowed with physical and natural resources which If properly harnessed should enhance the industrial and economic development of the nation, thus providing more employment opportunities for professionals within the economy.

It is hoped that by adopting and implementing the suggested recommendation most of the challenges encounters in the management of properties in the country particularly within Odume layout Obosi would be drastically reduced to the bearest minimum


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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