Prior to explaining the professional services been rendered by Estate Surveyors and Valuers, I will first describe to you who an Estate Surveyor and Valuer is, and afterwards identify the different types of professional real estate services he/she can render to people based on their individual needs.
An Estate Surveyor and Valuer is defined as the person who has been trained in the art and science of estate management, elected as a member of the Nigeria Institution of Estate Surveyors and Valuers (NIESV), as well as registered with the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) with the issuance of a stamp and seal inclusive of the person’s registration number to carry out all matters relating to estate surveying and valuation practice in Nigeria.
Furthermore, the Estate Surveyors and Valuers (Registration, Etc) Decree No. 24 of 1975 now CAP E. 13 LFN 2007 refers to the Estate Surveyor and Valuer as any person registered under the provisions of the Act.
This implies that whoever wants to render professional services in estate surveying and valuation to people must be duly elected and registered to do so by the two professional bodies regulating real estate practice in Nigeria – The Nigerian Institution of Estate Surveyors and Valuers (NIESV) and Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) – statutorily enacted by the Estate Surveyors and Valuers (Registration, Etc) Decree No. 24 of 1975 now CAP E. 13 LFN 2007.
The definition of estate management as given by Micheal Thorncroft (1965) – the direction and supervision of an interest in landed property with the aim of securing an optimum return. This return need not always be financial but may be in terms of social benefit, status, prestige, political power or some other goal or group of goals – and provisions of the Estate Surveyors and Valuers (Registration, Etc) Decree No. 24 of 1975 now CAP E. 13 LFN 2007 really goes a long way in identifying the Estate Surveyor and Valuer as the sole professional expert in all matters relating to land and landed properties.
Therefore, the various types of professional services rendered by Estate Surveyors and Valuers in all matters relating to land and landed properties in Nigeria are:
• Real estate agency services
• Property management services
• Facility management services
• Valuation services
• Feasibility and viability services
• Project management services
• Property rating and taxation services
• Property arbitration services
• Expert witness services
• Investment appraisal services
• Property auctioneering services
Now that I have identified and listed the various types of professional services Estate Surveyors and Valuers render to people, let me briefly explain the varying roles Estate Surveyors and Valuers play while rendering such professional services based on individual needs of the clients.
Real Estate Agency Services: Buying, selling and leasing of land and landed properties for any purpose is one of the most difficult task to embark upon by anyone. There are so many factors to be considered as well as documents that need to be thoroughly scrutinized and investigated by the prospective clients before concluding the transaction.
For clients not to be misguided or misled by owners of the land and landed properties either to be purchased, sell or even leased, they need to consult with the Estate Surveyor and Valuer for his/her professional services and expert advise on any of their real estate agency matters.
The reason why clients need to consult the Estate Surveyor and Valuer on all their real estate agency matters is mainly because the Estate Surveyor and Valuer is a registered professional who is trained in the art and science of estate management to help clients achieve the highest optimum returns possible on their real estate investment holdings.
Another reason is the various roles such an Estate Surveyor and Valuer will play if and when contacted for his/her professional services and expertise. Some of the roles to perform include:
• Advise clients on the sales/purchase value of land and landed property to be sold or bought
• Advise clients on the rental value of land and landed property to be leased
• Help clients investigate title documents to the land and landed property to be purchase
• Establish genuine ownership status of land and landed properties to be purchase
• Act in the best interest of clients in land and landed properties’ sales, purchase and lease
• Help clients to market and advertise their land and landed properties to prospective buyers, sellers and tenants
Property Management Services: Selecting good rent paying tenants and proper maintenance of various classes of built-up properties is one of the best ways by which real estate investment holdings will continue to appreciate both in monetary and aesthetic values.
The Estate Surveyor and Valuer been a real estate management professional expert is readily at your disposal if and when contacted or consulted by any property owner/investor to offer his/her professional services on issues relating to the management of the landed properties (land and buildings) to the highest and best use.
The roles of an Estate Surveyor and Valuer while rendering property management services to clients involves:
• Identify and select good rent paying tenants
• Run a background check on all prospective new tenants
• Preparation of a lease agreement document for both tenant and landlord
• Market and advertise client’s landed property to prospective tenants
• Carry out a schedule of property condition on client’s property prior to tenants moving in
• Carry out a schedule of property dilapidation prior to the tenant moving out
• Advise property owner on the current/actual rental value of their property
• Supervision of all minor and major remedial works on the client’s property been managed
• Act as property manager/management surveyor for the property owner
• Represent the beneficial interests of the property owner
Facility Management Services: The concept of facility management is primarily concerned with supporting business organizations irrespective of their size and scope to focus on the core competencies of their business activities, which in turn contributes to broader business and financial goals.
To achieve this objective, various business organizations (private or public) consult professional Estate Surveyors and Valuers to offer facility management services which cater for all non-business activities of such business organization.
While rendering his professional services in facility management, the Estate Surveyor and Valuer will perform some of the following roles:
•Carry out regular, scheduled inspection and maintenance of office building’s air-conditioning, electrical/mechanical, plumbing and fire fighting systems, among others on the building facilities
• Perform periodic maintenance schedules (weekly, monthly, quarterly) based on the system types. This include replacement of consumables, amending operating issues and upkeep of systems
• Carry out office building management services (leasing, tenant screening and selection, prepare lease agreement, etc)
• Initiate and prepare a comprehensive health and safety management handbook for all occupants of the office building
• Carry out routine, corrective and preventive maintenance of multi-tenanted commercial/office building facilities
• Supervise and co-ordinate all janitorial services (window cleaning, business office cleaning, floor cleaning and maintenance, refuse collection and disposal, office building fumigation) carried out on the office building
• To ensure that all office building components and assets are all in good condition and working perfectly well
Valuation Services: Carrying out valuation exercise in determining the monetary worth/value of land and buildings, plant and machinery, furniture and fixtures etc, for whatever purpose (sales and purchase, foreclosure, compensation, mortgage, probate, going concern, auction, etc) is one of the sole responsibilities of an Estate Surveyor and Valuer as he/she is statutorily authorized to do likewise through the provisions of the Estate Surveyors and Valuers (Registration, Etc) Decree No. 24 of 1975 now CAP E. 13 LFN 2007 and Land Use Act of 1978 respectively.
The Estate Surveyor and Valuer should be consulted by clients for whatever purpose(s) they need a valuation exercise for, because he/she is the only professional expert authorized to give an opinion of monetary value/worth on land and buildings, plant and machinery, furniture and fixtures etc based on his/her education and training, professional qualification and membership, and statutory laws of the country.
Feasibility and Viability Services: It is very important for all real estate investors to first and foremost carry out a feasibility and viability study on their proposed real estate development before embarking on it. This is to enable them see those things that can/will affect the prospect of such property development becoming a success in the shortest possible time.
It is at this stage real estate investors need the professional expertise of the Estate Surveyor and Valuer prior to the actual commencement of the property development exercise.
A feasibility and viability report that is well written by an Estate Surveyor and Valuer will help reveal and identify to project initiators/owners if the proposed property development will be a failure or success, as it will highlight all the likely problems and risk factors that might break or make the entire project. The report will also identify all cost implications inherent on the entire project development and how they can/will be sought out as well as reduce to the barest minimum.
So, don’t forget to always consult the professional Estate Surveyor and Valuer for your feasibility and viability services before embarking on your next property development projects.
Project Management Services: Every construction projects are managed by a designated project team who are responsible for maintaining the established budget and schedule while ensuring tight control on the quality of the work and a safe work environment.
The Estate Surveyor and Valuer that has been extensively trained in the art and science of estate management, project management and building construction offers his/her professional expertise in all matters relating to construction project activities to various clients.
While rendering his/her professional expertise and services on any construction project activity, the roles of the Estate Surveyor and Valuer include:
• Act as project manager to the project owner/initiator
• Screen and select allied professionals and construction team
• Carry out preliminary project design and cost estimate prior to project execution
• Help the client to obtain necessary building permit/approval prior to development activities
• Advise and assist the client with project funding
• Carry out post-construction management and maintenance
Property Rating and Taxation Services: Have you ever wondered how the assessed value of your property was arrived at by the appropriate local government authority or state government agency when served with a rating levy? Well, let your mind be at peace, as it is the Estate Surveyor and Valuer employed or consulted by the local government authority or state government agency mandated to collect property rate levies on built-up properties on behalf of the government of the state that has arrived at an assessed value of your property.
Since the issue of property rating and taxation exercise has to do with determining the assessed value of built-up properties in any particular local government area for developmental purposes, the Estate Surveyor and Valuer trained in property rating valuation and taxation is the only professional that can and should be consulted by the appropriate local government or state government agency whenever such exercise is to be carried out.
Where the appropriate local government authority of government agency employ the services of the Estate Surveyor and Valuer, it will enable them not to either over-assess or under-assess the built-up properties for rating purpose, as well as help the occupants or owners of built-up properties not to either under-pay or over-pay government on rating levies.
The roles of Estate Surveyors and Valuers in any property rating and taxation exercise are:
• Compilation and publication of valuation list for rating exercise
• Propose alteration of valuation list to the appropriate government local authority or government agency where the need arise.
• Carry out a reconnaissance survey on all built-up properties to be levied for rating purpose in the locality
• Carry out physical inspection, measurement and assessment on all built-up properties to be levied for rating purpose in the local government area
Property Arbitration Services: The Estate Surveyor and Valuer also carry out different types of property arbitration and mediation services arising from all tenant-landlord, property buyer-seller disputes.
Some aggrieved persons who are involved in real estate disputes but does not want their grievances taken to the court of law can voluntarily appoint the Estate Surveyor and Valuer for his professional services at a mediation centre to help them with their cases in a non-judicial manner.
The Estate Surveyor and Valuer’s role in any property arbitration matter is to seek for ways to solve the dispute between the aggrieved persons amicably and peacefully without any form of bias been felt by either side.
Expert Witness Services: In court cases relating to various types of real estate disputes involving different classes of people, the professional services of the Estate Surveyor and Valuer can be sought either by the court, plaintiff or appellant as an expert witness to shed light and his professional expertise on the real estate area that is not clear or known to them, so as to help present the client’s case to the court depending on who requires the services of the Estate Surveyor and Valuer in the court of law.
Investment Appraisal Services: Real estate investors that want to determine the value/worth of the type of properties they are to purchase and/or develop in order to know how much income/profits the investment will generate in the short and long term must make it mandatory to employ the services of a professional Estate Surveyor and Valuer.
Real Estate investment appraisal as the bedrock for different categories of income generating property investments help real estate investors evaluate their investment opportunities before they embark on such investment.
This is why it is very compulsory and important for an investment appraisal report to be written out on behalf of the real estate investor by the Estate Surveyor and Valuer whenever he/she is consulted to do so.
In carrying out the investment appraisal exercise, the Estate Surveyor and Valuer relies on the various investment appraisal techniques and tools in advising prospective real estate investors about the returns on their real estate investments as well as its market value in the short and long term.
Property Auctioneering Services: Have you ever been so curious and inquisitive enough to find out how the reserve and initial bid price of properties are been arrived at before and during property auction/bidding exercise.
Depending on who consults the Estate Surveyor and Valuer, the kind of professional expertise and services to be rendered will vary based on the clients’ needs and requirements.
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