estate

1 a large piece of landed property, esp. in the country

2 (Chiefly Brit) a large area of property development, esp. of new houses or (trading estate)
of factories

3 (Property law)

a property or possessions

b the nature of interest that a person has in land or other property, esp. in relation to the right of
others

c the total extent of the real and personal property of a deceased person or bankrupt

4 (Also called) estate of the realm an order or class of persons in a political community,
regarded collectively as a part of the body politic: usually regarded as being the lords temporal
(peers), lords spiritual and commons
See also States General fourth estate

5 state, period, or position in life, esp. with regard to wealth or social standing

INTRODUCTION TO ESTATE MANAGEMENT

May 28, 2013

INTRODUCING ESTATE MANAGEMENT

The Basics of estate management
An article written by Nwabuisi Dennis

UNDERSTANDING THE RUDIMENTS ESTATE AND MANAGEMENT

Laymen see estate as house or set of buildings, but to real estate management
students and professionals, the word estate means an interest one holds on land or
landed properties. This interest can further be determined in terms of leasehold
interest or free hold interest.
Management on the other hand is an art or science coordinating sources
through the aspect of planning, controlling, monitoring, coordinating, directing and
organizing for the purpose of achieving a certain goal or objective.
 Over the years, there has been the concept of property ownership and land
acquisition. This gave rise to the ever increasing number of ownership and interest in
land and landed properties. People build and develop properties and different types of
real property investments that earns them money and financial returns. Properties and
landed properties at some areas were not managed well enough to maintain the
income accruing from such properties to the owner. This was as a result of high
population density, urbanization and increase in the housing needs of the people. As a
result of this fact, there came a need for professionals who understand these changes
in the economic lives of people and also know how to manage properties to avoid
obsolesce and depreciation of values of properties because these trained
professionals knows the essence of property value.
Nevertheless, the Royal Institute of Chartered Surveyors (RICS) was formed in
the year 1946 which gave rise to the formation of the Nigerian Institute of Estate
Surveyors and Valuers (NIESV) board in 1962 which serves as a board for guiding and
regulating the practice of estate management professional in Nigeria, they formulated
laws, regulates and monitors the practice of estate management profession. It had the
first annual conference at Ibadan in the year 1975, which gave it a name known as the
Decree No.24 of 1975.
DEFINING ESTATE MANAGEMENT
Estate management can be defined simply as the management of urban and
rural buildings to make money for the owner.
Estate management can also be defined as an art of science of directing and
supervising of ones interest in land or landed property in other to achieve some
optimum returns which may not only be financial but political, social statute, prestige
and other returns.
Estate management been a science implies that it makes use of some
scientific methods and applications in finding solution to some problems and
answering some questions. For example, property valuation is a scientific method that
involves the application of scientific and mathematical methods in estimating the worth
of a property.
Furthermore, looking at estate management from the art side of view, we find
out that estate management involves the use of common sense and ideas and
knowledge in tackling issues in the field. It requires ones experience, technical
background and decision making skills which doesnt require any mathematical or
scientifically experiments in doing so.
Estate management covers a large variety of disciplines that is why they are
regarded as the jack of all trade and the master of one. Estate management covers the
areas of architecture, land law or property law, building construction, quantity
surveying and land surveying, land economics and general economics, agriculture and
agricultural economics, town planning and public utilities, all these courses and
discipline play vital roles in the life and practice of an estate management student or
practitioner. It is important that students acquire the basic knowledge required of them
in these disciplines and many more. A good background knowledge of the courses
poses the student a better chance of practicing in real life situations.
Over the years and recently, it has been diagnosed that people think that it is
not necessary to study estate management since one has a business management
idea. This conception is wrong because of some reasons though they have similarities
but factually they are not the same.
 Business management is mainly concerned with the management of goods and
services commercially and industrially unlike estate management that is involved with
the management of interests in land and landed property.
Estate management is concerned with the setting of policies, planning and
development of interests in land and landed properties to secure optimum returns.
Estate management is also concerned with the studying of land laws, property laws,
state laws concerning real or landed properties unlike the business management that
does have such motives and goals of studying property or land laws.
Management skills in estate management varies at most cases with that of business
management in the sense that managerial skill used by estate managers in managing
assets might quite be different from that of a business manager.
CHARACTERSISTICS OF AN ESTATE
For one to call something an estate it must possess at list a minimum of these
characteristics;
There must be a physical identity which implies that both natural and man-made
attributes are involved which may include the design, location and geographical area
of the property, size and shape of the property.
The economic condition or status of the property which implies the use to which the
property is used for, the functional and financial status of the property including its
income yielding level etc.
It must have a legal status which implies the rights exercisable on such interest or
estate by the individual. This in fact is what differentiates a freeholder of estate from a
leaseholder of estate in the sense that the freeholder has more power and rights than
the leaseholder.
It should possess some managerial character it which implies that the managerial skill
required in managing different sites.

GENERAL ESTATE MANAGEMENT FUNCTIONS

In estate management practice and studying, general management functions are
divided into two, namely;
The thinking and the doing process

The forecasting: this is another function that estate managers should be

conversant with because it involves the conceptualization of a project that is to e
carried out which can be inform of land development or property acquisition for
investment purposes. With experience, an estate management should be able to
forecast a project for an investor and also carry out social, political and economic
viability and feasibility appraisal on such project to ensure that the investors money is
put to its best use.
Planning: this is a managerial function that involves the setting of policies, goals
and objectives. This is an important stage in the estate management profession that
requires great skill and experience from the manager because planning stage forms a
blue print for real project or plan execution like the saying goes that anything planned
well is done well.
Organizing: this is a managerial function that is required of an estate manager.
He has to be able to implement action and make it work as planned for integrating
between resources to ensure that everything is in order.
Motivating: an estate manager has to be a good leader, in other words he has
to be able to put confidence to his team or his client ensuring him of quality action. If
 working with a project team, he has to be able to motivate them to ensure that all work
are carried out effectively and efficiently.

Controlling: this is a managerial role and function that is required of an estate

manager, he needs to know how to manage and control resources to make sure that
there is success in the work he is carrying out which is managing his clients estate or
real property.
Coordinating: this function is important in estate management in the sense that
it involves the manager integrating all the components of his portfolio to function
together as one to achieve success and goals of the owner of such interest or estate.
Communicating: this is another crucial function of an estate manager that helps
in the transferring of information from the manager to the property owner of the team
he is working with. Communication can come in two ways namely; oral communication
or written document as the case may be. Both communication methods are important
and are used by the manager effectively.
FACTORS THAT AFFECT ESTATE MANAGEMENT
Economic factors that affect estate management can be as a result of demand and
supply of resources within the country. The economic status of the country can affect
estate management. Nevertheless, cost of land inputs also affects estates
economically. Labour and capital been the land inputs in estate management can
posse a treat to estate management profession.
Technological factors and increase in scientific innovations can affect estate
management especially if a manager or property owner doesnt update himself with
the recent technologies because poor housing design will lead to low or decreased
demand for such property and the financial returns of that property would be affected.
Social factors like the norms and customs of places can affect the use of land in an
area. The social life and culture of a locality can affect estate management.
Legal factors like the civil and legal laws of a place can affect the practice of estate
management in any place. Laws like the land laws, taxation laws and other property
laws can affect estate management simultaneously.
AIMS AND OBJECTIVES OF ESTATE MANAGEMENT
As property owners are everywhere, so are the aims and objectives of estate
management are. Nevertheless, there are some vital aims and objectives of estate
management in a given place. They are;
To satisfy economic need of an individual which can either be accommodation or
otherwise.
Estate management is aimed at providing profit to prospective estate owners especially
in the private sectors whose aim is to get financial returns from their real estate or
investment as the case may be.
For independence as we can see, estate management is aimed at providing individuals
with opportunities of been independent from others by providing various investment
opportunities for these individuals.
Estate management aims at providing individuals with social status and prestige which
implies that property owners need not to be interested in acquiring financial returns but
to maintain a hierarchy in the society by the properties they have.
For political status means that it provides prospective political aspirants the opportunity
to meet up to their expectations.
 Estate management makes it possible for one to get social benefit in form of
government of a state developing parks and roads and hospital and other social
infrastructures that will aid public services.

ROLES OF ESTATE MANAGEMENT IN NIGERIA

Over the years, questions have been asked about the importance and roles of
estate management profession in Nigeria and to them some questions have been left
unanswered. Below are some of the major roles played by estate management in
Nigeria.
1. Estate management makes it possible for equal distribution and allocation of housing
resources amongst the people in Nigeria and to sustain and bring solution to social
needs of the people which can be in the form of housing needs. Estate management
paves way for a better compensation by the government to individuals whose land or
landed property has been acquired by the government of the estate through valuation
for compensation, also through its planning process it aids in town planning of any
given location and sustainability of a built environment.
2. Estate management also plays a vital role in the economic process of the country in
the sense that it tends to bring a balance between the different economic sectors in the
economy thereby breaching the gap between rent control values of properties and
development costs.
3. Estate management plays an important role in the administration of the general
countrys laws and regulation of these laws especially in the housing sector of the
economy.

IMPORTANCE AND IMPACTS OF TECHNOLOGY IN ESTATE MANAGEMENT

Technology as we see today has changed almost all the aspect of human
endeavors in all ramifications. We can see its importance in estate management
because as a result of complexity of the task ahead of estate managers, the invention
of electronic devices like the computer has helped estate managers in tackling some
large management works especially in the analysis and presentation of both data and
informations.
Nevertheless, technology has helped estate management especially in the
building industries and other landed property investments. There has been an
exorbitant increase in the quality of building materials used in the construction industry
which also helps in improving the values of the property and puts an investor in a
better chance of securing some optimum returns in the investment therein.
Furthermore, we can see technology playing a vital role in the communication
sector in estate management in form of the telecommunication and the use of mobile
phones and gadgets to enhance interaction between estate managers and their
clients. We can also see the importance of technology in the transportation sector; this
paves way for the transportation of resources from one place to another.
Transportation has also made it possible for the distribution and allocation of land
resources amongst the people in the country which would in turn improve the standard
of living of the people and promote economic development of the nation at large...

Estate Management is an important aspect of human life espeically now that the
population density of inndividuals are emernacing and growing at a fast rate... There is
need for this course.

Real estate appraisal

From Wikipedia, the free encyclopedia

Real estate appraisal, property valuation or land valuation is the process of developing an
opinion of value for real property (usually market value). Real estate transactions often require
appraisals because they occur infrequently and every property is unique (especially their
condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are
identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). The
location also plays a key role in valuation. However, since property cannot change location, it is
often the upgrades or improvements to the home that can change its value. Appraisal reports
form the basis for mortgage loans, settling estates and divorces, taxation, and so on.
Sometimes an appraisal report is used to establish a sale price for a property.
Besides of the mandatory educational grade, which can vary from Finance to Construction
Technology, most, but not all, countries require appraisers to have the license for the practice.
Usually, the real estate appraiser has the opportunity to reach 3 levels of certification: Appraisal
Trainee, Licensed Appraiser and Certified Appraiser. The second and third levels of license
require no less than 2000 experience hours in 12 months and 2500 experience hours in no
less than 24 months respectively.[1][2] Appraisers are often known as "property valuers" or "land
valuers"; in British English they are "valuation surveyors". If the appraiser's opinion is based on
market value, then it must also be based on the highest and best use of the real property. In
the United States, mortgage valuations of improved residential properties are generally
reported on a standardized form like the Uniform Residential Appraisal Report.[3] Appraisals of
more commercial properties (e.g., income-producing, raw land) are often reported in narrative
format and completed by a Certified General Appraiser.

UK valuation methods[edit]
In the United Kingdom, valuation methodology has traditionally been classified into five
methods:[14]
1. Comparative method. Used for most types of property where there is good evidence of
previous sales. This is analogous to the sales comparison approach outlined above.
2. Investment method. Used for most commercial (and residential) property that is producing
future cash flows through the letting of the property. If the current estimated rental value (ERV)
and the passing income are known, as well as the market-determined equivalent yield, then
the property value can be determined by means of a simple model. Note that this method is
really a comparison method, since the main variables are determined in the market. In
standard U.S. practice, however, the closely related capitalizing of NOI is confounded with the
DCF method under the general classification of the income capitalization approach (see
above).
3. Residual method. Used for properties ripe for development or redevelopment or for bare
land only.[clarification needed]
4. Profit method. Used for trading properties where evidence of rates is slight, such as hotels,
restaurants and old-age homes. A three-year average of operating income (derived from the
profit and loss or income statement) is capitalized using an appropriate yield. Note that since
the variables used are inherent to the property and are not market-derived, therefore unless
appropriate adjustments are made, the resulting value will be value-in-use or investment value,
not market value.
5. Cost method. Used for land and buildings of special character for which profit figures
cannot be obtained or land and buildings for which there is no market because of their public
service or heritage characteristics. Both the residual method and the cost method would be
grouped in the United States under the cost approach (see above).
Under the current RICS Valuation Standards, the following bases of value are recognized:

Market value (see PS 3.2);

Market rent (see PS 3.3);

Worth (investment value) (see PS 3.4); and

Fair value (see PS 3.5)

Types of value[edit]
There are several types and definitions of value sought by a real estate appraisal. Some of the
most common are:

Market value The price at which an asset would trade in a competitive Walrasian
auction setting. Market value is usually interchangeable with open market value or fair
value. International Valuation Standards (IVS) define:

Market value the estimated amount for which an asset or liability should exchange
on the valuation date between a willing buyer and a willing seller in an arm's length
transaction, after proper marketing and where the parties had each acted
knowledgeably, prudently and without compulsion.[4]

Value-in-use, or use value[5] The net present value (NPV)[6] of a cash flow that an
asset generates for a specific owner under a specific use. Value-in-use is the value to
one particular user, and may be above or below the market value of a property.
Investment value is the value to one particular investor, and may or may not be
higher than the market value of a property. Differences between the investment
value of an asset and its market value provide the motivation for buyers or sellers to
enter the marketplace. International Valuation Standards (IVS) define:

Investment value the value of an asset to the owner or a prospective owner for
individual investment or operational objectives. [4]

Insurable value is the value of real property covered by an insurance policy.

Generally, it does not include the site value.
Liquidation value may be analyzed as either a forced liquidation or
an orderly liquidation and is a commonly sought standard of value in bankruptcy
proceedings. It assumes a seller who is compelled to sell after an exposure period
which is less than the market-normal time-frame.
leasehold interest
Definition

Claim or right to enjoy the exclusive possession and use of an

asset or property for a stated definite period, as created by a
written lease. A long-term lease interest is a valuable asset in
its own right which can be traded or mortgaged as a physical
asset.

Define estate management.

Before you can define the word estate management it would be wise to first define the two semantics
Estate and Management.
firstly,Estate is the right/interest one have over a property.property is anything that can be
owned.and we have different types of right-FREEHOLD INTEREST
-LEASEHOLD INTEREST.
FREEHOLD INTEREST:Whole right over a property.types:english fee simple,estate in fee tail,autr
vie pure and estate for life.
LEASEHOLD INTEREST:interest that has beginning time and termination time.ad infinitum.egs
daily,hourly,weekly,monthly,yearly and terms of years interest.

Valuation Definition:
An expert's assessment, appraisal or opinion as to the
market value of an item of property.

Related Terms: Appraisal, Fair Market Value, Appraisement

Synonymous with appraisal; the 1988 edition of Butterworth's Words and Phrases Legally
Defined, under "appraiser" simply says "see valuer".
A valuation is an informed and objective inspection and estimation of the value or the worth of
a thing.

In selling items of property not commonly sold in a public market, but for which a value is
needed to, such as shares, businesses or pensions, buyers and sellers need to know the
value of an item, in order to calculate the consideration to be given for the transfer of the thing.
Valuation is the art (or, depending on who you ask, the science) of inspecting and thereafter
giving an opinion as to fair market value, expressed in cash or dollars, of the price which,
in the opinion of the independent and neutral expert, such property would fetch if presented for
sale to the public at the relevant time.
It is always a difficult exercice as fair market value may not represent the actual value to
the seller or the buyer, for whom the particular asset may have far greater (or lesser) value.
Other items are not generally on the public market (such as a share of a pension).
A valuation is conducted by a valuator (companies or businesses), appraisor (the term
preferred when the item being valued is real property or a vessel) or actuary (pensions), or a
board or committee of them, and is usually as of a specified date, and to the best of the
expert's abilities.

The valuator must be objective and not have any conflict of interest, unless this is disclosed
and accepted by interested parties.

Valuations are often required in law such as the buying and selling of shares of
private corporations or to assess the fair compensation to give a person for their share in a
business, a pension or a house.

The Role of Estate

Surveyors and Valuers
in the Society
The estate surveyor and valuer is a professional trained in the art and
science of estate management to direct and supervise an interest in
landed properties with the sole aim of obtaining optimum returns for
the owners of such properties has an important role to play in the
wellbeing of people and overall development of the society at large.

As members of the three (3) arms of government have various roles

they play and perform in attaining better wellbeing and living
standards for the people, so also does the Estate Surveyors and
Valuers, whose roles and duties in the society cannot be overlooked
or ignored.
For the benefits of those that might be wondering the roles Estate
Surveyors and Valuers actually play in the society, I have identified
and explained some of these roles below:

Maintenance of public infrastructures/assets

Act as land economists for infrastructural
development schemes

Custodian of land and landed properties

Land dispute arbitrators

Professional property consultation and expertise

Act as Educators and instructors

Employers of labour

Maintenance of Public Infrastructures/Assets:

Wikipedia defined infrastructure as the basic physical and
organizational structures needed for the operation of
a society or enterprise, or the services and facilities
necessary for an economy to function. It also defined
it in military parlance to mean buildings and
permanent installations necessary for the support,
redeployment, and operation of military forces.

Public infrastructures/assets are important terms used in judging a

country or regions development status because they are physical
components of interrelated systems providing commodities and
services essential to enable, sustain, or enhance societal living
conditions.

The physical state and conditions of public infrastructures/assets in

Nigeria is nothing to write home about or befitting to us a nation
as giant of Africa. Im very sure most of you know the state in which
the countrys public infrastructures/assets are in today presently.

It must be sadly said at this juncture that public infrastructures/assets

in Nigeria has been in serious decay and deteriorating state over the
years due largely in part to mismanagement and inadequate or poor
maintenance, which has left some of these infrastructures/assets in
dismal state of repairs and abandonment.

Estate Surveyors and Valuers trained in the art and science of estate
management has important and inevitable roles to play in the
management and maintenance of the nations public infrastructures
land and buildings, plant and machinery, furniture and fixtures
based on their professional expertise, training, qualification, years of
working experience and the knowledge they possess in all matters
relating to land and landed properties.

Some of the roles Estate Surveyors and Valuers will/can perform in

the course of managing public infrastructures/assets in Nigeria are:

Formulate a well detailed planned preventive

maintenance policy to the government for
managing public infrastructures/assets
 Help to identify and establish the operative life
span and renewal of the component parts that
makes up such public infrastructures/assets

Carry out continuous renovation and remedial

works on some of the infrastructures component
parts that require minor or early repairs before
they affect other parts of such assets/facilities

Continuously act in the capacity of a facility/asset

manager of public infrastructures/assets on behalf
of government for the overall beneficial interest of
the government, citizens and nation as a whole

Act As Land Economists For Infrastructural

Development Schemes: One of the major determinants of a
countrys development rate, standard of living and social wellbeing
is massive investment in infrastructural development schemes by the
government and private sector. Land economics for infrastructural
development schemes focuses on the allocation of land in a
particular region within a state/country for residential, commercial
or other uses.

In the provision of infrastructural development schemes, Estate

Surveyors and Valuers have important roles to play because they act
and serve as land economists through their education and training in
the concept, theory and principles of land economics rural and
urban to give expert opinion and advise on the various locations
within a region where different types of land uses residential,
commercial, agricultural, etc can/should be developed based on
the needs of the populace, as well as other urban and non-urban
land issues.

The roles expected of Estate Surveyors and Valuers as land

economists in relation to infrastructural development schemes are:

Analyze organization of activities in a region

Establish factors that determines prices of land in
a region

Examine intra-location choices of firms and

households

Formulate policy for various land-use control

Identify all the various urban and non-urban

issues inherent in carrying out infrastructural
development schemes in a particular region

Assist in formulating a regions development

master plan

Custodian of Land And Landed Properties: Trained in the

art and science of estate management to deal with all matters
relating to the maintenance and management of land and landed
properties within a country for the overall beneficial interest of the
citizenry, Estate Surveyors and Valuers should be engaged always
because their level of expertise and training spreads across various
aspects of real estate discipline.
Estate Surveyors and Valuers while acting as custodians of land and
landed properties performs the role of ensuring that those classes of
land and landed properties been entrusted onto them are
continuously properly managed and maintained in order to improve
their aesthetic value, monetary value and lifespan, as well as achieve
the expected optimum returns which are in varying forms for the
owners of such land and landed properties.

Some of the roles expected of Estate Surveyors and Valuers while

acting as custodians of land and landed properties in the society
include:

Management and maintenance of land and landed

properties for the owners
Advise on the highest and best use of any land
and landed properties

Act in the overall beneficial interest of owners of

land and landed properties

Help to formulate a master plan for infrastructural

development projects in the society

Determine the monetary value and worth of land

and landed properties

Land Dispute Arbitrator: Right from the creation of man, the

issues of land and property disputes in various forms have been
rampant among people of different backgrounds and ethnicity.
Different categories of land and landed properties disputes ranging
from land alienation, rightful ownership claims, compensation for
land/property acquired compulsorily by government, tenant
landlord issues, etc are continuously been presented and determined
in various law courts of the land. Some and if not most of these land
disputes have been dragging for a long time without any positive
outcome.

To curb and minimize the time taken to determine and give

judgements on some of these land disputes, government has set up
civil mediation centers acting as an alternative to dispute resolutions,
mandated to handle and cater for cases relating to various land and
property disputes in a non-judicial manner through the appointment
of an arbitrator.

The roles Estate Surveyors and Valuers perform in the society when
appointed as land and property disputes arbitrators by the aggrieved
parties are:

Act as intermediary between the aggrieved

parties to the land and property dispute
Act as a neutral umpire without taking sides to
any of the aggrieved parties to the land and
property disputes

Form member of a land dispute tribunal to

determine arbitration cases relating to land and
property disputes
 Proffer professional and expert opinion on
compensation valuation cases as well as all
matters relating to land and landed property
disputes

Professional Property Consultation And Expertise: As

medical practitioners cannot perform the roles and duties of legal
practitioners, so also are the various roles and duties of Estate
Surveyors and Valuers in the society cant be performed
professionally as expected of them by non-real estate professionals,
except the professional Estate Surveyors and Valuers themselves.

It is the sole role of Estate Surveyors and Valuers to offer

professional expertise, advise, services and opinions to people of
different classes in the society based on their individual real estate
needs and wants.

The various roles Estate Surveyors and Valuers play in the society
on all matters relating to issues of land and landed properties has
made them to be very relevant in the development of a nations
economy and social wellbeing of the total populace. This is so
because there is no person or institution that will not require the
professional services of Estate Surveyors and Valuers for various
individual purposes and needs.

Some of the roles performed by Estate Surveyors and Valuers as

professional property consultants and experts which make them to
be very relevant in the development of a society as whole are:
 Advise on various types of real estate investments
that can be embarked upon
Management and maintenance of both public and
private real estate facilities and assets

Provide an opinion of value for all land and landed

properties, plant and machinery, furniture and
fixtures on property valuation matters

Serve as property managers to clients properties

Serve as professional estate agents to clients on

matters relating to land and landed property
sales, acquisition and lease

Act As Educators and Instructors: This is another role

Estate Surveyors and Valuers performs in the society for the
betterment and training of those aspiring to become future Estate
Surveyors and Valuers, or those that wants to gain an understanding
and knowledge about the concepts and principles of estate
management as a discipline.

Estate Surveyors and Valuers act as teachers and trainers in various

capacities either in private practice, public sector or institutions of
higher learning where they continuously perform the role of
educating people about the nitty-gritty of real estate management as
a profession and course of study. They are able to do and achieve
this task based on their level of experiences, skills, training and
technical know-how in all matters relating to land and landed
properties.

It is the training and education given by Estate Surveyors and

Valuers to prospective and future real estate
professionals/practitioners that will equip such people to also
become vast in knowledge, understanding, practical skills and
experiences in performing exceptionally well in any capacity they
find themselves as real estate professionals in the society.

Employers of Labour: Estate Surveyors and Valuers who have

set up their own private real estate firms are directly performing the
role of employers of labour in the society as they create jobs in this
regard by employing different kinds of people to work in various
departments within their firms.

While performing this important role as employers of labour, Estate

Surveyors and Valuers are helping government to curb the issue
unemployment which is very rampant in the society through the
creation of paid employment opportunities to the citizens that desire
to work in real estate and surveying firms.

With the statements I have written above to buttress my point on the

roles Estate Surveyors and Valuers play in the society, you will agree
with me that the professional services and expertise of Estate
Surveyors and Valuers can and should not be under-estimated or
ignored towards achieving economic development and social well-
being of the populace.
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Similarities / Differences between quantity

surveyors and estate surveyors
By Enems Final Year Project Made Easy on May 14, 2016

Similarities between estate surveyors and quantity

surveyors
The similarities between quantity surveyors and estate surveyors are as follows:
1. Both estate surveyor and quantity surveyors are management professional in
field of environment studies.

2. Estate surveyors and other form of surveying and building related advices their
client.

3. Both quantity survey and estate surveyors serves as project appraisal as the
forecasting the future of proposed project.

4. Both estate surveyors and quantity surveyors look for their client or
contractors working man office or on site, they are involve in project from the
start, preparing estimates and cost of the project.

5. Estate surveyors and quantity surveyors are also referred to as construction

cost consultant or commercial managers.
Differences between quantity surveyors and estate
surveyor
1. Quantity surveyor seeks to manage and minimize the cost of project and
enhance value for money to achieve the required standards and quality while
estate surveyor tend to manage and value the interest of the project with a
particular interest of the returned in the monetary value of the project.

2. The primary objectives of an estate surveyor is to carryout valuation of interest

in landed properties for a particular purpose while that of the quantity surveyors
cost management and provision of bill of quantity in the construction of a project.

3. Quantity surveyor manages all cost relating to buildings and civil engineering
project from the initial calculation to the final figure. While the estate surveyor
seek to value the period which it will take the project to receiving its initial
capital investment in construction.

The difference between a Quantity Surveyor

and a Valuer

quantity surveyor
noun
1. a person who calculates the amount of materials needed for
building work, and how much they will cost.

valuer
noun
 1. a person whose job is to estimate the value of something that is to
be purchased.

Reading the above definitions, it can be easy to see why people may get
confused and think that quantity surveyors and valuers do the same
thing.
Although their definitions read similarly, that is where the similarity
ends, as individually they play very different but important roles.
To become a quantity surveyor, a person must complete a tertiary
degree. Their studies teach them how to estimate and monitor
construction costs on a project from feasibility stage through to
completion based on initial designs and drawings.
Quantity surveyors work very closely with key personnel on a project,
from architects through to contractors, to ensure the project remains on
budget and on target using cost management reports.
Once the project is completed, the quantity surveyor can produce
depreciation schedules on the items within the project and give advice
on insuring the items should they need to replaced.
So, in summary, a quantity surveyor is involved in the project from
concept to completion.
A valuer on the other hand generally becomes involved once the
property has been fully completed and a valuation of the properties price
is required.

MANAGEMENT OF REAL ESTATE ASSETS

Real estate assets are one of the most important assets available to any
government whether in terms of fully developed or undeveloped lots.
Unfortunately, the management of most of these assets are not taken
seriously or are at best left in the hands of unqualified persons. The result is
that these assets are very badly managed and dilapidation tends to set in
within a short time in the life of the property due to repair issues that are not
attended to. The story of our poor maintenance culture is well known. The
effect is that most public buildings and facilities are in disrepair.

Recently, the Economic and Financial Crimes Commission (EFCC) has seen the
need to hand over seized real estate assts to Estate Surveyors and Valuers for
management. Also very recently, the Central Bank of Nigeria has gotten the
legal nod to set up the Asset Management Company of Nigeria (AMCON) to
take over from the banks the collateral assets of those loans that are deemed
non-performing. There is no doubt that the bulk of these assets will be real
estate. The Institution is making representations to the Central Bank and we
hope that they will see the need to partner with us and ensure that these
assets are put in the care of our members for proper management.