1.0 Introduction
1.1 Background of Study
The role of estate surveyors and valuers in the management of residential properties has evolved significantly over the years, especially with the increasing complexity of the real estate market and urbanization. Historically, the profession of estate surveying and valuation in Nigeria dates back to the early 20th century, when the need for formal property management became evident as urban centers began to grow and property ownership expanded. In the early stages, according to Oladimeji (2016), property management was largely informal and mostly handled by property owners themselves or by untrained individuals. However, as cities grew and the demand for residential properties surged, it became clear that specialized knowledge and skills were needed to manage these properties effectively. The importance of professional estate management was recognized, and the demand for trained estate surveyors and valuers increased (Oladimeji, 2016).
In Nigeria, estate surveyors and valuers have been responsible for a broad range of property management activities. They are tasked with managing residential properties, handling tenant relations, overseeing maintenance and repairs, ensuring compliance with local laws and regulations, and providing property valuation services. Over time, estate surveyors' roles have expanded to include advising property owners on investment strategies, maximizing rental income, and even assisting in the sale or acquisition of properties (Adebayo & Olayinka, 2020). These roles were formalized with the passage of the Estate Surveyors and Valuers (Registration, etc.) Act in 1975, which created the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) to regulate the practice of estate surveying and valuation in the country.
In recent decades, the role of estate surveyors and valuers has grown to include property investment advice, strategic portfolio management, and ensuring that residential properties contribute to the overall economic development of urban areas. This has become increasingly important as Nigeria's cities, such as Lagos, Abuja, and Anambra State, continue to face rapid urbanization and a growing middle class. With the growth of real estate investment, estate surveyors and valuers have become crucial in guiding property owners through the complexities of modern property management (Olamide, 2021). The management of residential properties is a critical aspect of the real estate sector, which plays a vital role in the economic development of any region. Residential properties, often representing a significant financial investment for property owners, require effective management to ensure their optimal functioning and profitability. In this regard, estate surveyors and valuers serve as key professionals responsible for overseeing various aspects of property management, including maintenance, valuation, tenant relations, and rent collection.
Estate surveyors and valuers in Nigeria are regulated by professional bodies such as the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). These professionals are trained to provide a broad range of services, from property valuation to property management, with the ultimate goal of ensuring that residential properties maintain or increase in value over time (Aina & Olawole, 2019). As Nigeria continues to experience rapid urbanization and population growth, the demand for residential housing has surged, placing increased pressure on estate surveyors and valuers to effectively manage these properties. In urban areas like Odume Layout in Obosi, Anambra State, where residential properties are diverse and growing, the need for professional property management becomes even more apparent.
In Nigeria, as urbanization continues to rise and the demand for residential housing grows, the importance of professional property management becomes increasingly significant. Estate surveyors play a pivotal role in bridging the gap between property owners, tenants, and regulatory bodies by ensuring that residential properties are effectively managed and comply with all relevant legal requirements (Ogundare, 2017). The role of estate surveyors and valuers in the management of residential properties is essential for the efficient functioning of the real estate market. Estate surveyors and valuers are professionals who provide critical services related to the management, valuation, and advisory aspects of properties, ensuring that both the physical and financial elements of properties are optimally managed. Their expertise in property valuation, market trends, property law, and tenant relations significantly contributes to maintaining the value and profitability of residential properties.
Therefore, this research study seeks to examine the various responsibilities, challenges, and contributions of estate surveyors and valuers in managing residential properties in this region, offering insights into the effectiveness of their services in promoting sustainable property management.
1.2 Statement of Problems
Investigation revealed that there is inadequate training and professional development of some estate surveyors, which results in suboptimal property management services. Despite the growing demand for skilled professionals in the real estate sector, there is still a gap in the level of expertise required to address complex property management tasks effectively (Oladimeji, 2016).
Additionally, there are difficulties related to the non-compliance with building regulations and the inadequacy of maintenance strategies in many residential properties. Estate surveyors are often faced with managing buildings that are either not up to code or require extensive repairs, but lack of cooperation from property owners and tenants makes it challenging to address these issues promptly (Olamide, 2021).
Furthermore, 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. It is against the backdrop that this study seeks to address these problems by evaluating the role of estate surveyors and valuers in the management of residential properties.
1.3 Aim and Objectives of Study
The aim of the study is to assess the role of estate surveyors and valuers in the management of residential properties. The objectives of this study are:
- To examine the key responsibilities and tasks of estate surveyors and valuers in the management of residential properties.
- To assess the level of professionalism and expertise required by estate surveyors in managing residential properties effectively.
- To identify the challenges faced by estate surveyors in residential property management, including regulatory, financial, and technological factors.
- To evaluate the impact of estate surveyors' services on the value and performance of residential properties.
- To explore the strategies and technologies that estate surveyors can adopt to improve property management practices.
- To recommend measures that can enhance the effectiveness of estate surveyors and valuers in residential property management in Nigeria.
1.4 Research Questions
The research questions for this study, based on the stated objectives, are as follows:
- What are the key responsibilities and tasks of estate surveyors and valuers in the management of residential properties?
- How can estate surveyors and valuers design effective frameworks and strategies to address challenges in residential property management?
- What is the impact of estate surveyors' services on the performance and value of residential properties?
- What techniques and technologies can estate surveyors adopt to improve residential property management practices?
- What challenges do estate surveyors face in the management of residential properties, and how can these challenges be overcome?
- How can estate surveyors and valuers maintain high standards of professionalism and efficiency in managing residential properties?
1.5 Research Hypothesis
In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.
Hypothesis One
- H0: Estate surveyors and valuers' responsibilities do not significantly contribute to the management of residential properties.
- H1: Estate surveyors and valuers' responsibilities significantly contribute to the management of residential properties.
Hypothesis Two
- H0: Estate surveyors' services have a significant negative impact on the value and performance of residential properties.
- H1: Estate surveyors' services have a significant positive impact on the value and performance of residential properties.
Hypothesis Three
- H0: Estate surveyors do not face significant challenges in managing residential properties, which can be mitigated through appropriate interventions.
- H1: Estate surveyors face significant challenges in managing residential properties, which can be mitigated through appropriate interventions.
1.6 Significance of Study
The outcome of the research findings will help property owners, developers, and investors recognize the importance of hiring qualified estate surveyors and valuers for efficient property management.
Additionally, it will contribute to the development of best practices and strategies that estate surveyors can adopt to enhance property management outcomes. Furthermore, this research will serve as a foundation for future studies and help improve the standards of property management in the residential sector.
1.7 Scope of the Study
The scope of the research is focused on the role of estate surveyors and valuers in the management of residential properties in Anambra State, Nigeria, with a particular emphasis on Odume Layout, Obosi.
1.8 Limitations of the Study
During the course of this study, there were some problems encountered which stood as limitations to the research work. Some of the limitations include:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
- Initial Cooperation Delay from Respondents: A particular limitation of this work came as a result of the respondent refusal to offer their cooperation at the initial time they were contacted. This contributed in making the success of this research study difficult.
1.9 Definition of Terms
Estate Surveyor and Valuer:
An estate surveyor and valuer is a professional who specializes in the management, valuation, and administration of real estate properties. They offer services such as property assessment, market analysis, and property management, helping clients make informed decisions about their real estate investments (Lai & Olumide, 2018).
Residential Property:
Residential property refers to buildings or land intended for people to live in, including houses, apartments, and other dwellings. These properties are primarily used for habitation and may include single-family homes, multi-family units, and rental properties (Ojo, 2016).
Property Management:
Property management is the process of overseeing and managing real estate properties on behalf of the owner. It includes maintaining the property, handling tenant relations, ensuring proper maintenance, collecting rent, and making sure the property complies with local laws and regulations (Okafor, 2017).
Valuation:
Valuation refers to the process of estimating the market value of a property. It involves analyzing various factors, including location, condition, and market trends, to determine how much a property is worth in the current market (Ayodele & Adedeji, 2019).
Real Estate Investment:
Real estate investment is the act of purchasing properties for the purpose of earning a return through rental income or appreciation in value. Estate surveyors and valuers play a crucial role in advising investors on the most profitable investments and ensuring the proper management of their real estate portfolios (Adeniji, 2015).
Market Analysis:
Market analysis in real estate refers to the evaluation of property market conditions, including demand, supply, pricing trends, and other economic factors that may affect property values. Estate surveyors use this data to assist in property valuation and investment decisions (Ijaiya, 2018).
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