ASSESSMENT OF THE ROLE OF ESTATE SURVEYOR AND VALUER IN THE MANAGEMENT OF FEDERAL HOUSING ESTATE
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- NGN 3000
Background of the study
In the realm of real estate management, the role of estate surveyors and valuers has gained significant attention, particularly in the context of managing housing estates in Nigeria. The Federal Housing Estate in Egbeda, Imo State, offers a pertinent case study for examining the contributions of these professionals to effective estate management. Estate surveyors and valuers are pivotal in ensuring that properties are not only appropriately valued but also maintained and managed to enhance their value over time. Their responsibilities span various dimensions including the valuation of properties for sale, rental, and investment purposes, overseeing maintenance and renovation projects, and ensuring compliance with relevant regulations (Udoekanem, 2016). The effectiveness of estate management is crucial for the sustainability of housing estates, impacting the overall quality of life of the residents and the economic viability of the estate itself (Ogunba et al., 2017). According to Ayedun and Oluwatobi (2019), the role of estate surveyors and valuers extends to conflict resolution among residents, which is essential in maintaining harmony and ensuring the smooth operation of the housing estate.
Furthermore, estate surveyors and valuers play a crucial role in risk management and investment advisory, which are critical for the long-term sustainability of housing estates (Oloyede et al., 2016). Their expertise in market trends and property values enables them to provide informed advice to property owners and investors, thereby influencing investment decisions that affect the overall economic health of the housing estate. The Federal Housing Estate in Egbeda, Imo State, presents a unique context where the interplay of these roles can be observed and analyzed. The estate, like many others in Nigeria, faces challenges such as inadequate infrastructure, poor maintenance practices, and fluctuating property values (Adejumo, 2018). These challenges necessitate the involvement of skilled estate surveyors and valuers to navigate the complexities of estate management effectively.
In addition to their technical expertise, estate surveyors and valuers are instrumental in fostering community development within housing estates. They facilitate the planning and execution of development projects that improve the living conditions of residents and enhance the aesthetic appeal of the estate (Bello et al., 2019). This aspect of their role underscores the importance of a holistic approach to estate management, where the physical, social, and economic dimensions are integrated to achieve sustainable outcomes. The Federal Housing Estate in Egbeda serves as a microcosm of broader trends and issues in estate management across Nigeria, making it a valuable case study for assessing the impact of estate surveyors and valuers.
Moreover, the role of estate surveyors and valuers in the management of housing estates is evolving in response to technological advancements and changing market dynamics. The adoption of digital tools and platforms for property management is transforming traditional practices, enabling more efficient and transparent management processes (Nubi et al., 2020). In this context, estate surveyors and valuers are required to adapt to new technologies and methodologies to remain relevant and effective in their roles. The Federal Housing Estate in Egbeda provides an opportunity to explore how these professionals are leveraging technology to enhance their services and improve estate management outcomes.
A study by Aluko and Amidu (2017) highlighted that effective property management is fundamental to maintaining the structural integrity and market value of residential properties, underscoring the importance of professional involvement in estate management (Aluko & Amidu, 2017). Similarly, Oloyede et al. (2018) examined the impact of professional estate management on tenant satisfaction, finding a positive correlation between the involvement of qualified estate surveyors and higher levels of tenant satisfaction due to improved maintenance and responsive management practices (Oloyede et al., 2018). Furthermore, Nubi (2016) emphasized the critical role of estate surveyors in property valuation, noting that accurate valuation is essential for both sales and rental purposes, ensuring fair market prices and preventing property undervaluation or overvaluation (Nubi, 2016). In the realm of housing policy and urban development, studies have shown that the professional management of housing estates can significantly contribute to the achievement of sustainable development goals (SDGs) related to urban development and housing quality (Omirin & Iroham, 2016). Additionally, Olajide (2019) investigated the challenges faced by estate surveyors in the Nigerian context, highlighting issues such as inadequate regulatory frameworks and the need for continuous professional development to keep pace with evolving market dynamics (Olajide, 2019).
The literature underscores the multifaceted nature of the role of estate surveyors and valuers in housing estate management. Studies by Oyedepo and Ojo (2017) highlight the critical function of these professionals in ensuring the financial viability of housing estates through accurate valuation and strategic management practices. Furthermore, research by Aluko and Amidu (2018) emphasizes the importance of their role in environmental sustainability, particularly in urban housing estates where land use and resource management are key concerns. The Federal Housing Estate in Egbeda, with its specific challenges and opportunities, serves as a relevant case study for examining these dimensions and understanding the broader implications for estate management in Nigeria.
1.2 Statement of the problem
The role of estate surveyors and valuers in the management of housing estates is pivotal to ensuring effective utilization, maintenance, and sustainability of property assets, yet their contributions, particularly in federal housing estates, have not been sufficiently examined or understood. Federal housing estates, such as the one in Egbeda, Imo State, face numerous challenges that require the specialized skills and knowledge of estate surveyors and valuers to address. These challenges include issues related to property valuation, maintenance, tenant management, and legal compliance, which directly impact the overall efficiency and sustainability of the estate (Iroham, 2017; Umeh, 2019). Estate surveyors and valuers are tasked with the accurate valuation of properties, which is critical for both the assessment of property taxes and the fair setting of rental rates, thereby influencing the revenue generation potential of the estate (Oloyede, 2018). Furthermore, their role in the routine maintenance of the estate’s infrastructure is essential to prevent the rapid deterioration of buildings and amenities, which can lead to increased costs and reduced property values over time (Egbu et al., 2016). Effective tenant management by estate surveyors and valuers ensures that the estate remains a desirable place to live, which is crucial for maintaining high occupancy rates and stable rental income (Aliyu, 2017). However, despite the critical importance of these functions, there is a noticeable gap in the literature concerning the specific impacts and challenges faced by estate surveyors and valuers in federal housing estates, particularly in regions like Imo State (Adedokun, 2016; Oladapo, 2020). This gap highlights a significant oversight in the field of estate management, where much of the existing research tends to focus on private and commercial properties rather than public housing estates. The neglect of federal housing estates in academic and professional discourse means that best practices and innovative solutions that could be applied to these settings remain underdeveloped and underutilized (Oni, 2019). This study aims to bridge this gap by providing a comprehensive assessment of the role of estate surveyors and valuers in the management of the federal housing estate in Egbeda, Imo State. It seeks to identify the specific functions they perform, the challenges they encounter, and the overall impact of their work on the sustainability and efficiency of the estate.
1.3 Objective of the study
- To examine the specific responsibilities of estate surveyors and valuers in the management of federal housing estates.
- To assess the impact of estate surveyors and valuers on the maintenance and overall condition of the housing estate.
- To explore the challenges faced by estate surveyors and valuers in the management of federal housing estates and suggest possible solutions.
1.4 Research Questions
- What are the specific responsibilities of estate surveyors and valuers in the management of federal housing estates in Egbeda, Imo State?
- How do estate surveyors and valuers impact the maintenance and overall condition of federal housing estates?
- What challenges do estate surveyors and valuers face in the management of federal housing estates, and what are the possible solutions?
1.5 Research hypotheses
Null Hypothesis (H0): Estate surveyors and valuers do not have clearly defined responsibilities that are crucial for the effective management of federal housing estates in Egbeda, Imo State.
Alternative Hypothesis (H1): Estate surveyors and valuers have clearly defined responsibilities that are crucial for the effective management of federal housing estates in Egbeda, Imo State.
1.6 Significance of the study
Enhancing Professional Standards: This study will provide insights into the current practices and standards of estate surveyors and valuers in the management of federal housing estates. By identifying strengths and areas for improvement, it can contribute to the development of enhanced professional standards and best practices, thereby improving the overall quality of estate management in Imo State.
Policy Formulation and Implementation: Findings from this research can inform policymakers about the critical roles and challenges faced by estate surveyors and valuers. This knowledge can be instrumental in formulating and implementing policies that support the effective management of federal housing estates, leading to better housing conditions and increased resident satisfaction.
Educational Value: The study will serve as a valuable resource for students and professionals in the field of estate management and valuation. It will provide a detailed understanding of the practical applications of their skills in the management of federal housing estates, thus bridging the gap between theoretical knowledge and real-world practice.
Economic Development: Effective management of housing estates is crucial for the economic development of a region. By assessing the role of estate surveyors and valuers, this study can highlight ways to optimize estate management, potentially leading to improved property values, increased investment, and overall economic growth in Egbeda, Imo State.
Resident Welfare: The study aims to understand how estate surveyors and valuers contribute to the welfare of residents in federal housing estates. By identifying best practices and areas needing improvement, the study can lead to enhanced living conditions, better maintenance of estates, and overall improved quality of life for residents.
1.7 Scope of the study
This study focuses to examine the specific responsibilities of estate surveyors and valuers in the management of federal housing estates, assess the impact of estate surveyors and valuers on the maintenance and overall condition of the housing estate, and explore the challenges faced by estate surveyors and valuers in the management of federal housing estates and suggest possible solutions. Hence estate surveyors and valuers in Egbeda imo state shall serve as enrolled participants for this study.
1.8 Limitation of the study
Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. The significant constraint are:
Time: The researcher encountered time constraint as the researcher had to carry out this research along side other academic activities such as attending lectures and other educational activities required of her.
Finance: The researcher incurred more financial expenses in carrying out this study such as typesetting, printing, sourcing for relevant materials, literature, or information and in the data collection process.
Availability of Materials: The researcher encountered challenges in sourcing for literature in this study. The scarcity of literature on the subject due to the nature of the discourse was a limitation to this study.
1.9 Definition of terms
Estate Surveyor and Valuer: A professional who specializes in the valuation, management, and development of land and property. Their roles include property valuation, estate agency, property management, development appraisal, and land administration.
Federal Housing Estate: Residential properties developed and managed by the federal government, aimed at providing affordable housing for citizens. These estates typically include various types of housing units and associated infrastructure.
Management: The process of overseeing and coordinating the operations, maintenance, and administration of properties to ensure their efficient and effective functioning. In the context of this study, it refers to the activities carried out by estate surveyors and valuers in managing federal housing estates.
Valuation: The process of determining the market value of a property, which involves analyzing various factors such as location, condition, and market trends. Valuation is a critical function of estate surveyors and valuers, ensuring that properties are accurately assessed for various purposes, including sale, purchase, and taxation.
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