Teleworking Alternative to Real Estate Practice in Nigeria: Findings from Literature

Organisations in different industries across the world including education, medicine, finance, information technology, engineering, amongst others have their workforce engaged in telework as the primary mode of operation. This mode of operation became even more prevalent during the COVID-19 pandemic. The adoption of telework in these industries is evidenced by the availability of published literature and guidelines. However, similar published evidence on telework as an alternative approach in the real estate profession is very limited, both in Nigeria and globally. It is in this light that this research sought to examine teleworking as an alternative to real estate practice in Nigeria with a view to identifying the tools and techniques applicable for the mode of practice. Via a review of literature, this study investigated the characteristics of telework in three major industries which included: education, medicine and Information Technology (IT). The characteristics identified were: the central use of ICT, remote communication with stakeholders, remote data acquisition and remote accessing and sharing of files. From these discoveries, and through further literature review, tools and techniques such as: Remote sensing and GIS, Property Management Software, Facilities Management Information System, property marketing platforms amongst other, were identified for remote real estate practice. It was however recommended that the Nigerian Institution of Estate Surveyors and Valuers (NIESV) performs a deeper investigation into the application of telework to real estate practice in Nigeria so as to provide institutionalbacked guidelines needed especially in situations similar to the COVID-19 pandemic

Interval Estimate in Plant and Machinery Valuation: A Guide against Variance for Capacity Development amongst Estate Valuers

-Valuation variance, one of the valuation errors, has been explored by researchers all over the world in relation to valuation of land and buildings; however, there is dearth of this research on plant and machinery. This research is in a bid to harmonizing values of these assets amongst estate valuers particularly at this propitious time when the Financial Reporting Act of 2011 has paved way for more enforceable statutory valuations in Nigeria. This study as against most arbitrary placed margin of errors is in furtherance to an earlier pedagogic work that entailed the review of related literatures from where an allowable range of ±5% error was permisible and an interval estimate of an appropriate depreciated value at a 95% confidence level was adopted from basic statistics to give a reasonable ±9.8% margin of error. The researchers hereby opine that adherence to thie result in practice will help in capacity development of Estate Valuers who have the statutory preserve to undertake valuations of all asset

Conceptual Modeling of Facilities Management Driven Hotels in South-Western Nigeria

Models in whatever form on Facilities Management (FM) driven business organizations are scanty in literature, and the available models are developed to depict the workings of few sections of facilities management, covering just few sectors of the Nigerian economy. Consequently, the researcher attempted to develop a conceptual model based on what is reasonably expected of the impact of facilities management principles on hotel organizations adopting FM holistically in South-Western Nigeria. The Conceptual model is validated based on the results emanating from a survey of fifty-seven hotels. Out of the fifty-seven questionnaires administered on hotel management, twenty-eight (49%) were retrieved while in respect of customers, six hundred and seventy-one questionnaires were administered from which three hundred and sixty (54%) were retrieved. Stratified sampling technique was adopted to select the samples while appropriate sample size was determined following the formula given by Kothari (1978). Data analysis was executed using descriptive statistics and Chi-Square (χ2). The validated heuristic model was derived and recommended as a template for hotel management operation where facilities management principles are employed

Cost of Urban Rental Housing and its Implications on Home Ownership Drive of Middle and Low-Income Earners in Lagos State, Nigeria

The quantitative and qualitative housing challenges especially among the middle and low income groups in Nigeria have continued to constitute a source of concern to all. Over the years, different studies have examined the situation and attributed the problem to the inability of government to provide housing enmasse, lack of access to capital, low income and high costs of procurement of available ones. This study advances knowledge by focussing on renters and taking a closer look at the overall cost of rental housing and its effect on renter to owner’s efforts. Renters’ population is on the increase in major urban centres with reduced capacity for home acquisition. This study examines household spending pattern, identifies other costs incidental to rental housing consumption and how they affect renters’ home acquisition drives’. Questionnaires were administered to 750 renters randomly selected from three local government areas in Lagos State. Data collected were subsequently analysed with descriptive tools such as tables, percentages, relative importance index and a 5-point likert scale. It was discovered that apart from rent, other costs incidental to rental housing consumption significantly reduces renters’ savings capacity. The study therefore suggests that these other costs be examined critically and treated appropriately. They could be stabilised, subsidized, eradicated or totally shouldered by the government

Valuation Discrepancies in the Value Opinion of Professional Valuers’ in Lagos, Nigeria

Although no two valuer could perhaps arrive at the same value, the disparities in the variation of values poses a point of concern. This work is therefore aimed at discovering the prevalent causes of error/variance amongst the different valuation figures of Nigerian valuers. The study involved the distribution of 130 questionnaires to practicing estate surveyors and valuers in Lagos metropolis, one of the most buoyant property markets in the country. By adopting the use of weighted arithmetic mean, it was discovered that presently the variance amongst Nigerian valuation is principally attributable to the adoption of different yield and lack of adequate market information by Nigerian valuers while carrying out valuation. To curb these excesses in variance/excesses in margin of error, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) is encouraged to adopt reviewable standardized yield for valuers while carrying out valuation of land and property

Students' Satisfaction with Major Academic Facilities in Private Universities in Ogun State, Nigeria

Higher educational institutions, particularly privately owned institutions, in developing countries are constantly challenged to improve on the quality of their facilities. This is necessitated by the need to ensure students' patronage. This study, therefore, examines students’ level of satisfaction with library, ICT laboratory and classroom facilities in five private universities in Ogun State, Nigeria. Seven hundred and seventy copies of a questionnaire were distributed while five hundred and twenty-two were returned and valid for further processing. Data analysis using frequency distribution and weighted mean revealed that the students were generally satisfied with electricity supply and furniture in all three facilities; however, they were not satisfied with the number of escape routes and toilets. The paper recommends amongst others that the managements of the universities should, as a matter of priority, make efforts to improve the facilities with low level of students' satisfaction

Comparative Study of Rental Values of Two Gated Estates in Lekki Peninsula Lagos

The study which entailed a comparative analysis of rental values of residential properties of restricted access and open access gated estates is aimed at discovering differences in rental values. Analysing these rental values of restricted access (Crown Estate) and open access (Victoria Gargen City) estates in Lekki Peninsula, as case studies will aid investors and policy makers to be better guided in their decision-making processes. To achieve the objective of the study, structured questionnaires were administered to 160 residents of Crown Estate out of which 116 respondents returned their questionnaires filled; 120 questionnaires were administered to the residents of Victoria Garden City out of which 90 questionnaires were retrieved while 45 questionnaires out of the 60 administered to the Estate Surveyors and Valuer’s managing properties in Crown Estate and Victoria Garden City (VGC) were retrieved. The collected questionnaires were subsequently analyzed using relevant statistical techniques such as the frequency distribution tables and the t-test. The study revealed that being gated had no effect on the choice of residency. However, location was discovered to be a germane feature in the choice of either estate. The result also revealed significant difference in rental values in the two estates. The study therefore recommends appropriate features – such as location and provision of good neighbourhood quality amongst others in the planning of any estat

Influence of Valuations on Property Prices in Nigeria

Over the years, researchers in the UK, US, Australia and Nigeria have attempted to ascertain if valuations are good proxies for realized prices by means of statistical tests particularly standard deviations and regression analyses. However, Baum A., Crosby N., Gallimore, P., Gray, A., and McAllister, p., (2000)demonstrate that such comparisons of realized prices and prior valuations stand above the market, which is not the case in the UK market. This work aimed at determining if a casual relationship also does exist between prices and property values in Lagos State. A total of 135, 91, 25 questionnaires were distrbuted to valuation firms, property development/property investment portfolios and commercial banks respectively. data was measured by means of Linkert Scales and analysed using weighted average frequency distributions and the Kruskal-Wallis test on non-parametric data. It was discovered that values produced by valuation firms mimic those of in-house valuers of development companies/property investment portfolios and banks, both in method and figure. The valuations do not however stand above the market but have a casual influence on price. It was advised that in order to prevent crashes such as was experienced in the UK, valuation stakeholders continue to drive the valuer to greated levels of efficienc

Disamenity Hazards and Rental Values in Surulere,Lagos Metropolis:A Perceptional Study of Power Lines

Power line and associate disamenities have posed great risks in human habitations in the built and natural environments with various degrees of contaminations and hazards ranging from electrocution to property diminutions. This current study identifies and evaluates the various risk elements and hazards attributable to the power lines situated in residential neighbourhoods within the metropolis of Lagos State via perception. Data was collected through questionnaires distributed to both Estate Surveyors and Valuers and residents within 200m to power lines in Surulere area of Lagos metropolis. Average response rate of 66.5% was achieved and the data were analysed using descriptive and analytical statistics. The study established that both residents and Estate Surveyors and Valuers jointy identified “Fear of Falling Wires”, “Buzzing and Humming”, “Property Stimatization” and “Exposure to Electrical Radiation” from power lines as the four (4) major risk elements identified as having outstanding impacts on the rental value of residential properties. Perceived “Health Hazards” expressed by residents were further confirmed during the indepth interviews conducted with not only residents most proximal the Power lines but also the PHCN executives and field officers. The study suggests that locating all residential housing within the 25m Right of Ways in the state must be discouraged by the Power Holding Company of Nigeria and further concludes that the State government organise and enforce the continuous demolition drive of illegal structures already occupying the ROW in Surulere to protect lives and enhance income from residential real estate investments

Clients’ Perception of the Reliability of Property Investment Valuation in Nigeria

The question of overvaluation and under valuation has been a subject of intense debate in the valuation industry for more than two decades now. However, the discussion started taking prominent position in Nigeria in the late 1990s. The effect of unreliable valuation in any economy cannot just be over emphasised as valuation estimates given by valuer during valuation exercises are very germane to the decision to be taking by clients seeking for the valuer’s advice. This paper set out to ascertain the perception of clients to the reliability of valuation figures emanating from Nigerian valuers. Twenty four commercial banks and fifty property companies were randomly chosen sampled in Lagos State. The data collected were analysed using descriptive statistic. The study revealed that clients were of the opinion that valuation figures from Nigerian valuers were inaccurate and unreliable based on their experiences. The study concluded that Nigerians valuers needed to be more thorough and painstaking in their valuation assignments so as to make valuation estimates emanating from them more accurate and reliable