The Relevance and Application of ICT in Estate Surveying and Valuation in Ogun State

Estate Surveying and Valuation is one of the professions in the built environment that requires the use and application of Information and Communication Technology (ICT) in the various areas of its practice. Such ICT devices and applications include computers, networks, hardware, software, satellite and so on. This paper sets to examine the extent to which Estate Surveyors and Valuers apply ICT in performing their professional tasks so as to assess its contribution to their practice. A 5-point Likert scale structured questionnaire was administered to Estate Surveyors and Valuers both in the public and private practice in Ogun State. Relative Importance Index (RII) was used to analyse the data obtained from the survey. The study shows that the estate surveyors and valuers are aware of the existence of the various ICT applications and devices but have not been using them effectively to promote their practice. They however, ascribed their inability to use it to poor level of training. The study concluded that there is need for improvement in the curriculum of various educational and professional institutions involved in the training of Estate Management Students across the country. Regular intraining on the use of ICT applications and devices was also suggested as a means of improving the ICT knowledge of the Estate Surveyors and Valuers

Building a Career in Estate Management: The Perspective of Covenant University Students

The practice of estate management is influenced by processes developed over many years and worked out by a profession that has been established since 1975 by Decree No. 24 in Nigeria with all the strength and weaknesses inherent. The study examined the perception of estate management student about a career in the profession of Estate Surveying and Valuation. Estate management students of Covenant University students from 100 to 500 levels were adopted as population sample for the study. Structured questionnaires were analyzed and the simple descriptive statistics and mean item score were used for analysis. The outcome of the study shows that some of the students are not fully aware of the course- Estate Management but were compelled to study it. Some others willingly choose to study the course having heard about the prospect and some others just dabbled into it in a bid to avoid time wasting. One of the recommendations is that more orientation should be given to students about the different profession and its prospect so as to enhance their knowledge before venturing into them. It also recommended that there should be more interaction between the university system and the professional practice to enable students have better exposure of the real practice after graduation

A Search for Application Level of Heuristics In Property Valuation In Three Nigeria Cities

Heuristics research in property valuation had been confined to anchoring and adjustment at the neglect of the other three, Availability, Representative and Positivity Heuristics. More so, majority of previous studies have been restricted to Lagos Metropolis. Recently a study was carried out to discover the existence of major heuristics in two other prominent cities in Nigeria; namely, Abuja and Port-Harcourt. The present study is aimed at determining the level of application of heuristics in property valuation in the three cities. The study is a cross-sectional survey and entailed the distribution of questionnaires to 159 Head Offices of Estate Surveying Firms in Lagos Metropolis and 29 and 39 of such offices in Abuja and Port-Harcourt respectively. Standard deviation of the Mean of frequency in usage of heuristics in 20 property valuations carried out reveals that Availability Heuristics is mostly predominant in the three cities: Lagos Metropolis (X=7.93; a=6.408); Abuja (X=9.94; a=5.651) and Port-Harcourt (X=S.35; a=4.911). The study therefore recommends that confinement to anchoring and adjustment will result to superfluxity of research and consequently focus should be on availability heuristics due to its predominance in usag

THE PERCEPTION OF ESTATE MANAGEMENT STUDENTS OF COVENANT UNIVERSITY TO THE COURSE VALUATION: COMPREHENSIBLE OR NOT?

Valuation is very important to the real estate profession. It is a veritable tool for decision making in property transaction and require that opinion of values given for an interest in landed property by practitioners are reliable and consistent. However, the study of valuation by university students appears to have generated bias over the years. The failure rate in valuation compared to other courses seems to be higher. The aim of this paper is to examine the Perception of Estate Management students to the study of valuation. Estate management students of covenant university students from 200 to 500 levels (being the levels offering valuation as a subject) were adopted as population sample for the study. Structured questionnaires were analyzed and the simple descriptive statistics were used for the study. The outcome of the study shows that some of the students are not fully aware of the course- Estate Management but were compelled to study it and as such are not enjoying some of the subjects particularly valuation while some are aware but find valuation particularly difficult and the others are of the opinion that valuation is very interesting. It recommends that more orientation should be given to students about the different discipline and the courses / subjects that make up the study before embarking on such a study at the universit

An Examination of the Basis and Methods of Wetland Valuation for compensation in the Niger Delta, Nigeria

In assess ing the wot1h of interest in any propetty, there are varieties of approaches available to the Estate Surveyor and Valuer. How be it, the approach chosen is usually a fimction of variety of tactors such as the purpose of the valuation, the type of property, the basis of valuation. This study therefure examined the basis and methods adopted in the valuation of wetland resources in the Niger Delta. Questionnaire as well as persona l and telephone interv iews were adopted fur data co llection. Seventy-two (72) quest io nna ires were retrieved, co llated, ana lysed and presented in the study using ireq uency distributions and percentages and re lative importance index (RII ). The study revea led that tmjority of Estate Surveyors and Va luers, in theN iger De lta adopted open market (61.8%) and cost (32.7%) bases fur wetland va luat ion. Also, the study showed that in va luing wet land resources, respondents in the study area adopted tnethods that re ly more on market evidence with market prices 1nethod ranked as having highest leve l ofusage (RII = 3. 15) fo llowed by rep lacetnent cost method (RII = 3.03), cost-benefit ana lys is (RII = 2.96), hedonic pric ing method (RII = 2.87) and production fimct ion (RII = 2.80). The study recommends that Estate Surveyors and Va luers should adopt tota l economic va lue bas is fur wetland valuation. Since contingent valuat ion method captures both the use and non use values of wetland resources it is recommended that Estate Surveyors and Valuers should adopt the method in valuing wetland resources fur compensation. In addition, the Nigeria Valuation Standards and Guidance Notes should be reviewed with a view to including tota l economic value as a basis of wetland valuation and also include the identified methods for environmental valuation

REGISTRATION INTO ASSOCIATE MEMBERSHIP STATUS OF THE NIGERIAN INSTITUTION OF ESTATE SURVEYORS AND VALUERS (NIESV): THE CHALLENGES

The profession of Estate Surveying and Valuation provides equal opportunity to both male and female to become professionals. However, recent data garnered from Nigerian Institution of Estate Surveyors and Valuers (NIESV) showed that 5,111 persons have been groomed as Professionals (Associates of the Institution) after over forty (40) years of the existence of the institution. It is worrisome to know that the ratio of associate inductees (new professional members with NIESV) to the Nigerian population is 1:38,309. The study sought to examine the factors responsible for delay, abandonment of the professional registration process which has culminated in low numerical strength of Professionals (Associate Members) of NIESV. The six main group of factors (which are situational, institutional, dispositional, academic, employment related and gender related factors) identified from literature were introduced into the questionnaire, designed in Likert scale and used to obtain the respondents’ perception on the issue of attrition in the registration process. The responses of members pursuing professional membership with NIESV was gathered during their professional interview in Ikeja, Lagos and analyzed using descriptive statistics such as simple distribution frequency and mean weighted score. The result showed that situational and gender related factors such as health challenges, unequal pay between males and females, insufficient recognition of professional knowledge and skill for females, having a physical/mental disability amongst others were found to be significant to the issue of attrition in estate surveying and valuation professional registration process. The study recommended that new strategies that will combat the attrition issue in the registration process be developed

AN EXAMINATION OF THE BASIS AND METHODS OF WETLAND VALUATION FOR COMPENSATION IN THE NIGER DELTA, NIGERIA

In assessing the worth of interest in any property, there are varieties of approaches available to the Estate Surveyor and Valuer. Howbeit, the approach chosen is usually a function of variety of factors such as the purpose of the valuation, the type of property, the basis of valuation. This study therefore examined the basis and methods adopted in the valuation of wetland resources in the Niger Delta. Questionnaire as well as personal and telephone interviews were adopted for data collection. Seventy-two (72) questionnaires were retrieved, collated, analysed and presented in the study using frequency distributions and percentages and relativeimportance index (RII). The study revealed that majority of Estate Surveyors and Valuers, in the Niger Delta adopted open market (61.8%) and cost (32.7%) bases for wetland valuation. Also, the study showed that in valuing wetland resources, respondents in the study area adopted methods that rely more on market evidence with market prices method ranked as having highest level of usage (RII = 3.15) followed by replacement cost method (RII = 3.03), cost-benefit analysis (RII = 2.96), hedonic pricing method (RII = 2.87) and production function (RII = 2.80). The study recommends that Estate Surveyors and Valuers should adopt total economic value basis for wetland valuation. Since contingent valuation method captures both the use and nonuse values of wetland resources it is recommended that Estate Surveyors and Valuers should adopt the method in valuing wetland resources for compensation. In addition, the Nigeria Valuation Standards and Guidance Notes should be reviewed with a view to including total economic value as a basis of wetland valuation and also include the identified methods for environmental valuation

THE INFLUENCE OF REFUSE DUMPSITE ON RENTAL VALUES OF RESIDENTIAL PROPERTIES

This study was aimed at examining the impact of refuse dumpsite on rental values of residential properties in Utako district, FCT – Abuja, Nigeria. This was with a view to investigating into the relationship between rental values of residential properties and distances away from the refuse dumpsite. In attaining the aim of this research, three objectives were formulated. Data were collected from primary and secondary sources. The primary sources were through self-administered questionnaires with the goal of obtaining reliable information from the residents of residential properties and Estate Surveyors and Valuers while secondary sources included past research projects, journal articles, property magazines such as Orbitals, Homes and Lands magazines etc. and literatures on similar topics. Appropriates sample sizes were determined using the Bartlett, Kotrlik and Higgins (2001) model. From the study, recommendations were made based on the findings by the Federal Capital Territory Administration (FCTA), Abuja Environmental Protection Board (AEPB), and The Nigerian Institution of Estate Surveyors and Valuers (NIESV) that the Nigeria Institution of Estate Surveyors and Valuers (NIESV) should place more emphasis through the academic curriculum on environmental management taking into considerations issues like waste disposal and management knowing fully well that wastes if well managed can be recycled to create more wealth and employment opportunities for the Nigerian youth, similar studies should be extended to other major cities in the country and the world at large for comparison of differences and findings in property value trends