By ESV. Mbadiwe Ekewuba
Perhaps you know someone who is called an estate surveyor and valuer. Perhaps you have seen a sign bearing a firm of estate surveyors and valuers. Perhaps you have at a time engaged the professional services of an estate surveyor and valuer. But more is required to know who really an estate surveyor and valuer is.
This is because the estate surveyor and valuer wears a coat of many colors. This article will provide you with a basic knowledge of the many professional functions of an estate surveyor and valuer.
Estate Surveyors and Valuers are easily mistaken for lawyers, engineers, architects, estate agents, land surveyors, etc. The reason for that is not farfetched.
The estate surveying and valuation profession touches on all aspects of the economy, and practitioners are trained to have a working knowledge of all other professions.
However, the title Estate Surveyor and Valuer (ESV.) belongs exclusively to someone who studied estate management and valuation in a tertiary institution, has undergone pre-graduation training for a minimum of two years, and has progressed to pass all stages of the qualifying examinations as set by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and is elected by the Institution as its member.
Further, he or she needs to qualify and become registered to practice by the Estate Surveyors and Valuers Registration Board of Nigeria. (ESVABON), which is the regulating body of the practice of estate surveying and valuation in Nigeria.
The functions of an Estate Surveyor and Valuer cuts across valuation of all assets, property agency, property development, property management, pre-investment appraisals, and other professional services.
Let us look at a summary of some of these services:
Valuation:With respect to valuation, the Estate Surveyor and Valuer is not just an “estate valuer”, in the sense of the restricted understanding of the word “estate” as referring only to interests in landed property. Rather, he is the only legally recognized Valuer, to determine the monetary worth of all economic assets. His role as a valuer covers the valuation of the following:
Land and buildings, Crops and economic trees, Special purpose properties such as schools, hotels, religious buildings, agricultural properties, etc.
It also includes Plant and Machinery, Investment portfolios, Valuation for compensation in the event of compulsory acquisition.
Valuation for property rating and taxation
Valuation for mergers and acquisitions
Valuation of any asset whatsoever.
The purpose of the valuation can be for sale, purchase, rental, mortgage, insurance, taxation, balance sheet, financial reporting, probate, etc.
Property Agency: Although the practice of property agency is not exclusive to the estate surveyor and valuer, and has indeed become an all comer’s business, the only professional who has all the wherewithal and training to practice property agency is the Estate Surveyor and Valuer. One reason is because only the estate surveyor and valuer can determine the value of the property in question. A person cannot be a good agent of what he does not know its market value.
Their functions in agency include:
Marketing properties for sale, Representing property purchasers, Letting or leasing of properties, Negotiating property deals on behalf of their clients and Auctioneering.
Property Development:
The Estate Surveyor and Valuer provides expert advice on:
Site selection.
Determining the highest and best use of an already existing site.
Advice on development design that would yield optimum returns.
Project management and supervision.
Property Management:
Some of the functions of an estate Surveyor and Valuer in property management include:
Tenant selection and monitoring
Rent collection
Rent reviews
Maintenance and repairs
Preparation of Tenancy Agreement
Ensuring tenant’s compliance with the terms of the tenancy agreement and handling tenant’s complaints.
Evicting non-compliant tenants
Facility management.
Feasibility and Viability Appraisals.
The Estate Surveyor and Valuer prepares pre-investment studies to determine whether a proposed project is financially viable and feasible. In doing so, they carry out market research to determine the: Economic viability, Financial feasibility, Legal feasibility, Physical feasibility.
Environmental impact assessment of the proposed project.
Expert Witness: Estate surveyors and valuers serve as expert witness in court to determine valuation and real estate disputes. Many also qualify as legal arbitrators on real estate matters.
It is believed that this article has enlightened you more about who an estate surveyor is and what professional services he or she could render to you. And with that, you could readily know when to consult an estate surveyor and valuer and thus avoid the awful consequences of dealing with quacks.
ESV. Mbadiwe Ekewuba MNIVS, RSV is a professional and lives in Abuja
