Real Estate Careers and Challenges in Nigeria

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What does 'omo onile' refer to in the context of land rights?

'Omo onile' refers to the original descendants of the first settlers who claim rights to land under customary law.

How long has the author been in the real estate profession?

The author has been in the real estate profession for about 45 years.

What foundational education did the author receive before starting their career in real estate?

The author studied Estate Management at The Polytechnic Ibadan, Nigeria.

Despite higher remuneration offers, what path did the author choose after their formal education?

The author chose to serve pupillage in a first-class indigenous private practice firm. Signup and view all the answers

What advanced programs did the author complete after their initial qualifications?

The author completed the Advanced Management Programme at Lagos Business School and a Master's degree in Housing & Development at the University of Ibadan. Signup and view all the answers

What skills did the author gain from their education that are not typically taught in regular estate management courses?

The author gained significant skills in networking, business relations, and maintaining high ethical standards. Signup and view all the answers

What were some subjects the author studied that contributed to their career development?

The author studied business policy, total quality management, and research methodologies. Signup and view all the answers

Why did the author decline higher-paying job offers in favor of a career in real estate?

The author valued practical experience and professional growth over immediate financial gain. Signup and view all the answers

What impact does the small membership size of estate professionals in Nigeria have on the property market?

It limits the ability to promote standardized practices and effectively cover the market. Signup and view all the answers

How does digitalisation challenge the employment of estate professionals in Nigeria?

Digitalisation allows landlords and property sellers to directly access buyers, reducing reliance on agents. Signup and view all the answers

What are the economic challenges affecting the real estate profession in Nigeria?

Harsh economic conditions, Naira devaluation, rising costs of building materials, and limited access to finance. Signup and view all the answers

In what way does informality affect the processes in the Nigerian property sector?

Informal processes are prevalent in land acquisition, construction, and property disposal. Signup and view all the answers

What risks does digitalisation pose to data security in the real estate industry?

It increases the likelihood of cyberattacks and data breaches. Signup and view all the answers

Why is the property market in Nigeria considered unpredictable and risky for investors?

Fluctuations in property values and rental prices due to economic instability and inflation. Signup and view all the answers

What is the significance of the annual output of Estate Management graduates in relation to NIESV's membership?

The output far exceeds the membership size, indicating a gap between education and professional representation. Signup and view all the answers

How can the harsh economic conditions in Nigeria impact the affordability of housing?

Increased costs of materials and logistics elevate building expenses, impacting affordability for buyers. Signup and view all the answers

What significant population shift occurred in Europe during the Industrial Revolution?

A major population shift from rural to urban areas took place. Signup and view all the answers

When was the Land Surveyor Club established?

The Land Surveyor Club was established on June 27, 1843. Signup and view all the answers

What institution evolved from the Surveyor Institution established in 1868?

The Royal Institution of Chartered Surveyors (RICS) evolved from the Surveyor Institution. Signup and view all the answers

Who was the first chartered surveyor to set up a practice in Nigeria?

F.G Gleave was the first known chartered surveyor to set up a practice in Nigeria around 1955. Signup and view all the answers

What year did the University of Nigeria start offering estate management courses?

Estate management courses began in 1962 at the University of Nigeria. Signup and view all the answers

What organization was formed by Chartered Surveyors in Nigeria in 1969?

The Nigeria Institution of Estate Surveyors and Valuers (NIESV) was formed in 1969. Signup and view all the answers

What legal recognition did the NIESV receive in 1975?

NIESV was accorded government recognition by the Estate Surveyors and Valuers (Registration, ETC) Decree No. 24 of 1975. Signup and view all the answers

Who graduated as the first Nigerian estate surveyor, and from which university?

John Wood Ekpeyong graduated as the first Nigerian estate surveyor from the University of London. Signup and view all the answers

What services did the agent provide to the client regarding the land purchase?

The agent arranged surveying, perfected the title, secured an architect, and monitored the construction of two wings of a duplex. Signup and view all the answers

What was the initial fee the agent received for the land purchase?

The agent received an agency fee of N100,000 for the purchase of the land. Signup and view all the answers

What issue arose with the owner of the property after the renovations were completed?

The owner intended to retain one wing of the property for himself, leading to a loss of retainership for the other wing. Signup and view all the answers

How did the potential tenant learn about the availability of the property?

The tenant met the owner's representative during a dedication service over the weekend and paid for the property. Signup and view all the answers

What documentation did the agent present to the owner's representative?

The agent presented proof of a letter from their office that was duly acknowledged by the representative for consent to accept the tenant. Signup and view all the answers

What was the owner's representative's response to the agent's demand for a fee?

The owner's representative turned down the agent's demand for a fee. Signup and view all the answers

What was the agent's decision regarding legal action after losing the retainership?

The agent decided against taking legal action, weighing the costs and time against future relationships. Signup and view all the answers

What was the main challenge the agent faced in managing the property?

The main challenge was the owner's change of plans which affected occupancy agreements and the agent's commission. Signup and view all the answers

What are some essential soft skills needed in the Estate Surveying and Valuation profession?

Verbal and non-verbal communication skills, negotiation skills, and commercial awareness are essential soft skills. Signup and view all the answers

How can informality in the Nigerian property market be reduced?

Reducing informality involves policy reforms, improved regulatory frameworks, and community engagement. Signup and view all the answers

What hard skills are vital for professionals in Estate Surveying and Valuation?

Market analysis, legal knowledge, marketing, and technical proficiency are vital hard skills. Signup and view all the answers

What is the purpose of creating a databank of concluded transactions in the property market?

The databank aims to provide accessible comparable evidence for valuers and reduce valuation inaccuracies. Signup and view all the answers

What challenge did the managing surveyor face when the tenant could not be contacted before the lease expired?

The managing surveyor faced the challenge of not being able to reach the tenant's family to address the lease expiration and potential renewal. Signup and view all the answers

What challenges have been observed in the estate surveying profession under certain management?

Collusion and parallel practices among staff have been significant challenges. Signup and view all the answers

What led to the discovery of the illegal sub-letting in Victoria Garden City?

The illegal sub-letting was discovered when the managing surveyor realized the tenant could not be contacted and found that the boys quarter was sublet with a different expiration period. Signup and view all the answers

Why is commercial awareness crucial in Estate Surveying and Valuation?

Commercial awareness helps professionals understand market trends, influencing property values. Signup and view all the answers

How did the professional Managing Agent react to the situation after one month of overstay?

The professional Managing Agent became impatient after one month of the tenant's overstay and initiated actions to resolve the situation. Signup and view all the answers

What role do property laws play in managing informal activities in the real estate sector?

Property laws enforce regulations that curb informal practices and protect legitimate transactions. Signup and view all the answers

What was the main consequence of the tenant's illegal conversion of property in Mafoluku?

The main consequence was the petition made against me by the property owner, which led to my arrest by the police. Signup and view all the answers

What are the potential benefits of a more formal property market?

A formal market can reduce fraud, ensure accurate valuations, and foster professional trust. Signup and view all the answers

What action was taken to resolve the issue with the tenant in the boys quarter?

The tenant in the boys quarter was persuaded to move out after being reimbursed her remaining three months' rent. Signup and view all the answers

What was a key factor that complicated the resolution of the tenant's estate situation?

A key factor was that all immediate family members of the deceased tenant lived abroad, making communication and resolution difficult. Signup and view all the answers

What assumption was made about the tenant's ability to manage their lease obligations?

It was assumed that the tenant would manage their lease obligations effectively, despite their frequent travels abroad. Signup and view all the answers

What was the tenant's initial situation that led them to require temporary accommodation?

The tenant needed temporary accommodation pending the completion of construction on their own property. Signup and view all the answers

Study Notes

Estate Surveying and Valuation Practice

Topic: Opportunities, Prospects, and Challenges in Estate Surveying and Valuation.
Speaker: ESV (Chief) Biodun Olapade M.Sc., RSV, FNIVS, FCArb, Certified Mediator
Location: Lecture Theatre 2, Downtown Bell Tech, Ota, Nigeria
Date: November 27, 2024
Event: Annual lecture series, The College of Environmental Sciences, Bell University of Technology

Introduction

Land is a fundamental resource for human existence and a critical component of the built environment.
Estate Surveying and Valuation (ESV) is crucial to manage land assets effectively.

Overview of ESV Profession

ESV traces its history back to ancient times, rooted in feudal European societies.
Initially, stewards managed estates, but requirements expanded over time.
Today, ESV is a profession that incorporates surveying, land law, commerce, economics, and statistics.
18th Century: Land rights and property interests were reorganized in Europe, particularly in the wake of the Industrial Revolution.
19th Century: Practitioners of land management skills formed guilds and trade groups.

History of the ESV Profession in Nigeria

Originated from Estate Management.
Adam and Eve were deemed the first estate managers in the Bible.
Early practice was focused on maintaining and managing large estates.
The need for a proper and distinct profession arose as land management became more complex.

Opportunities

Nigeria's housing deficit presents substantial demand for estate surveying and valuation services.
The need for property valuation for collateral, mortgages, and investment is strong.
High population, significant land market, and high demand for residential and commercial properties.

Challenges of ESV Profession in Nigeria

Insufficient registered professionals to meet the demand.
Unhealthy competition amongst professionals.
Lack of adequate collaboration between practitioners and academics.
Lack of specialization among professionals.
Informalities in land transactions (little to no formal documentation or record-keeping).
Low remuneration for services rendered.

Future of ESV Profession

Adapting to technology (e.g., digitalisation) through platforms for virtual tours, remote inspections, etc
Development of databases for concluded transactions, providing readily available comparable evidence.
Enhanced cooperation among professionals through pooling of data.
Increased digital literacy amongst professionals to improve efficiency, speed, and reach.
Strengthening the regulatory framework and professional bodies' role to promote professionalism and deter quackery.

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Description

This quiz explores the key elements of the real estate profession in Nigeria, focusing on the author's journey and experiences within the field. It covers topics such as land rights, educational background, career decisions, and the impact of digitalization and economic challenges on estate professionals.