FOCUS ON COURSE: Estate Management & Valuation

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Last time we focused on economics as a course of study, the history and prospects, with special reference to Nigeria. Our guest writer this week is Mayowa Akinsola. In this piece, he enlightens us on Estate Management as a course of study and as a career.

By Mayowa Akinsola

The origin of Estate Surveying and Valuation commonly referred to as Estate Management in higher institutions in Nigeria dates back to the beginning of time. At creation, God established the Garden of Eden and put Adam and Eve in charge of it (Genesis 2:15). Thus Adam and Eve were the first Estate Surveyors and Valuers since Eden was the first estate known to man.

However, the evolution of Estate Surveying and Valuation as a distinct and recognized profession is a middle Ages development rooted in the feudal societies of Europe. The Lords of the Manor of Medieval Europe owned extensive and sometimes far-flung holdings. Usually, only a portion of each of these estates was held and exploited directly by the land owners. The rest, which constituted the bulk of these holdings, was given out to tenants and serfs to use, either for a fee or under some feudal arrangement. On account of the size and disparate locations of these holdings, each landowner appointed stewards or agents to oversee these estates for them. At the beginning what was required of these stewards was that they were men of honour who could be trusted in fiduciary relationships. This explains the sobriquet, “Noble” which is attached to the profession of Estate Surveying and Valuation.

As time went on the business of managing these estates rose in sophistication, the requirements for the job increased. First, it became necessary that the practitioners were also lettered, in order to keep pace with the demands of ever increasing record-keeping. Next, a  knowledge of book-keeping was required, to accommodate the accounting requirements involved. Later on, the ability to tackle various proprietary and commercial relationships involved in managing these estates introduced Surveying, Law, Commerce, Economics and Statistics into the profession.

estate1

The modern foundation of what is now known variously as Estate Management, Estate Surveying and Valuation, or Land Economics was laid in the mid-eighteenth century. In the wake of the Industrial Revolution, a major reorganization took place in most of Europe. In the United Kingdom especially, this resulted in a massive population shift from rural to urban areas and a consequent redistribution of land rights and proprietary interests.

At the dawn of the 19th century, the practitioners of the various skills comprising Estate Management banded themselves into trade groups or guilds. Later on there were definite moves to form a distinct professional group to embrace the various classifications. The most serious moves began in London on 27 June, 1843 with the formation of the Land Surveyors Club. There were fits and starts in this respect until the establishment of the Surveyors Institution on 23 March, 1868, which metamorphosed into the Royal Institution of Chartered Surveyors(RICS) in 1946.

In Nigeria, the profession of Estate Surveying and Valuation followed in the wake of colonialism with F.G Gleave, an expatriate being the first known Chartered Surveyor to set up a General Practice or an Estate Surveying and Valuation firm in the country in 1955. Hitherto, there were a few Chartered Surveyors in private and public employment in Nigeria.

estate4

The profession of Estate Surveying and Valuation is defined as the arts, science and practice of:

1. Determining the value of all descriptions of property and of the various interests therein;

2. Managing and developing estates and other businesses concerned with the management of landed property;

3. Securing the optimal use of land and its associated resources to meet social and economic needs;

4. Determining the structure and condition of buildings and their services and advising on their maintenance, alteration and improvement;

5. Determining the economic use of land resources by means of financial appraisal for the building industry; and

6.  Selling (whether by auction or otherwise) and buying or letting (as agent) of real and personal property and of any interest therein.

estate2

Historically, Estate Surveying and Valuation profession was concerned almost exclusively with the operations of residential, commercial and industrial properties on behalf of individual owners who wanted to be relieved of the responsibilities of personally attending to the details of rent collections, property maintenance and record keeping as regards the property, but with the advent of civilization and sophistication in commercial practices, the profession responded in like manner by expansion in scope which has made it a specialized type of management with various branches. These branches include:

1. Valuation: This is the estimation of the capital or rental value of land/ or building at a particular point in time.

2. Estate Agency: This entails the buying and selling of property interests.

3. Property Management: This involves the overall administration and maintenance of properties.

4. Project Development: This is the co-ordination of the development of a property from inception to completion. This aspect entails the following activities; project conceptualization, feasibility and viability studies, securing development finance, project supervision and project maintenance.

5. Estate Consultancy Services: This revolves general advice on property transactions.

6. Arbitration Services: This entails acting as an intermediary between disputing parties.

Other ancillary services but important branches of the profession are; property rating, auctioneering, estate brokerage, investment appraisal, compensation and compulsory acquisition matters and land economy.

Based on the foregoing, it is evidently clear that the profession of Estate Surveying and Valuation is a multi-disciplinary one requiring appreciable knowledge of law, building construction and quantitative subjects like accounting, statistics among others.

estate3

By training, an Estate Surveyor and Valuer is indeed the best equipped to handle matters relating to the sale of real estate. Simply put, they are trained to harness and advise on and manage resources in land and landed property. In Nigeria, the body that is legally empowered to cater for and control of the activities of Estate Surveyors and Valuers is the Nigerian Institution of Estate Surveyors and Valuers (NIESV). The institution is a non-profit voluntary, professional organization set up in 1969.The Institution  was accorded official government recognition six years later by the promulgation of the Estate Surveyors and Valuers Registration Act which is more popularly known as Decree Number 24 of 1975.

The legislation established the Estate Surveyors and Valuers Registration Board of Nigeria, ESVARBON, as a corporate body empowered to regulate the profession of Estate Surveying and Valuation in Nigeria.

 

Akinsola is an Estate Management graduate of the University of Lagos and a chartered accountant.

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142 comments

  1. Victoria 4 January, 2015 at 16:06 Reply

    I’m a student of Nnamdi Azikiwe University. unizik ,studying Estate Management and all I can say is that I love this course…Thanks for this portal

  2. Itua Idemudia 15 February, 2015 at 19:28 Reply

    I have HND in estate management Auchi Polytechnic Auchi. (federal). I love this profession. I love my noble profession. Thanks for this portal.

    • Jarus 25 February, 2015 at 17:09 Reply

      Yes, you can, even if you didn’t do accounts in your courses. Banks hardly look at your course of study as they train their fresh recruits.

  3. adeagbo oluwatomisin 1 March, 2015 at 22:41 Reply

    pls, as a estate mangement ad valuation student why do we study economics,and it can not be overemphasis

    • Jarus 3 March, 2015 at 13:35 Reply

      Economics studies the allocation of resources. You need basic knowledge of economics for you to be able to do valuation.

    • Mayowa Akinsola 18 October, 2015 at 21:33 Reply

      As as a key player and participant in the construction industry as well as being an intermediary between/among the parties involved in the sale and purchase of landed properties,the Estate Surveyor is suited to handle the various disputes that may arise before and after the consummation of a deal.

    • Mayowa Akinsola 18 October, 2015 at 21:17 Reply

      1.Introduction to Estate Management.
      2.Business Mathematics.
      3.Micro /Macro Economics.
      4.Statistics.
      5.Building Graphics.
      6.Principles of Financial /Cost Accounting.
      7.Introduction to Town Planning.
      8.Land Economy.

  4. ayuba Elizabeth 24 May, 2015 at 23:22 Reply

    thanks…..these book has helped me with mostly my assignment…… am a student of Atbu Bauchi…..i love estate management ad a course…..its one of the best course ever

  5. abdulwasiu 25 May, 2015 at 22:15 Reply

    Pleas I need help on how to get Hnd2 estate management projet topic .if. Their is any website I can get it you can send if for me

  6. ChidiAbah 2 June, 2015 at 18:17 Reply

    Please i have an assignment on characteristics of landed properties.. would be grateful if u’ll help me out.Thanks

  7. obadasa Fiyinfoluwa 7 June, 2015 at 16:19 Reply

    nice one jarus……….Am proud to be an Estate Management student, pls.I have an assignment to describe what a valuer is? and d importance of valuation in a profession…pls can you help me with it,its urgent….thanks

  8. Kenneth. M 16 June, 2015 at 20:54 Reply

    I Study Estate-Mgt in Kwara State Polytechnic nd I luv d Course so much becuz we are d body of d Environment while all other Course followed. LoNG LIVE EMSA LONG LIVE I.E.S in Nigeria. FUTURE ESV.KEN

  9. kunle opadiran 14 July, 2015 at 15:52 Reply

    great work done here
    pls am a direct entry student if urban and regional planning in OAU, pls i want enlightments on the prospects available to the profession. and will love to know if i can do my post graduates degree in architecture(not really interested in architecture bt it seems to have a better job prospects).

  10. Onuoha Christus Barth 13 August, 2015 at 15:42 Reply

    I am a student of Federal Polytechnic Nekede in Owerri IMO state. pls what are the importance of Valuation in a country like Nigeria

  11. Gabriel Agbo 30 August, 2015 at 10:46 Reply

    Am a student of estate management and valuation in federal polytechnic nasarawa….the young billioniares….i love the course….its just the best …so, congrats to all my noble colleaques

  12. Gabriel Agbo 30 August, 2015 at 10:53 Reply

    Am a student of estate management and valuation in federal polytechnic nasarawa….the young billioniares….i love the course….its just the best …so, congrats to all my noble colleaques…

  13. Ezeomony Theophilus 23 September, 2015 at 00:41 Reply

    I love dis profession bt wat I wnt to kn y is our books rare to find in bookshops nd wht ar d job opportunities for an estate surveyor

  14. Adedayo Akinsete 8 October, 2015 at 13:06 Reply

    What are the professional courses available for Estate Management and also how can I get info about any of estate management seminars and workshops. Thankyou

  15. uwakmfon 14 October, 2015 at 19:12 Reply

    I am a student of estate management in akwa iBom state polytechnic ikot osurua ikot ekpene, I love the course very much, please how can I know the investment method of valuation & the purpose of valuation help.

  16. Anthony 22 October, 2015 at 09:28 Reply

    @Ganiyat, maths, english, economics and one of the following subjects: biology,physics,agric sci, technical drawing or chemistry.

  17. olagoke 31 October, 2015 at 19:09 Reply

    I am an HND holder in Banking and Finance, please I want to know if I can be admitted into 200 Level Estate Management and Which University can accomodate me in the south west Nigeria?

  18. helen 31 October, 2015 at 21:06 Reply

    I have ond in computer science can I apply for direct entry in estate management and which school can accomodate me pls. Is it advisable to attend affiliated schools?

  19. Bajegbo Oluwakayode p 27 November, 2015 at 12:05 Reply

    I was just give admission to the polytechnic ibadan to offer Estate management. And i want to ask that this 100L what is my scheme of works.

  20. JL 29 November, 2015 at 09:34 Reply

    Hi i was given admission to study estate management but the problem is that it was not my preferred course of study,i applied for psychology but was given EA. I am more art inclined and the courses they do scare me and am not familiar with, also am not good at calculations and technical drawings,i really want to learn and i know is a good course but i don’t want to be a below average student. I have gone to the school administration but they can’t seem to help me either.
    Please i will be really happy if some one can advise me on this because school has resumed over a month ago and am still struggling and Ps-i am not a dumb student just that some subjects are really hard for me to understand especially in calculations and drawing.
    Thank you.

  21. son of man 5 December, 2015 at 10:30 Reply

    UNIBEN just accredited estate management so for thos who are interested at all undergraduate level can apply for the 2016/2017 session. Alongside quantity survey, architecture, geomatics.

  22. levi kingsley 30 December, 2015 at 21:46 Reply

    gud day, i am a 400l student of ESUTECH studying estate mgt.
    jamb combination of maths, eng, eco and geography is a perfect one.
    i used it in my time.so go for it
    (frm LEVI)

  23. Akinwaleodun 13 January, 2016 at 08:45 Reply

    Importance of statistic to estate management will helps u to: 1. What the end users need. Is it bungalow, storey building, duplex etc. 2. It gives u d range of product limit. 3. It helps u to know what to produce. 4. It helps to no the economic or future orientation of what u are producing. 5. It helps in economic planning. 6. It helps to control unproductive projects. 7. It helps to no the financial status of the project. At alot more. Am proud to be an EMSA. 08062666622

  24. AYANGBEMI BUKOLA 20 January, 2016 at 04:22 Reply

    i am an estate management student (400l) of the FEDERAL UNIVERSITY OF TECHNOLOGY, AKURE. I LOVE THIS NOBLE PROFESSION.
    LONG LIVE EMSA – FUTA
    LONG LIVE ESTATE MANAGEMENT DEPARTMENT
    EMSA…….Secudus nulli
    EMSA…….Second to None

  25. ichor peter 22 January, 2016 at 20:52 Reply

    am by name ichor peter.i have bin given admission in estate managment uni CRUTECH.my dreams ws to be an Architecture bt God knws the best for me.nd am going to give in my best.I LOVE THIS COURSE.

  26. ichor peter 22 January, 2016 at 21:09 Reply

    am by name ichor peter,i have bin given admission in estate management in CRUTECH.mi dreams was to b an Architecture but God knows the best for me.so am going to given in my best.I LOVE ESTATE MANAGEMENT.

  27. Mashkoor Abba Isah 30 January, 2016 at 11:36 Reply

    I am a student of Estate Management, Bayero University Kano. I want to know if there is National Association of Nigerian Estate Surveyors and valuers Students’ Association?

  28. christopher Adamu 9 February, 2016 at 15:51 Reply

    Frm federal polytechnic Nasarawa HND 1,
    Pls i want to no:
    1 what is the practice of Estate management and Valuation?
    2 what is the function of private sector in estate and valuation
    3 what is the function of public sectors in estate and valuation
    PLS I NEED A REPLY IS URGENT

  29. Valentine Chibuzor 23 February, 2016 at 00:26 Reply

    Hi. Plz i am a WAEC candidate having the following subjects applied for
    English
    Maths
    Civic education
    Marketing
    Chemistry
    physics
    biology and
    Igbo.
    Right from time, i always want 2 be a civil Engr but i like economics and contributes very well in class when it is being taught morethan any science subject. 2 weeks back a teacher friend told me about Estate Management. With the enlightenment i have got from this article, i think it’s a very nice course but i still need to be told that am not making mistakes. I hv no knowledge of accounting, book-keeping and geography, can i still make. My email is: Chibuzornwonyi@gmail.com, my number(4 whatsapp and calls): 08137695862. Plz help a confused man

  30. Smilez Alexander 6 March, 2016 at 19:32 Reply

    I’m in love with this course been gathering info(s) bou it ever since and i’m not by any means disappointed..

    Aspiring EMSA

  31. Robbert 14 March, 2016 at 18:31 Reply

    Evening here, Robbert is my name I just admitted at Osun State College of Technology OSCOTECH in Estate mgt. Pls what kind of test book can help someone that is just coming up in this career? Thanks jarus…..

  32. Ada 4 April, 2016 at 19:38 Reply

    I am a student of fed poly nasarawa, pls what are the relevance of urban and regional planning to estate management

  33. Stephen Chinyere 13 April, 2016 at 11:05 Reply

    Please i’m a land surveyor/Architect now and i learnt them from my uncle though i’ve not gotten admission into any institution, A science student in my sec. Schl, no account as a subject, can i still study Estate survey and valueing because thats the course i want in higher institution?

  34. AB-casual 26 May, 2016 at 14:21 Reply

    Am from The polytechnic ibadan,am in faculty of environmental studies student association.
    Department of Estate Management&Valuation(EMSA) a proffesion noble am proud to be of the course am being too,god bless FESSA,god bless EMSA

  35. olabanji 13 July, 2016 at 16:00 Reply

    please @mayowa akinsola,more greetings to your elbow,thanks for the enlitement on the course,please add me on whatsapp,would love to work alongside with you 08110646322

  36. ajibola oyekola 22 August, 2016 at 22:24 Reply

    well done sir am oyekola ajibola by name am a jambite seeking admission 4rm unilag on the course estate management i have problem with my o’ level result my chemistry was cancelled but i have credit in my relevant subject and they re mathematics,english,economics,physics,biology pls am.i still save

  37. ajibola oyekola 25 August, 2016 at 22:49 Reply

    thank u very much sir well done may GOD reward u abundantly cos u re doing a great job putting us through wat we ave no idea about.thanks again

  38. dxpecial 9 September, 2016 at 16:08 Reply

    am jeremiah i want to know to do it am about getting addmission to a federal university and d course i want to do is computer science but reading this article i would like to study this noble proffesion how can i do it

  39. John patrick 25 November, 2016 at 22:11 Reply

    Can i switch from estate management to economics through D.E? i have got upper credit in estate management from federal poly nasarawa

  40. John patrick 25 November, 2016 at 22:20 Reply

    between BUK and ATBU which is more better in terms of accepting D.E students? note: am a cross river boy not from northern part of 9ja, but i love these schools..and which of them accepts 2nd choice, bkos i am confused of which to put as first choice and second choice because i love d both equally..pls i need help urgently

    • Assistant Editor 29 November, 2016 at 16:38 Reply

      Unfortunately, we sdo not have an answer to this. It would be better if you are able to get phone number of any student of these schools to ask.

      Better still, go to nairaland.com, find education section and start a thread to ask the question. You’re guaranteed of good answer.

  41. Damilola 21 December, 2016 at 10:48 Reply

    You can call me if you want to take Estate Management as a course of study, let me brief you on the challenge and joy of it…
    Phone number : 09056831782

  42. omowumi 9 January, 2017 at 16:58 Reply

    Finished my ND at interlink polytechnic study estate management. I love the course and am also glad to be an estate surveyor and valuer. I love my profession so much. ESV omowumi to be

  43. John patrick 28 January, 2017 at 00:02 Reply

    The study of law in estate management is as important as the course itself because as an estate surveyor and valuer, you will surely come across and in contact with contract, disputing parties where you act as an arbitrator, carry out statustory valuation of property rating for tenement rate,be in control and management of many properties under your care,go to court for either processing of certificate of occupancy or when a tenant defaults in rent payment, just to mention but a few, and all these things needs the knowledge of law in other to be carried out efficiently..thanks (ESV.JOHNPAT)

  44. olaluwoye aminat 4 March, 2017 at 15:54 Reply

    Pls assist my daughter on this topic” relevance to record keeping in real estate firm in Ondo State

  45. adewusi pelumi 6 August, 2017 at 22:25 Reply

    I want to study estate management and valuation in higher institution
    but I was not taught ECONOMICS IN SECONDARY SCHOOL
    WILL IT AFFECT ME

  46. Damilola 31 August, 2017 at 06:55 Reply

    Good Morning Everyone, I am Damilola, I finished my ND program at Auchi Polytechnic, Auchi, I am from the department of Estate Management, a very wonderful and noble profession, I am so glad God directed my path to this noble profession, if you want to know more, or need assistance as regard project topic/work and want to choose this noble profession but you have fears you can contact me through the following details :
    Oladamilola071@gmail.com, 09056831782, 08165159058.

    I am presently working with Edna Emuakpeje & Co (Estate Surveyors and Valuers), but I need someone help as regard to Direct Entry (DE) stuff, I don’t know which university is more preferable for Estate Management FUTA or Uniben? Please I need someone to reply me please…

  47. zuleihat 6 September, 2017 at 22:46 Reply

    pls I want to obtain jamb direct entry form, I study estate management in poly in wc I ws able to finish wit distinction, pls wc university can u suggest for me. very urgent pls.

  48. Anagwu Peace 4 January, 2018 at 12:20 Reply

    please, I have an assignment
    what is the importance of statistics to an estate surveyor’s day to day activity?

    • Damilola 24 January, 2018 at 21:48 Reply

      Good evening miss, have you got d answers for d assignment, but if you want to get answer to further questions or assignment in d Future, I will glad to be of Help, thanks, you can call me 09056831782…

  49. Thomas T. A. 28 January, 2018 at 01:17 Reply

    hi, i just got admission in crutech to study estate management, what are my 100l courses? any coursemate home?

  50. samuel 23 February, 2018 at 10:49 Reply

    I just got admitted to study estate management in poly Ibadan, after ND 2 can I apply for direct entry to study computer science in any university?

  51. Japhet 16 March, 2018 at 05:58 Reply

    Please I need a material on this project topic.
    Impact of students population on rental value of property around the polythenics neighborhood.

  52. J Wethla 2 April, 2018 at 09:44 Reply

    Please i studied Estate Management at Fed Poly Mubi, and applied for D.E this year to further with the same course at UNIJOS please i want to get in-touch with some from the school and same course, please contact me @ 09021541264 OR email: goldiewethla@gmail.com

  53. Edwin 28 May, 2018 at 17:33 Reply

    I have international certificate in project management, i have Bsc in mathematics, Msc in construction is in veiw. I have so much intrest in valuation. Please how do i acquire the knowledge and skill not having to through Bsc? If training and certification or short courses are available please let me know. Also send the respond via my mail. Thanks

  54. Damilare 5 May, 2020 at 20:49 Reply

    Good evening Noble colleagues, I’m in my finals in Federal Polytechnic Nekede, Owerri, I’m embarking on a project topic : the impact of location on property value, pls can anyone help me out with ideas???

  55. Bigman .A 27 September, 2022 at 13:53 Reply

    I just seek for admission to study estate management in kenpoly,rivers state.how interesting is the course?..Cornerstone B.

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