DEPARTMENT OF ESTATE MANAGEMENT TOWN/GOWN SEMINAR COVENANT UNIVERSITY PAPER ON EMPLOYMENT OPPORTUNITY FOR GRADUATE OF ESTATE VALUATION BY: ESV. (DR.) BOLARINDE.J. PATUNOLA-AJAYI, FNIVS, RSV, MRICS 1 ST VICE PRESIDENT, NIESV. CHARIMAN APBN, LAGOS STATE CHAPTER (26 TH OF FEB., 2015) 1
ABSTRACT 2 Population growth continues to drive the ongoing development of residential, retail and commercial properties in Nigeria and indeed around the world. Estate surveying and valuation professionals are responsible for the development, sales, management, leasing and valuation of such properties. In this fast growing industry and incessant change in real estate trends, it is no surprise that Estate Management and Valuation graduates are on high demand. The career prospects of Estate Management and Valuation study is more than estate agency work as most people assumed it to be in Nigeria, because estate management and valuation study as a course, is a multi-facet discipline that covers all areas relating to the direction and supervision of land and landed properties with the aim of securing an optimum return which could be more than just monetary gains but other group of benefits such as psychological, social and economic gains. What this indicates is that the professional services of estate management graduates in the labour market and society at large is inevitable because man s existence on earth has a strong attachment (spiritual and carnal) to land and landed properties for his survival, shelter and wellbeing. This paper aims to identify and explain some of the various areas/industries where graduates of Estate Management and Valuation can take up employment opportunities. Keyword: Graduate, Career, Estate management and Valuation, Land, Property
INTRODUCTION 3 Estate Surveying and Valuation or Estate Management and Valuation, can be define as a profession in the Real Estate sector which examines, measures, plans markets, supervises and coordinates the operation and use of land and its appurtenance on behalf of the owners, with a view to ensuring the optimum beneficial decision to the individuals and organizations who have interest in the landed property. However, every aspiring estate managers and valuers must belong to the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to be recognized in Nigeria and beyond. The route to membership is highlighted below: FELLOW ASSOCIATE GRADUATES
SCOPE OF THE SERVICES OF ESTATE MANAGEMENT AND VALUATION, OR ESTATE SURVEYING AND VALUATION Valuation Property and Facilities Management Estate Agency Compulsory Acquisition and Compensation Property Development/Project Management Arbitration, Conciliation Consultancy and Expert Witness Land information system and Land Administration Environmental Consultancy Plant and Machinery Rural Estate Management Practice However, where there are up to five or more partners, it is possible to practice in all the ten faculties efficiently. The common departments in Estate firms include: Valuation, Estate Agency Property and Facilities Management; and Compulsory Acquisition and Compensation Administration and Accounts 4
PROPERTIES THAT REQUIRES PROFESSIONALS Commercial Properties 5 The term commercial property in its broadest definition encompasses all estate development that is not exclusively residential and typically refers to properties where a commercial activity takes place. Residential Properties Residential properties are those in which people live, either as rental tenants or as owners. Residential properties generally are defined by the type of ownership, the type of financing, and the types of tenants and residents
EMPLOYMENT OPPORTUNITIES FOR GRADUATES Public Sectors Where Valuers Work Private Organizations Multinational Companies Institution of Higher Learning 6
POSSIBLE JOB TITLES OF REAL ESTATE GRADUATES Associate Property Manager Commercial Real Estate Agent Residential Real Estate Agent Industrial Real Estate Agent Rural Real Estate Agent Construction Project Manager Real Estate Investment Analyst Leasing Associates Project Manager Property Manager Real Estate Agent Real Estate Developer Real Estate Research Analyst 7
PURSUING BEST PRACTICE Continuous Professional Development Ethics Membership of Other Member Bodies Drawing of Tall and Workable Plans 8
CONCLUSION 9 In order to build a successful career in Estate Surveying and Valuation, one must have a strong interest and knowledge of the real estate market, confidence, a well thought out plan (career path, reasons for steps), knowledge of potential firms, marketing and financial skills combined and strong communication and presentation skills. It is however important to understand that the work performed by Estate Surveyors and Valuers varies greatly depending on the position they hold, the type of organization or company they work for, and the type of real estate they manage. The role of Real Estate Surveyors today extends considerably beyond the traditional scope of rent collections and building maintenance. It has become far more sophisticated and far more complex. Surveyors must provide sophisticated financial reports to owners, develop emergency procedures to protect people and property, know and comply with changing governmental regulations, and understand new lease provisions and terms. Real estate managers must learn to operate in an environment of change characterized by shifting demographics, emerging technologies, and heightened economic pressures. Let me at this juncture ask everyone this question are you now set to go on for the best in your academic, employment, practice, and life? Your certificate will dictate where you can work, and the class or level of your operation. Your professional qualifications will launch you to a respectable, mature and confident level. Finally, prepare yourself for employment, and believe you will be gainfully employed, remember no room for lazy and figure head staff in this contemporary world.
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