Many people in different sectors of our economy, mainly in rural development, do not know whom a valuer is nor his role in the course of rural development.
Most people look up to those who already made money as the only people who are successful in life. They, in order, to be successful in their own turn, turn their searchlight towards making money to the discipline or the profession which their expected ‘model’ is into, forgetting that every profession has real opportunities that can make one even richer or have affluence compared to the person one envies. Estate surveyors are seen by many as a professional that has to do with the elites in the society who mostly dwell in the urban areas. Notwithstanding the above, an in-depth knowledge of who an estate surveyor and value is, will open up for the public the windows of opportunities that are yawning for exploration. The estate surveyor and valuer is a professional trained in the art and science of estate management to direct and supervise an interest in landed properties with the sole aim of obtaining optimum returns for the owners of such properties. He has an important role to play in the wellbeing of people and overall development of the society at large. An estate surveyor and valuer is referred to in Nigeria as a professional member of NIESV (the Nigerian Institution of Estate Surveyors and Valuers) who is also registered and empowered by law through the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) to carry out property valuation tasks in the interest of the owner/prospective owner and the society. With a combination of efforts from the government, investors and, most importantly, an estate surveyor and valuer, landed properties in every area of the society (rural and urban) can be put to optimal use once they are properly managed.
It can be deduced that an estate surveyor and valuer is capable of significantly boosting the development of any community due to the cross-disciplinary knowledge he/ she possesses about landed properties in its entirety and its impact on the community. In addition to the above, estate surveyors and valuers also handle other activities like feasibility and viability appraisals, facilities management, project management and general real estate consultancy services. This role of estate surveyors and valuers in the development of rural areas like Igbakwu in Ayamelum Local Government Area of Anambra state can really explore exponentially the role the professionals can play in the course of making suburban areas out of rural areas. It is amazing to note that many people in different sectors of our economy, mainly in rural development, up till this twenty first (21st) century, do not know whom a valuer is nor his role in the course of rural development. It is quite clear to note also that many people who are aware of their existence regarded them (the estate surveyors and valuers) as mere rent collectors. This impression should be corrected and the role of men of the noble profession, must be sought for, their expert knowledge utilized for the over-handling of our nation’s rural developments, plans and policies. Today it is quite unfortunate that Nigeria which was once one of the richest third world countries as earlier said, has fallen from grace to grass after her glorious days of the ever said oil-boom of the seventies. It has now become a debtor nation due to non consultation of the various professional bodies in management and use of our natural and manmade resources especially land and other related real estate factors.
Estate Surveyors and Valuers trained in the art and science of estate management has important and inevitable roles to play in the management and maintenance of the nation’s public infrastructure like land and buildings, plant and machinery, furniture and fixtures, based on their professional expertise, training, qualification, years of working experience and the knowledge they possess in all matters relating to land and landed properties. Public infrastructure/ assets are important terms used in judging a country or region’s development status because they are physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions. The physical state and conditions of public infrastructure/assets in Nigeria is nothing to write home about or befitting to us as a nation that is a giant of Africa. It is very sure, most people know the state in which the country’s public infrastructure/assets are in presently. It must be sadly said at this juncture that public infrastructure/assets in Nigeria has been in serious decay and deteriorating state over the years due largely in part to mismanagement and inadequate or poor maintenance, which has left some of them in dismal state of repairs and abandonment. Bearing in mind the above, it is not in doubt when one says that the infrastructure development needs huge sum of money to keep it maintained in order to retain its quality and aesthetics. This is why, at times people say that real estate is capital intensive as all aspect of it needs money. The major issue in real estate development and investment is finance. There is no iota of doubt that funding is an important factor in real estate development and investment. The complexity and to a large extent, its capital intensive nature demands proper and adequate funding to make it realizable.
The terms and availability of the needed funds determine the trend of estate operation. This is one of the reasons, once there is money it will in many ways open up the village or what we call rural areas and probably become suburban. Availability and easy accessibility of estate finance in sufficient quantity will definitely accelerate all forms of property development in the area. Estate financing is concerned with the production of finance for building houses and office complexes which are basic necessities in a growing economy like Nigeria.
The benefits to be derived from a rise in estate financing in Nigeria are many and include, increased rural and urban houses for the teaming Nigerian population. The construction of industrial estate for the localization of industries and commerce and increase in employment for those in the construction industry. The sourcing of funds for investment in real estate development poses a great deal of problem for the developer. By employing more people in the construction industry, the condition of living of the people will rise at least a beat. This is because there will be capital flow and the amount of money in circulation in the area will also increase. Also, investments in those construction and other investment- related businesses in the rural areas will increase and when such things happen, the rural communities are better for it. However, sourcing of the fund for the real estate in majority of times is a great challenge and not every investors surmount the hurdles. This is largely due to economic instability and stringent measures imposed by most financial institutions.
The above is compounded by the fact that the interest rate structure has had an unfavourable impact
on funding the development of real estate. Since the financing of real estate development is a long term project, it has necessitated the high interest rate that is being charged on the funds provided for such development purposes. Hines (1995) revealed that six major real estate financing methods are used across the world and that they include; Joint Venture, Equity and Debt Financing, Sale-lease Back Financing, Advance Payment of key money and Sale of Securities.
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