The term Estate has it's root word 'etat' which is a French derivative of the Latin word 'statue' this is because ownership of estate ordinary accords high status on its holders. Estate is generally used to refer to landed properties. Land from an estate managers perspective is not just the physical is not just the physical surface of d earth on which all human activities take place but also all resources beneath or above the cubic space, such as the cropson the land and mineral resources within it .
An estate therefore refers to d resources within the air space and subsurface of land as well as improvements on it such as buildings, crops, minerals, sea resources e.t.c
An estate is a legal entity denoting the character and quantity of rights that an individual or individuals possess in a property. While property can be defined as the interest which can be acquired in an object or thing.
However the right and interest in this estates are in different degrees:
- The right of ownership which is an absolute right and confers a freehold interest on the holder.
- The right of use which is a limited right and confers a leasehold interest on the holder.
Management is defined as the systematic process of planning, organizing, leading, controlling resources (land, labour, capital, entrepreneurship) in order to achieve set goals.
FUNCTIONS OF MANAGEMENT
Planning
Organizing
Coordinating
Controlling
Leading
Forecasting
Decision making
Estate management:- may be defined as the dire tion and supervision of an interest in landed properties with the aim of securing a optimum return. This return need not always to be financial but maybe in terms of social benefits, stays, prestige, political power or some other goals.
OBJECTIVES OF ESTATE MANAGEMENT
- To satisfy an economic or social need
- For profit
- Independence
- Prestige and political power
- Continuity
- Social benefits
TYPES OF LANDED PROPERTIES
- Agricultural properties
- Residential properties
- Commercial properties
- Industrial properties
- Recreational properties
- Special purpose properties.
An estate surveyor and valuer is a person who determines or estimate the worth/value in monetary term at a specific date and a specific purpose of the property right. An Estate valuer is charged with the responsibility of directing and supervising of the interest in landed properties, carrying out the practice of Estate management in general with the assiduous observance of the requisite professional ethics
Function of estate surveyors and valuers
- Property maintenance
- Property management
- Property rating and taxation
- Auctioning
- Purchase of interest in land and buildings
- Valuation of compulsory acquisition and compensation
- Valuation of plants and machinery
- Valuation of furniture, fixtures and fittings
- Valuation of interest in land and buildings
- Management of properties
- Estate agency
People engaged in the practice of estate management:
- Land economist
- Estate valuer
- Project manager
- Estate agency
- Estate /property manager
- Valuation officer
- Estate consultant
- Arbitrator
- Auctioneer.
Property development and estate management functions
The Eatate surveyor constitutes an integral part of a development team. Its primary role in every development project is basically to act as a project manager .
This functions includes
Identification and preliminary evaluation of opportunity for development
The preliminary financial analysis
Land acquisition
Assistance with preparation of architects brief and evaluation of design proposals
Feasibility and viability studies
Packaging the development proposal to obtain development financing
Project management.
Estate owner is one who has right to exercise power over a property
Reason why people own estates
Economic reasons
- Income returns
- Capital growth/return
- Tax shelter
- Spreading investment risk
Non economic reasons
- Shelter
- Social motives
- Prestige
- Legacy
