Paper type: Essay Pages: 4 (832 words)
The challenges facing Estate Surveying and Valuation professional practice in Nigeria Experts in the building industry have listed some factors bedeviling Estate Surveying and Valuation Profession in the country. They include;  poor remuneration,  quackery,  stringent legislation,  lack of training and  falling standards of valuation practice.
According to Solanke (2010), stated that poor quality service, outdated scale of fees and unhealthy competitions are some of the major challenges of the professionals in the industry. Professor Solanke was of the view that poor quality service will incur the disrespect of the society on the professionals and also lead to non-payment of professional fees including threat on the continued existence of the profession.
In the same vein, he attributed unhealthy competition among professionals in the sector despite clear specification of professional roles to lack of vision by the practioners. He however, used the justifications to canvass for the regeneration and restoration of professional ethics as to enhance the practice of estate surveying noting that the future of the sectors is the future of the professionals.
Ojo (2004) observed that Nigerian Estate Surveyors and Valuers have been rather slow and lukewarm in their attitude and approach to the required accuracy changes in valuation practice thereby resulting into complaints from clients about valuation estimates. According to Dr. Olawande Oni in a paper entitled “Challenges Facing Surveying and Valuation Profession on the Global Setting”- he observed that the challenges confronting valuation profession across the globe are interconnected. He insists that competition for work, compliance with complex and stringent standards of professionals practice within harsh environment, keeping abreast of the dynamic and changing environment of valuation practice, poor remuneration and coping with stringent legislation are some of the problems facing the practitioners all over the world.
Some of the laws include the Land Use Charge Law 2001 in Lagos State and perceived threat from Economic and Financial Crimes Commission (EFCC) and money laundering Act. The greatest challenge to the profession is the EFCC Act, Sections 17, 18 and 24 which put the onus on an Estate Surveyor to prove that he/she is not aware of concealment, removal of jurisdiction, transfer to nominees or otherwise retains the control of a proceed of a criminal conduct or illegal act on behalf of his principal.
It also provides that a person knowing that any property in whole or part directly or indirectly represents another person’s proceeds of a criminal conduct and uses that property or has possession of it, commits an offence and is liable on conviction to imprisonment for a term not less than five years or fine equivalent to five times the value of the proceed of the criminal conduct. This implies that Estate Surveyors must be vigilant and investigate all instructions that they secure as illegal money being diverted into real estate investment.
On the training of practitioners, the replacement of the syllabi adopted by some of the institutions of high learning offering estate management with modern ones saying that they are outdated and quality of graduates is questionable.
The Way Forward for the Estate Surveying and Valuation Profession in Nigeria There is the need to ensure the training of more Estate Surveyors so that there can be enough practitioners for adequate coverage of the country. It is by so doing that the “quacks” can be flushed out of business. A situation where estate surveying and valuation firms shy away from the rural areas of the country, where the greater members of the society resides with the greater land mass is not acceptable. Nigerian Institution of Estate Surveyors and Valuers (NIESV) and Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) need to educate members and encourage Institutions offering estate management courses to harp on the potentials in rural estate agency.
Secondly, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) in partnership with Universities offering estate management courses in Nigeria, need to ensure the running of designated specialist courses in the valuation of specialized buildings, plant and machinery valuation as well as the use of ICT in real estate activities. Experts in relation to particular areas within the profession should be those whose qualifications and experience stand them out.
Thirdly, the profession cannot continue to allow most firms to run on sole proprietorship. Groups of existing firms should be encouraged to merge and form partnerships for the purpose of exploiting the growth opportunities in the real estate business. By so doing, such groups would have the capacity to penetrate the market effectively as per their collective knowledge, skill, experience and social leanings thereby checkmating the invasion of the industry by quacks.
Isaac, N. (2010, 08 07). The Tide. Retrieved 01 27, 2013, from thetidenewsonline.com: http://www.thetidenewsonline.com/2010/08/07/experts-list-impediments-to-estate-surveying-practice/ Okwy, I. C. (2012, 10 2). Estate Surveyors identify barriers to practice. Retrieved 01 27, 2013, from The Nation: http://thenationonlineng.net/new/business/building-properties/estate-surveyors-identify-barriers-to-practice/ Oloyede, S. (2011). Issues facing the Estate Surveying and Valuation Profession in Nigeria. Business Management Dynamics, 54-60.
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Challenges Facing Estate Surveying. (2016, Dec 16). Retrieved from https://studymoose.com/challenges-facing-estate-surveying-essay