THIS IS WHY YOU NEED A Real Estate PROFESSIONAL

The fact that you are reading this right now means you probably need a Real Estate Professional. You might also be wondering why you need such a person and for what exact reasons. A vast field as it is, I decided to break it down for you and make your work easier, so let’s dive right in.

Property Valuation

This is the widest division of the Real Estate Industry and the practicing professional under this division is called a Valuer. Valuation entails attaching monetary value to a property and is often carried out for various purposes and on different classes of property, the common ones being land and buildings. Other than that, valuation is also carried out on motor vehicles, plant & machinery and movable assets such as furniture, fittings and other equipment. Common purposes for valuation are for sale/buying, loan collateral, insurance, auction and book keeping purposes among others.

Property Management

This is another wide division in Real Estate and the practicing professional doing this is called a Property/Estate Manager. This division deals with professional management of buildings, especially multi-dwelling residential units and commercial properties comprising retail units & offices. Hiring a property manager ensures smooth day to day running of the property without constantly involving the property owner. Major duties of a property/estate manager are; Letting vacant units, vetting potential tenants, preparation and execution of letters of offer, tenancy agreements and lease agreements, repair and maintenance, rent & service charge collection, service charge administration, payment for relevant statutory fees, taxes & permits among others.

Property Agency

This is a division closely tied to property management but focuses on marketing, letting and selling of property. A practicing professional in this division is known as an Estate Agent. The main duties of an Estate Agent is sourcing of properties for sale/letting and marketing the same to disposal.

Property Audit/Conditional Survey

In all the above major divisions of Real Estate, the state of repairs and maintenance serves a major purpose in determining either the valuation figure, sales figure and letting figure. This division majorly deals with already developed property and the practicing professional in this division is called a Building Surveyor. The main duties include examining building defects and facilitating the required repairs, examining building services such as plumping and electrical to ensure smooth running of the buildings, preparing maintenance schedules and coming up with schedules of dilapidation, schedules of renovations or bills of quantities for any works needed as required by the building owner, examine and advice on building/space capacity to avoid occupational hazards among others.

Property/Asset Inventory

When handling a property, a professional automatically acquires the responsibility of dealing with everything that is situated inside the premises. Such assets include furniture, fittings, computers and associated accessories and any other relevant equipment. All of the above professionals are qualified to carrying out an asset inventory exercise which includes but not limited to identifying, counting & tagging, maintaining and updating asset inventory such as asset movement, additions and omissions incase of disposal.

General Consultancy

Lastly, the Real Estate field has a lot more minor divisions which can be combined in consultancy services such as advice on land development, subdivision or amalgamation, due diligence for land, property disposal through sale or inheritance, market surveys and feasibility studies. In fact, any land & building related question should be answered by your Real Estate Consultant, either individually or in consultation with other supporting professionals.

Good luck!!!

 


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