Inspection as a key Aspect of Property Management

ESV Lucky Ndimele

In the real estate ecosystem, property management is one common aspect that is lucrative to the industry players. It is the control and general supervision of a property (real estate) by a third party. This third party could be a professional real estate firm or a professional who has been trained in the entire phases of property management.

In todays crowded real estate ecosystem, one of the key functions of a property management firm or an individual is inspection. As simple as it may look or sound, property inspection is a vital aspect of property management that should be taken seriously by professionals in the real estate industry. Property inspection encompasses all the physical due diligence that must be carried out before proceeding to buy or rent out a property. This will allow room for repairs, check under-pricing/over-pricing, and ascertain the actual location of the property as quoted in the necessary documents. Property inspection is the examination of the current condition of the house. Choosing not to have a detailed property inspection could put both the buyer and seller at risk.

Professionals in the business of selling and buying properties should, as a matter of fact, declare the true state of a property before all parties are involved in the transaction. One of the key ways to be transparent and ethical in this regard is the valuation of the property by a qualified estate surveyor to professionally determine the value of the property. It is a known fact in the property market that some properties are over-sold while some are grossly under-sold, and this scenario is common when the entire transaction process is devoid of professionals.

To professionally carry out a property inspection, a lot of things must be put into consideration. These factors are otherwise known as a checklist that professional property inspectors should look at from a professional point of view. For instance, the exterior components of the property should be checked for things like painting, window seals, and the condition of the siding, amongst others. For the interior components, things like floor sagging, baseboards, and roof leakages should be checked.  The plumbing system, electricals, foundation.

For a professional to succeed in a property inspection, a sellers disclosure statement is needed to carry out a full property inspection. This is the sellers legal obligation to disclose areas of defects in the home or property being sold. In professionally managed transactions, it is unethical for the property for the seller not to disclose the defects of the property as long as consent to sell the property is given.

Professional skills are required for property inspection, and one of these skills is the fact that the inspector must be an industry professional who has been trained and certified to carry out such inspection.  Industry knowledge, communication, and report-writing skills are also needed to write and present a professional report. Ethical qualities are also needed to avoid sharp practices along the lines of inspection and transaction especially for large-volume transactions.

To conclude, it is obvious that property inspection is a very important aspect of property management and will remain a crucial subject in all forms of property transactions. Industry experts and professionals should see the reasons to inspect properties in a professional manner.

ESV Lucky Ndimele, a registered Estate Surveyor and Valuer, and the principal partner at Lucky Ndimele & Company, a leading Nigerian firm of Estate Surveyor and Valuers.