Only Estate Surveyors and Valuers Have the Exclusive Right to Place Value on Properties and Other Critical Assets.

ESV Odiete, Daniel Okiemute Jnr.

In the Nigerian property market and beyond, Estate Surveyors and Valuers are the only professionals empowered by law to place values on properties and other critical assets. Valuation is the core technical backbone of what Estate Surveyors and Valuers do in Nigeria as recognized by the government. Other areas in the real estate space, such as agency, property management, development consultancy depend on valuation to place a price on the property or asset. What make properties economic assets is the value, and only estate surveyors and valuers has the exclusive right to place
Under the Estate Surveyors and Valuers Registration Board of Nigeria Act, only registered Estate Surveyors and Valuers can carry out valuations for legal and financial purposes. Banks, courts, and government are advised not to accept a valuation report from other professionals.

Valuation reports from the noble profession, estate surveying and valuation has become a dependable economic tool for good judgement among other professionals. It drives every major transaction. In mortgage and lending, banks need a professional valuation before releasing funds. No valuer, no loan. In property rating and taxation, land Use Charge, capital gains tax, and stamp duty assessments rely on your valuation.

In the government circle transactions like Compulsory Acquisition, Government pays compensation based on a valuer’s report. In mergers, companies revalue property for balance sheet purposes using the approve market standards.

In valuation, if you get the number wrong, deals fall apart or people lose money, government lose money, and the economy suffers. As a matter of fact, Nigeria is losing billions of naira annually du to the non-engagement of Estate Surveyors and Valuers in most asset transactions. It takes only an estate surveyor and valuer to give a professional judgement when it comes to property and asset pricing in any economy. The firms that dominate in real estate are usually strong in valuation, because banks and multinationals consult them for high profile valuation jobs. Once we are empowered to value by our clients, we often get the mandate to sell or manage it the property, and this is the reason why estate surveyors and valuers are like doctors in the real estate space. From the birth of a property to the very last stage of manging or selling it, you need an estate surveyor and valuer. Our valuation reports over the years, have become the reference point for the market.

The overriding advantage that Estate Surveyors and Valuers has over is huge. In the property market, agency and marketing get you noticed, and valuation gives you authority. In Nigeria, where land records are messy and prices are volatile, the valuer is the person everyone comes to determine the actual worth of the property.
ESV Odiete, Daniel Okiemute Jnr, Is a registered Estate Surveyor and Valuer