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IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE AWARD OF BACHELOR OF SCIENCE (B.Sc.) DEGREE IN ESTATE MANAGEMENT
Digitally signed by Ifeanyi Jonas Ezema DN: CN = Ifeanyi Jonas Ezema, C = NG, O = University of Nigeria, OU = University Library Reason: I have reviewed this document Date: 2008.12.14 09:43:56 -12'00'
DEDICATION MY PROFOUND RESPECT AND GRATITUDE TO MY MOTHER, MRS. CHRISTIANA ODU, WHO THROUGH THE ODDS OF LIFE AT THE TIME OF MY TRAINING SAW ME THROUGH
ACICNOLWEDGEMENT
S case this by opportunity to express my heart to my SIWES
coordinator, Mr. Michael Adesamni, for being a lamp unto our (my class) feet and a light unto our path.
ABSTRACT
This report is a summary of experiences gained during my industrial training programme at Peter Oltolo & company, Abuja. It is carefully arranged in chapters written according to the area or aspect of estate management professional practical experience and guided by the professional ethics.
Par
Per
General Manager
I Officer
Manager
Officer
Valuation officer
TABLE OF CONTENT Dedication Acknowledgment Abstract Organizational chart of the firm IT'aL7le of contents
CHAPTER ONE Introduction CHAPTER TWO Estate Office Administration CHAPTER THREE Estate Agency CHAPTER FOUR Valtlation CHAPTER FIVE Facility management CHAPTER SIX Maintenance and repairs CHAPTER SEVEN Professional practice and ethics
Conclusion, problems encountered and Recommendation
PROGRAMME
111
their profession, the students ir~dustrtal work expcrtcnce schemc was introclucecl
to travel abroad.
? k c duration fur the train~ng differs In institutions. For polytechnics, i t Iclsts lor one ycclr w11ilc lor univctsitics, sis departmen t.
I did my SIWES training in Abuja, FCI with Pctcr Okolo and Co, Estate
01
surveyors and valuers. The firm Pctcr Okolo and CO has its headquai ters in Legion Horrse, opposite UBA bank, area 3Abuja. It has a branch office at Block
,434, flat2 Ayo legislative quarters, Abuja. The principal partner of the firm is sir
'['11c>
hc~d office*IIJS
acccwntnnt onc (1) architect, one ( I ) quantity surveyor and other staff ~ncluding
men I t also lids alwthc.1. the1 rc~ceptionist, sccrctary, clcanc.~.~, typist and scbc~rrity
hrcmch office at I:cltinia Golcl Lst,~tcl in developing the phase I1 of the samc estate. Karu wlwrc thc f ~ r m is c~ilrcntly
tiin.
My
4 Facility n~ansgernent
4- h k i n tenance and repairs Professior~nlymctice nud ethics:- 'The period of my training was one of
learning indeed as I got to know what i t takes to practice estate management. It ivas a time to compare theory and practical knuwledgc of the yrofessio,~af, and c~l>o bringing the three and a half years o tl~eorctic~~l ~ l e d g c the cl,lssrooni f Iav in
L correspond with thc pract~calas obtained o
professional practice was n ~ v h o l c c v cxyericnce for me as a lot of things which n could were learnt.
,~pplicahle. -I'his is very true and also applicable to estatc firms which x e part of the scrvice providing industry as i t satisfy a11 parties involved in real estate tsansportations in terms 0 1 the pecu!ate ncecls.
system.
At Peter Okolo m d co, filc arc opcncd, taggcd and I-cgistcrctlaccording to rs the properties or mattes contained in Llwm. The fiIes of ditfcrent c o l o ~ ~ w11ich are for easy identification and filling system. Commercial properties w c x bIue. Iksidential red and agricult~rral gsccn. Properties under the management of the firm is written havc files and written on them (filcs) is the n a m e of thc owner or client, location/address of popcrty, reference numbcs m d tiic d,~tothe filc was o p c n d . Thcse filcs arc
kept in different file cabinet according to their colours. This maltus locating a particular filc casicr. C'crtain psopclrlics, c~iptwallyco~nrncsci~ll properties havu 5ubslcliary f ~ l c l i I!kC scwiccs char-gc, scc~rrilpfilc, clziners tilcs, insurance filc ctc. All docrimcnts relating to tach aspect of property is kept in appropriate filc, 1 was involved In thc~opcning of tiles sc.\wsally tor tlic lism's ma11~1gcmcril r o p t i e s . I p
C ~ l > lto~learn huw basic f~lling tlo~-rc. c 1s
M CIS
&,o
Whenever there is complaint on any property, a report is written on the compliant stating the name of thc cIient that ii~aclethe complaint, the d a t ~ the of ccmylaint and the details of it. '1'h:s is clone to liclp the firm make d e c k 011s on the subject propel ty. All c o reslwndcnce on tl~csc ~ subject is ltcpt in the filc. Other general files kept by tlic firm include internal memo, NIESV,
the
more or less o f a n
intc~rnedi~iry. st'lnds in-bclwccn thc prc)pcrty owner and thc bupcr or tenant I-Ie as the case may bc. To be s~~ccessful agency, one requircs a general knowledge of thc in property market. This indlcatc that onc mcst b c conversant with the trend in t11c neighborhood. That is, \vhat type ol properties in high demand as well as the vasious types of psoperties avC1ilablcfos wle, leasc o r It>ttingin m y pc~rticuIas point in time in that ncighboushood. At Peter Okolo and Co, lists ol To Ic>t proycrtles and "lor sale" proprtics asc kept and updated from time lo tinle, stroking off the ones h a t l ~ v been let e out or sold off. The firm on getting folmal approval from thc Landlord to let or sell his property, the firm hangs its TO LET board on the properties that is fur Ict and the FOR SALE board on the oncs that arc for sale. 'These boards show the name, the address and phone number c)f tt-e firm to enable interested persons to contact the firm for more enquires. ?'he boards placed are always of the NIESV spwification come mainly t h r o ~ ~ g h phone calls m d pcrsonal invitation from t11c interested persons tv the firm. L'llonc calls received by the receytions/telcpl~o~le
inny lead to tlic p~opcstyby thc c l l c ~ nnd thc officer. ~t tl~rcctly.I heis d~scussion l hi1 \ u ~ v c y o r~1x1 givcs tlic rhcnt J i ~ i of other S I I I ~ I I ~ I I p r o p c ~ - I i~l~tllc sa1110 t l s
I \cl~gbourhood for him
The firm receivcs cnqrliscls from clicnls that ~1l.cIn nccd ot propcv.tics to
buy
(IS sell
and also lhosc i ~ c c dpropertics to be Ict or out. The firm on its own
part arrange for buyers or possibk t c n m k . Wlwn thew is a property to LEI' or for SALE in the portfolio ol thr firm, ~t ivrilcs a lcttc~o psop;rty ~ ~ ~ t s o d u c t i o i ~ / c Io f possible CIICII~S. And ~ I I C I I f ,I ~c~'~ thcw is a commercial ptopcrty h a t s~rits banking purposes, the \vrilcs lo bCin1<s
10
ivslte to other companlos lo introduce scsidcntial propertics to thcm to servc as tlic~s staff residential qiiarters. In my stay in Pctcr Okolo and Co, I iva\ greatly involved in the writing of letter of offer to possible clients. When there is a clicnt that nceds
L?
contact other firms to see if they have s~1cI1 proycrty in their portfolio. And if lliey have, we arrange fur
,711 inspection
dcscsiption and taste of our client. Afterwards, a n C~rrcingcmen done ivith our t is
client for inspection and i f successful, closing the deal. The professional fcc 1s
shared bctwccn tlw two firms. 'l'liis h i n p aboul gc to get a bettcr share of the fcc. At the instance of a si~ccessfi~l letling of a poperty under the firm's management, another inspcction is scl~cdulcdwit 11 lhc tcnant during which a takc ovcr record of inventory of fixtures and fitt ings is done bcforc ltcys arc formally handcd ovcr to the tenant. 'l'his take ov er inventory is ciuplicatcd in triplicate, the tenant and the ~cctivecolcr~nn:;a ~ retains ~ d
, I
copy each, while the remain in^ copy 1s sent to tnc: lan(.ilorct. In addition, tenant informa tion sheet guarantor's form. both parties. perties for sale and this list is kept in the "for sale" file. TI1 involved in thc updating of tl from time to time and I was dcsct-iption, tille (ccrtifical-cof
H
rl
occupancy, letter of allocation and dccct of.assrgnm ent) and sale price of property is written down.
'1'1111
title of the property is secured and that there arc rlo cncumbrances. I was taking clients for inspection of properties Cor salc on a regular basis. In noticed that prospective buyers prclcr to deal wilh cslatc firn1s ralhcr than individuals and
estate agents (quacks). 'l'l-iis I presume is because of the assurance, sincerity and thc security of thcir moncy. Sale of properly is a colnplcte kransfer of rights a n d
intcrcst in a property a11d tlior~'for~, s c n s i [ i v ~C a w nccd to bo taltcn in any very .
12
N 1,650,000
2 )
Tllc firm condr~clecla s i ~ ~valuation fos Alhaji U m a r ~ ~ wanted t ~ l who to Icnow how much lie could offrlr for a space or unit of a floor in currunt opcn market rental value coscharis plaza, area 3, Abuja. T l ~ c
197.55qm
N 12,00O/n12
Rcrrtcrl vnlrintiorr
197.55qn1x N12,000/m2
vrrlzrn tiorr for rizorlgagc
-
N2,370,000
valuation of Arc ventures ol plot No. J.322 of about 900in2 Uutsc Alhaji,
be&-uom flat detached brmgalow. Inspeclion of the property was carricd out, measurcmcnts and drawings were clone including location plan. Computatio11 was done in the office after which the report was donc where the value of tllc propcrty was stated at the forced sale value as collatcral/sccurity for loan.
2) I went with Ihc valuakion [cam in the valuation of Ms. Adrian Albert's
Nltrumali crcsccnt, Asoltoro on the 24Ili property located at plot 28 K~vnme day of Scplcmbcr fur Ihc purposc of oblaining a loan from the bank. l h c property is n 5-bedroom dctached duplcx. Tlvr properly was inspected, necessary noles wcrc takcn including mcvsurc:mpnts, drawings of both silc and location plan. Tllc Dcprcciated licplaccment cost ~ l l c t h ~was d used for tlic computation of value, thus was done in the office and the valuation report was prepared.
I ) Main building
2) Security building
Adopted value
(I:cnce Work)
-I his is one of the aspccls of practicc that reqi~iri*~ altuition. 111I'vtcr slcacty
8
Okolo and Co, tlicre arc different properties of different descriptions and
Plot 10 Otukpo Strcct, Carlti IT, Abuja Danziyal I'laza Opposite NNI'C Mcgn 1;illing Station Ava '10, Garki
Fatima Gold Estate I3chind karu lnter~ialional market. At a time, I was assigned to the survcyor in charge of Danziyal plaza.
two
qi~adranglc spaces in it. 'l'lic propcrl-y liolcls 200 shops will1 50 sliops on v i i ~ l i
There is a borcliolc facility tlial- p u m p with itito a 'IO,OOCl litrc tank at thc top of the building. 'l'hcrc is tlic provision of clccl-ricity tlirougli tlic prepaid mclre which is installcv of tcnantrs uricasincss. I licl corivcnicnccs arc1 highly ocio~rrfree and hygienic. It
has an a111plc space that is well k~srcdwith tar as parking lot which can contain
,
>
services and the trimming of tlic flowcrs makcs Danziyal plaza Iiiorc altcmativc for both tenants and customers. l'hc service chargc paid takes care of tlicsc facilities.
Re11t
'l'hc going rent for cacli space in Lhnziyal plwa is fined. 'l'hc r ~ w falls (1s t yoir ascend. 'I'hcsc arc tlic cfctails of sent: Ground floor N190,000 1;irst floor N7 80,000
1 --------p0,00(1--~
Scrv~cc charge
I--
Isg.11 fcc
paid logcthcr wilh rcnl. 'l'lic scrvicc charge is N30,000 ycr annilm
payable with rent. I t covers llicl paynlonl. of sccurity mcn on duly ilny a i d ~iiglit. hovision of clcclriciti\l and any repair ol' common pil-ts. I t also
COVC~S
horticultural services.
b)
i i i11~ l c~oiiil~il~c/ IT l ~
11~111~s i110
1111. S/IOE) s p d ( . ~ s
\vllich L1lc\7
No
--
Floor slivp no
'Ilw Adrian
I;u mi ture's
This is stored
ill
the computes. For easy access to known when rents are due,
duration is checked, followccl by May and all liic companies or tenants rents d ~ r c for May appears on llic nionilor scl-ccn. Iknt review letters arc sent six (6) rnolillis 1 0 cnci of 1 Lwo (2) y c I c n C i ~ i q . ' ~ ~ IZent renewal Ictlcrs ~ r scnl c
5ix
(6) 1nonlli5 lo
~lic~ expiry
o f
o r i ~I ) yc~is (
Icnancy.
At the expiration ol thc currcnl tcnan:y, tenants are cxpcctcd to co~iie our to in office with their Bank Draft or cIic.q~ic favour o l I'ctcr Oltolo & Colnpnny lo
ply
Ilwir rent. Nolc, cash is not acccplcd in our ollicc lor sccrrsity ancl rccorcl
purposes. I f they clo nol conic, Llicri i usi~~illy 1~oi11ie1 COIICCI Illc sent I I I ~ S C ' I ~ go lo with the Accounlant. Wlicn rents arc rcccivcd, tile Accountants minutes i t a n d 0111.cheque is forivasd lo Ilic bank account ol' llic Iancilord allel subtracting our ~nariagc,menlfccs. c)
M ~ i l l l c i t r ~ i ~ i i ~ y r ~ v ~ i l i ~ rlfld l r / i / r i l ) i r / r l l i u f f r c p I ' r s : ic l ~il
1'hc money
rcccivnd
f1.0111
p a y r ~ i ~ o I SCI.\J~(.Cr is t n diii y
LISCC~ 101.
llic nlain t c ~ i a ~ i ~ o
of tlic foliowing facilities only which arc: security, 1'1-ICN bill and
and the tenant. rl'his is pwparcd by the company and crosschc.ckcd by our company solicitor, l'his is to allow Cor good loving atniosphcrc a n d better friendship between landlord and tenant by avoiding tl~ingsthat would bring about problems in Llic future.
. .
- . - - --- --
METAL WORKS
...~
may b e directed.
I'o summary
PLUMBING SERVICES SUPPLY AND FIX THE FOLLOWING W.C. cover paclclcd with (oatii C O I U ~ I C ~ C Scat
.-
No No
. .
rlircctcd i~iclndingcliiscling
O L Iw a l l ~
and tiles
Srl n i
- -
N0
. . . -.
-- -
Wall bracket
l h n v l li ttings
No
No
filling
IJouble
fluorcsccnt
600m1n long
No
Sum
-.
To summary
Sum
--
---.
(cxlcrnally)
--
PAINTING AND DECORATION 1 PREPARE AND APPLY TWO C-OUTS 0 ; EMULSION PINT ON: - - - --- --'I'o summary
Walls (internally) aftcr scrapping off ,sonic: spoilcd park. Scrspcndcd slab
SUMMARY
Carpcn try and joincry Iron mongery
-
Metal work
I'lumbing scrviccs
Elcclrical scrviccs
1---
Grand tola1
BIDDING
After taking ~nvcntosy, f-cpo~ 1s dc nc o n l
OLII
~ s t i l n l f01 l~
I . C ~ ~ ; I C C I ~ Cof 11 I
cl,~~ii~gcd art~clcsis grvcll. L ~ c h s p c c ol \ v o r k done is given lo profcss~on~ll ~ l rn chargc to bid with tlicir tcndcrs. For cxampic, lhc clcctrician is allowed to bid for repairs tu be done on electrical fixtures and appliances such as sockcls, wall brackets. 'The plumber is allowcd to bid lor repairs to bc done on loilctrics.
professional dcvclopmenl wt~~~l<shoys concluclid by Lhc institution in this rcspcct. This gave wc roum of associa tion wilh ropir tnblc and high-classed c s t tc ~ srrrvcyor and valuers.
prriod o l Irarning a i d ~ r c ~ t
training.
The long distaricc of Kubwa, whcrc. 1 slay, to Garki Area 3 lhc location of my officc is about 32lm. By the lirnc getting to llic officc, I am alrwdy with out