Factors Influencing Outsourcing Of Valuation Services By Financial Institutions In Lagos State

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This paper examines the factors that influence outsourcing of valuation by Financial Institutions (FI) in Lagos State, this with a view to enhance valuation services delivery. Primary data used for the study were obtained from the questionnaires administered on 101 financial institutions found within the scope of well-structured financial institutions and accessed through their head offices. A total of 78 questionnaires were retrieved and found useable for this study. The data were analyzed with the aid of inferential statistics such as mean rating using 5 points Likert scale. The study showed that ‘’ Reduce Management burden’’, ‘’ Allow Management to concentrate on core business’’, and ‘’Improve Accountability’’ are the top three related factors influencing outsourcing of Valuation services while ‘’to improve quality of work’’, ’to improve speed of work’’ and ‘’ to improve productivity’’ are the three least factors influencing valuation outsourcing and are even insignificant as the least three have mean rating less than 2.5. The study concluded that Estate Valuers are not known for quality work, in other word Estate Surveyors and Valuers are engaged by FI not really to improve quality of work, improve speed of work or to improve productivity but for FI to be able to concentrate on the core business. It is therefore essential for Estate Valuer to improve on their quality and speed of their work so as to enhance desired productivity for them to be able to compete favourably with their counterpart in the developed nations. The efficient service delivery will add value to financial institutions operations, better the lot of stakeholders and subsequently improve national economy