Utilization of property valuation software among estate surveying and valuation firms in Lagos state, Nigeria

O E Ogunnowo,C O Iroham,O C Oloke

doi:10.1088/1755-1315/655/1/012063

O E Ogunnowo, C O Iroham + Show 1 more

Open Access

https://doi.org/10.1088/1755-1315/655/1/012063

Copy DOI

Abstract

In the era of sophistication in conducting professional assignments, there have been no study geared towards assessing the utilization of valuation software in property valuation. This study therefore investigated the application of property valuation software among Estate Surveyors and Valuers (ESVs) in Lagos Metropolis. 151 Estate Surveying and Valuation (ESV) firms represented the sample size. Data was analyzed using descriptive statistics and frequency count with the aid of Statistical Package for Social Sciences (SPSS). It was revealed that almost 70% of ESV firms do not readily use property valuation software, even the ones known to them. The study therefore encourages ESVs to utilize such software so as to ease their mode of operations.

Highlights

Real Estate Valuation is one of the primary aspects of the Estate Surveying and Valuation profession, as well as one of the major roles of Estate Surveyors and Valuers (ESVs)
The unavailability of recent studies on the application of property valuation software has made it difficult to ascertain the current trend of use of the software in Nigeria
This study has been able to determine the level of use of the software and ascertain the software that is prevalently used in Nigeria

Summary

Introduction

Real Estate Valuation is one of the primary aspects of the Estate Surveying and Valuation profession, as well as one of the major roles of Estate Surveyors and Valuers (ESVs). Property valuation has been recognized internationally as both comprising of the process of estimating the value and the result of this estimation process [2]. It is carried out for various reasons. Among these reasons is the making of borrowing decisions as it helps the lender to make reasonable judgements on the terms of the contract with the borrower. Another purpose for valuations is comparing with current market prices, making decisions on whether a property is over or underpriced [3]. Sale and purchases of property, valuation for compensation, tax and rates, insurance, redevelopment, financial presentations amongst others

Objectives

Methods

Findings

Conclusion