Showing posts with label property management. Show all posts

Wednesday, 28 December 2022

THE IMPACT OF PROPERTY MANAGEMENT ON COMMERCIAL PROPERTY RENTAL VALUES IN KUBWA ABUJA

THE IMPACT OF PROPERTY MANAGEMENT ON COMMERCIAL PROPERTY RENTAL VALUES IN KUBWA ABUJA

ABSTRACT

This study examined the impact of property management on commercial property rental value in Kubwa Abuja in order to ensure that commercial properties are maintained in such a way that they command the highest possible net return. Specifically the study seek to determine the influence of property management on property values for commercial properties, investigate the perceptions of real estate agents relative to their relationship with landlords and tenants, evaluate factors which affect commercial property values in Kubwa Abuja, assess the challenges that are faced by property managers in managing commercial properties and to come up with measures to ensure proper management of properties. The research design adopted for the study is the survey design which allowed the research to gather information from the research population through observation, personal interview and questionnaire. In analysis of the data collected, the researcher employed statistical method of data analysis for accuracy and conciseness. The analysis was carried out in tabular form and these analyses was carry their respective percentages. The study concluded that property management, increases and maintains the value of property, that when a landlord is overly demanding, controlling, or harsh to his tenants, it might frustrate the tenants to the point that they may purposely cause damage to the property or default on their rent payments. The study recommended that property managers should communicate effectively with commercial tenants.

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Over the past decades and beyond Nigerian society has grappled with the subject of property management or administration and has been a subject of discuss for scholars (Onyema, 2011). Property management is the art and science of managing real estate in terms of its development, maintenance, and cash flow from users and occupiers in order to achieve the greatest possible benefits for the owner and all parties interested in the property while remaining within the parameters of applicable laws and regulations (Onyema, 2011). In the absence of qualified property managers who are properly trained in the field of property management, the majority of properties have suffered from poor management and neglect.

Property management is the physical, administrative, or financial upkeep and management of real property for a fee, commission, or other pay or valuable consideration (Nevada State Real Estate Division, 2018). It is the process of maintaining and handling all day-to-day activities centred on a piece of real estate. Commercial property includes shops, malls, office buildings, and industrial parks. Offices for business, professional services, and other administrative and government functions. Shops are either a shopping mall or a consumption outlet. Industrial property is employed in production (Ball, Lizieri, & MacGregor, 2012).

Commercial property management involves specific competence to care for a person, household, or corporation’s investment in buildings to maximise return (Oladokun and Ojo, 2011). According to Ge and Du (2017) property value is impacted by a multitude of elements, and determining those characteristics is an important part of property assessment. Absence of property management leads to inadequate maintenance of commercial property. Thus, it is critical to maintain commercial properties in good condition to maximise economic return. Effective property management is one of the critical aspects needed to maximise property investment returns. Absence of property management leads to inadequate maintenance of commercial property. Thus, it is critical to maintain commercial properties in good condition to maximise economic return.

In real estate, commercial property is property used to make commercial profits, including shops, malls, office buildings and industrial parks. Commercial property management entails the application of specialized skill to care for the investment, sometimes of an individual, household or corporate body in buildings with the aim of securing highest return (Oladokun and Ojo, 2011). Commercial property value is developing an opinion on the value of the property in market value.Ge and Du (2007) stated that property value is an essential aspect of property markets worldwide and determined by a variety of factors and the determination of those factors is a significant part of property valuation.

It is common for many property owners (Landlords) to forego using the services of estate surveyor or valuers (Lam & Terrence, 2016). To watch after or take care of their holdings, they appoint “caretakers.” These caretakers, in turn, have little authority, as they are only permitted to collect rent from renters and do minimal repairs on the houses under their supervision. Furthermore, they are primarily laypeople who have not received any formal estate management training (Palm, 2015). Certain real estate properties have suffered as a result of this. As a result, effective property management is critical to a property’s ability to generate the highest possible profits while also maintaining a long physical and economic life (Lam & Terrence, 2016). Good property management has progressed from the simple maintenance of a building in response to tenant complaints to the deliberate planning of building services and the efficient operation of an accounting system, all while taking into consideration the legal, economic, and social interests of both tenants and landlords (Palm, 2016).

One can readily discern between well-managed and neglected properties in several of Nigeria cities, by taking a glance about and studying some of the buildings. A properly managed portfolio of our landed properties is equally critical to our economic development as is the construction of these properties. It is also critical to the historical, social, and cultural development of our country, and it should be accorded the attention it deserves, both privately and publicly, for these reasons. According to Evans (2017), property management has never been perceived as a tough or complex industry in the previous century, and the word “property manager” simply refers to someone who is in charge of collecting rent. Evans (2017) was feared and despised by many, and it was during these times that the property manager’s primary function was to collect rent from tenants. This function continued for decades after this. Historically, landlords in Nigeria have not paid close attention to the upkeep of their properties.

The absence of property management negatively affects the physical condition of the commercial property due to poor maintenance. Therefore, it is important that the commercial properties are maintained in a sound condition to provide the greatest possible economic return. Effective property management is the only antidote necessary to generate maximum returns on property investment especially at this period of global economic crunch. The only way to ensure regular income is through proper management of property. This study therefore examined the impact of property management on commercial property values in Kubwa Abuja.

1.2 Problem Statement

Buildings, like any other physical asset, lose value with time (Sanderson, 2016). Loss of value is caused by a mixture of both natural elements such as rain or earthquakes, and human related actions such as the use of poor quality materials in construction or lack of maintenance of the buildings. Physically, the property offers discomfort to tenants owing to wear and tear of the structure. These factors can raise the depreciation rate of property and influence quality and value. When looking for accommodation for business, a person may not select the old and outdated structure with poor maintenance. This implies these structures will have little demand hence low worth on the market. In Harare, many commercial buildings are not in good shape and some are depreciating as a result of poor maintenance and bad property management. The impact of property depreciation will be the disproportionate losses in terms of asset capital values of these properties. Such structures are a threat to the occupant’s life as they can collapse and kill individuals. Such properties have become properties of low standards as a result of bad property management and lack of maintenance. If this problem is disregarded, properties will continue losing values and this will limit investment in commercial properties since investors are much concerned with higher returns.

1.3 Aim and Objectives of the

The aim of the study is to examine the impact of property management on commercial property rental value in Kubwa Abuja in order to ensure that commercial properties are maintained in such a way that they command the highest possible net return.

The specifics objectives of the study include:

To determine the influence of property management on property values for commercial properties.
To investigate the perceptions of real estate agents relative to their relationship with landlords and tenants.
To evaluate factors which affect commercial property values in Kubwa Abuja
To assess the challenges that are faced by property managers in managing commercial properties.
To come up with measures to ensure proper management of properties.

1.4 Research questions

The research questions are as follows;

How does property management affect property values for commercial properties?
How does the relationship between the estate agent, the property owners, and tenants affect the way property management services are delivered?
Which factors commercial property values in Kubwa Abuja?
What are the challenges faced by property managers when managing commercial properties?
What measures should be taken to ensure proper management of properties?

1.6 Significance of the Study

The finding of this study will be of benefit to the following groups;

Firstly, property owners and tenants who charged and are being charged rents based on different reasons, especially when the properties are not properly managed will know the relevance of property management and its effects of commercial property rental value. This will again enable the investors not only to understand how occupier thinks, but also why and the things they consider before acquiring properties for certain uses.

Secondly, the generality of the public can now understand the menace of poorly managed property and why such properties command poor rental value compared with properly managed properties.

Lastly, this research work will help to determine the factors influencing residential properties which are an essential pre-requisite to successful development as well as stimulating interest in the students to carryout out further research on the topic.

1.6 Scope and Limitations of the Study

The scope of this study is limited to the examination of the impact of property management on commercial property rental value in Kubwa – Abuja.

Limitation

Expectedly, this work met with some hindrances during the stage of data collection. The issue of property management and commercial property rental value is usually regarded as classified information, which is not easily disclosed to people particularly researchers. This was largely suspected to be the reason why some Estate surveyors, property owners, tenants, Estate firms, property companies and even Estate agents who were approached through oral interviews, discussions and visitations found it rather difficult to reveal essential information despite every explanation that the exercise is strictly for academic purposes, a good number of them, still nursed the fear that it may be for property rating and taxation purposes.

There was also the problem of logistics occasioned by the society. The researcher worked with a very light budget throughout the period of study as the frequent and repeated visits to relevant persons and offices entailed quite some money. Moreover, also recall that some of the interview respondents were not co-operative as they kept on playing to the gallery as a means of avoiding supplying the required information. On a general note however, the researcher ensured that these bottle – necks never affected the findings of this study since the success far outweighed the hindrances as enumerated.

1.7 Scope of the Study

This study is on an analysis on the effects of property management on commercial property values using Harare as a case study. This study shall be delimited commercial properties managed by various to property management companies in Harare CBD. Companies include Knight Frank Pvt Ltd, Dawn Properties, Zimre Properties and others. Managerial and non- managerial employees shall be respondents of the study. This study shall be delimited to a period of between 2015 up to 2022.

1.8 Definition of Key Terms

Real estate refers to property, land, buildings, air rights above the land and underground rights below the land (Firstenberg et.al, 1998).

Property management is defined as the process of keeping a property in a good state of health, devoid of decay and in other to enhance the value of the property, yielding optimum returns on investment (Oyedele, 2013).

Commercial property includes shops, malls, office buildings, and industrial parks (Oladokun and Ojo, 2011).

Property manager refers to an individual or company that is hired to oversee the day- to-day operations of a unit of real estate. Property owners and real estate investors typically hire property managers when they are unwilling or unable to manage the properties themselves. (Palm, 2015).

Depreciation is defined as the decrease in an assets value over time due to wear and tear (Downs, 1991).

Property Value is defined as the present worth of future benefits arising from the ownership of the property (Millington, 2013).

Property maintenance refers to property maintenance refers to activities that are essential for keeping a building functional and comfortable for its occupants (Cloete, 2001).

Investment refers to the allocation of monetary resources to assets in expectation of yielding some gain or positive return over a given period of time (Kaptan, 2001).

THE IMPACT OF PROPERTY MANAGEMENT ON COMMERCIAL PROPERTY RENTAL VALUES IN KUBWA ABUJA

ABSTRACT

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

1.2 Problem Statement

1.3 Aim and Objectives of the

The specifics objectives of the study include:

To determine the influence of property management on property values for commercial properties.
To investigate the perceptions of real estate agents relative to their relationship with landlords and tenants.
To evaluate factors which affect commercial property values in Kubwa Abuja
To assess the challenges that are faced by property managers in managing commercial properties.
To come up with measures to ensure proper management of properties.

1.4 Research questions

The research questions are as follows;

How does property management affect property values for commercial properties?
How does the relationship between the estate agent, the property owners, and tenants affect the way property management services are delivered?
Which factors commercial property values in Kubwa Abuja?
What are the challenges faced by property managers when managing commercial properties?
What measures should be taken to ensure proper management of properties?

1.6 Significance of the Study

The finding of this study will be of benefit to the following groups;

Secondly, the generality of the public can now understand the menace of poorly managed property and why such properties command poor rental value compared with properly managed properties.

1.6 Scope and Limitations of the Study

The scope of this study is limited to the examination of the impact of property management on commercial property rental value in Kubwa – Abuja.

Limitation

1.7 Scope of the Study

1.8 Definition of Key Terms

Real estate refers to property, land, buildings, air rights above the land and underground rights below the land (Firstenberg et.al, 1998).

Commercial property includes shops, malls, office buildings, and industrial parks (Oladokun and Ojo, 2011).

Depreciation is defined as the decrease in an assets value over time due to wear and tear (Downs, 1991).

Property Value is defined as the present worth of future benefits arising from the ownership of the property (Millington, 2013).

Property maintenance refers to property maintenance refers to activities that are essential for keeping a building functional and comfortable for its occupants (Cloete, 2001).

Investment refers to the allocation of monetary resources to assets in expectation of yielding some gain or positive return over a given period of time (Kaptan, 2001).

Sunday, 15 May 2022

SELF-MANAGING LANDLORDS

Self management or self-managing landlords is a type of property management in which the owner (Landlord) is solely responsible for the development and management of the property. It is the responsibility of a self-managing landlords not to only own the property but also take care of the day-to-day operations necessary to make things go smoothly and keep the property up to date. The tenants look up to the landlords alone as their point person for routine things like paying rent and for addressing issues that come up.

Self-managing landlords are not only the landlords but are fully responsible for the running of the property which includes drawing up the legal contract, administrating all repairs and maintenance, and dealing with any tenant issues. The self-managing landlord firstly need to source the tenants; this includes advertising the property and hopefully, finding tenants a tenancy agreement needs to be created and agreed upon by both parties alongside insurance and deposits. This means self-managing landlords must ensure they are completely up to date on all tenancy rights and legislations to avoid getting into any sticky situations.

Throughout the tenancy, the landlord has to directly communicate with the tenants over issues such as repairs or if there are any problems with rental payments. This means the landlords must be contactable almost 24/7. Self-managing a rental property can save agency fees, it often creates a lot of additional work, complications and costs for landlords.

There are a few potential advantages to self management of rental properties if a landlord have the time and expertise necessary to do it well, this include:

i. Greater Control: Self management gives the landlord a greater degree of control over daily operations. He will be the one making all necessary decisions. If he have trouble delegating, then he may feel more comfortable being in control of every detail of how his properties are run.

ii. Closer Relationships With Tenants: Self-managing landlords can also expect closer relationship with tenants since he will be their point of contact. Of course, landlord-tenant relationships can turn sour at times, so in these cases, he may wish he didn't have to be the one to handle issues with tenants.

iii. Gained Experience: Self-managing landlords will also learn a lot about property management by doing it yourself, which some landlords may consider an advantage if they want to eventually focus more on management in their real estate career than on ownership. Expect to experience some hiccups along the way, though.

iv. Financial Savings: One other advantage that is the determining factor in some property owners' decision to self manage is that it can save the money.

While there are some advantages to self management, there also are a number of disadvantages, as well. These include:

i. Time Required: If that list of responsibilities provided above looks long, that's because it is. And that is just for just one property. If you have multiple properties, then your duties will multiply. The time it takes to take care of all these responsibilities can be significant, and it could certainly keep you from pursuing other business ventures.

Source of Stress: You may also cause yourself a lot of stress by taking on some of these responsibilities. If a tenant has a burst pipe at 2 a.m., you'll be the one taking that call and figuring out how to get it taken care of as soon as possible. If a tenant is not complying with a policy, you'll be the one confronting them with the policies agreed upon in their lease and taking any necessary follow-up actions, including eviction.
Lack of Expertise: Another issue is that, if you're just starting out as a landlord, you are sure to encounter issues that have to do with legal regulations or best practices that you are simply unaware of. It can take a long time to gain the experience and expertise necessary to manage a property well without running into problems.
Setting Rent Too High or Too Low: If you do not enlist the assistance of a professional, you may find you have not set the rent at the right level for your area, which means you will either miss out on potential income or miss out on renters. A property management service knows local rent levels for other places nearby and can aid you in finding the right figure to charge based on your location and amenities.

2.4 BRIEF HISTORY OF SELF-MANAGING LANDLORDS

According to Wootloth (1997),the early 1900s the beginning of self-management way before property management came into existence. At the start of the 20^th century, those who lived in tenement housing had it pretty rough. Their ramshackle buildings had poor ventilation, bad plumbing (or none at all), terrible lighting and low safety standards. Apartments were managed by property owners (self-managing) who often did nothing but the most essential repairs as they were not professionals or trained to self-manage their properties. There was no incentive or governing agency to tell them to do anything more. During feudalism powerful members of the society were granted titles to land by the King and they were referred to as “lords” Wootloth (1997). Land owners where referred to as landlords and they managed their properties which was called self-management. However, in the first decade of the 20^th century, more and more people flocked to urban centers. This created an unprecedented demand for housing in cities, and there was very limited supply. With so many people coming to the cities, the federal government took notice and cracked down on negligent property owners. Apartment quality improved and more updated multifamily buildings were constructed. This meant more income, better health and longer lifespans, along with more laws concerning the quality and upkeep of rental properties (Kapplin, 2005). By the end of World War I, cities were a big draw for middle-class jobs and, for the first time, wealthy renters. The Great Depression had arrived.

By 1933, the Great Depression had caused many apartment owners to default. (Property managers didn’t exist yet as we know them today they were still managed by the landlords). There was a great need for affordable properties that were clean and looked after. Thus, the caretaker manager was born. They collected rent, did maintenance and looked after the day-to-day needs of the tenants.Unlike modern property managers, caretaker managers didn’t do any marketing or leasing. Those were still jobs for the property owners (Scarret, 2007). The property managers then came into existence as professionals and this set out the self-management of property from property management until today.

In conclusion more research need to be conducted to identify the gap of the challenges faced by self-managing landlords. Property management need to be made known to the landlords and the population at large to help preserve the value of properties while maintaining good relationships and receiving maximum returns.

CONCEPT OF PROPERTY MANAGEMENT

The definition of property management depends on the perspective from which the concept is viewed. In effect, landed property management is the management of land and buildings in such a way as to secure the maximum advantage (Odudu, 1987). It can be defined as the direction, nursing, sometimes the overall control of policy of an interest in landed property with a view to obtain a maximum return. The return may be in the form of financial benefit, social benefit, prestige, political power or a combination of these benefits Ajagbe (1993). Narains Corp. (2007) defined property management as “the range of functions concerned with looking after buildings, including collection of rents, payment of outgoings, maintenance including repair, provision of services, insurance and supervision of staff employed for services, together with negotiations with tenants or prospective tenants”. Smeby (2012) defined property management as “the science of getting maximum value from the investment made in assets by assuring proper utilization, preventing loss and pilferage and all other aspects of security-related issues, scheduling timely maintenance, tracking physical location, maintaining proper insurance coverage, and scheduling depreciation write-offs.”

Banfield (2014) states that “property management is frequently described as a profitable operation and management of owned, leased or subleased real property including land, buildings, assets, equipment and legal commitments for an owner or developer”, while Marie (2013) defines property management as “an activity that ensures that land and buildings are dealt with so that they operate efficiently and effectively.” A landlord is a person or organization that rents out real estate holding the rights to receive the rentals paid by the tenants. Long before the modern technology and the dawn of industrial era, humanity occupied only a fraction of the lands it does today. Then came feudalism where powerful members of the society were granted titles to land by the King and they were referred to as “lords”. Noble landholders considered to be the lords of their subtenants and anyone inhabiting their land. All land owning lords demanded rents and started to buy and sell leases of land and the landed lords were called landlords. Wootloth (1997) indicated that this means self-management of property come from way back and has always been there since these landlords were self-managing their properties and no one managed them on their behalf.

Property management is a wide subject and may not be adequately explained by mere application of a definition. As a discipline, it concerns itself mainly with decisions on planning, control and use of land with the primary aim of securing optimum returns. The management of real properties requires a written management agreement between the property owner and the manager. The management agreement is a comprehensive and detailed agreement outlining the responsibilities of both the owner and the property manager (Nwuba, 1994; Barlowe, 1978; Thorncroft, 1965).

Property management is necessary in both private and public properties to keep them in a tenantable condition and good state of health. Internal parts of properties as well as the external parts require proper maintenance to keep their qualities intact and enhance their values. Without programmed property management, decay will set in and property will depreciate in value. Property management can therefore be defined as the process of keeping a property in a good state of health, devoid of decay and in other to enhance the value of the property, yielding optimum returns on investment. A good property manager must be proactive, sincere, unbiased against the tenants and landlord, knowledgeable and ready to live above board (Oyedele, 2013).

In general property management industry in Botswana strives for growth. Over the years, estate development has been on the increase in Botswana. This undoubtedly is creating more opportunity to property managers. Jensen (2017) indicated that property management industry has been faced with challenges and opportunities over a period of time. These challenges have an effect on property managers, landlords and tenants. Self-managing landlords are faced with challenges and do not know how to professionally tackle them hence the need for property managers.

2.2.1 SCOPE OF PROPERTY MANAGEMENT

The property manager is concerned chiefly with the interpretation and implementation of the owner’s policies in practice and at times, gives advice on the probable effects of alternative courses of action, which might be proposed. However, the property manager must protect the interest of his client by ensuring financial and legal protection, protection of useful life of the property and against unforeseen events (Hemuka, 1990). Property managers offer a variety of extensive services and shoulder varying degrees of responsibility in the performance of their duties to the owners and tenants. Property management responsibilities relate to the overall operation of property investments. These include (Nwankwo, 1995; Olayonwa, 2000; Ibrahim, 2014):

i. Determination of rental values, collection of rents, keeping and rendering accounts for rents collected.

ii. Keeping property records and register that will provide necessary data on the property. This includes details of ownership and tenants, location, address, details of rent reviews, option to renew, long range diary of events, etc. The records should be kept in a manner that the events could be picked up and acted upon in a good time.

iii. Dealing with selection of tenants, renewals, termination, negotiating and agreeing terms and ensuring that tenancies/ leases/ sub-leases are appropriately documented and where consents are required ensuring that such consents are obtained.

iv. Ensuring that covenants both in a head-lease, in a certificate of occupancy or other forms of conveyance, are observed and performed including payment of ground rent and other development charges.

v. Dealing with tenement, general, water rates, ensuring collection from those liable to pay and those payments are made promptly to the relevant authorities.

vi. Advising on adequate insurance policy for the property, reviewing the sum insured at required intervals and ensuring that the premiums are paid regularly.

vii. Dealing with maintenance and repairs, which are the responsibility of owners and ensure that whoever has such liabilities undertakes them.

viii. Where services are provided such as in blocks of flats or in other multi-occupied properties, ensuring that such services are run to the satisfaction of both the owners and tenants. This will also involve the determination and collection of maintenance fund otherwise called service charge and sinking fund or provision for future replacement of some services like lift, lights and pumps.

ix. Selection and supervision of staff engaged directly and exclusively for a given property. This will consists mainly of porters, lift operators, cleaners, electrical and mechanical technicians. Where these services are contracted to specialised organizations; the property manager will negotiate, agree terms and enter into service contracts.

x. Periodic inspection is an important part of management control. Their frequency would depend on the length of the lease, value of the reversion to the landlord and finally the class and type of tenants.

xi.Other management functions such as reviewing and advising on redevelopment, refurbishing and re-adaptation, on disposal, acquisition and conservation of properties.

In summary, the effective execution of the activities enumerated above will guarantee that the property is managed in such a way as to ensure security and regularity of adequate returns on the investment, that the property fulfils the purpose, need and requirements of the users, that the property is in good state of repairs and regular maintenance, and that the property has a long economic lifespan.

Sunday, 1 May 2022

APPLICATION OF INFORMATION AND COMMUNICATION TECHNOLOGY IN PROPERTY VALUATION

Information and Communication Technology can simply be defined in its simplest form as an electronic medium for creating, storing, manipulating receiving and sending information from one place to another.

ICT is also used to refer to the convergence of audiovisual and telephone networks with computer networks through a single cabling or link system. There are large economic incentives to merge the telephone network with the computer network system using a single unified system of cabling, signal distribution, and management.

ICT is an umbrella term that includes any communication device, encompassing radio, television, cell phones, computer and network hardware, satellite systems and so on, as well as the various services and appliances with them such as video conferencing and distance learning. ICT also includes analog technology, such as paper communication, and any mode that transmits communication.

Estate Surveying and Valuation is one of the professions in the built environment that requires the use and application of Information and Communication Technology (ICT) in the various areas of its practice. Such ICT devices and applications include computers, networks, hardware, software, satellite and so on.

Jenkins (2002) had echoed a rhetoric question: in what form would the valuation profession survive in the 21st century? Same question was earlier posed by Appraisal Institute (2001). These questions are germane because new software packages that purport to do valuation and Appraisals have been, and are being developed.

These software packages do not sufficiently address emerging needs and the complex legal relationships involved in the valuation of property rights. It is therefore important for Valuers to be trained on how to realign valuation with the needs of clients, with dexterity and flexibility as French (2008) has proposed. Aluko (2010) asserts quite rightly that valuation should be so fashioned towards the clients’ specific needs. Several desktop based applications are available. These include MS Word for word processing useful for report writing and other documentations, MS Powerpoint for presentation. Others are PDF for protection and preservation of data integrity and MS-Excel – for quantitative and statistical analysis.

Surveyors who wish to be competitive in the global practice will find out that in particular, MS-Excel package is a software application without which any practice will find it difficult if not impossible to survive in the 21st Century.

Strengths and Weaknesses of ICT Use

ICT has its strengths and weaknesses. The weaknesses include cyber security challenges, frustration from data loss, data theft, identity theft, password loss or leakage, hacking and Data storage challenges (Barnat, 1994). The general global concerns on Cyber Security brought up some home truths about the dangers inherent in the use of cyber space. All these are dangers associated with ICT either in Offline or Online usages. These weaknesses notwithstanding, the global relevance and utility of ICT use has not been diminished in any significant sense as more and more uses are being made of it. So, Bender (1994) had asserted that generally the world must rely on Technology to solve environmental problems. One of such possibilities is in Valuation.

Ms EXCEL in Real Estate Education and Practice

First among the prime computer applications is the MS Excel which offers a means of quantitative analysis as well as Statistical Analysis in spreadsheet formats. By these two features, MS Excel becomes an indispensable working tool for Valuation and Investment Appraisal in spreadsheet format as demonstrated by French (2008, 2013 and 2015). Olatunji (2010) also applied the worksheet format to establish that medium-term property rights have values that can be assessed. There are many new software packages that perform some Valuation functions; Present Value of N1 (PV), Amount of N1 (A), Years Purchase (YP) calculations are some of these functions; Parry’s Valuation Table containing millions of calculations is now available in soft form with Equated Yield, IRR and other capabilities. It was noted by Davidson (1982), that the use of valuation tables, (and by extension valuation software applications) is not to replace the work of the Valuer; rather it is to save the valuer’s time from distraction by intricate mathematical problems.