PROPERTY SOURCING IN ESTATE SURVEYING AND VALUATION FIRMS

ABSTRACT

This study examined property sourcing in Estate surveying and valuation firms and the objectives were to identify the sourcing methods used by estate surveying and valuation firms in Benin City; to ascertain the challenges facing the method of sourcing and to access the level of effectiveness of the sourcing methods with a view to assessing the most appropriate sourcing methods for estate valuation firms in Benin City. The data for this study was sourced through primary source. Questionnaires were administered to members of the Nigerian institution of Estate surveyors and valuers as real estate investors and developers in the study area using simple random sampling. Fifty six (56) questionnaires were administered, out of which fifty (50) were retrieved and employing the descriptive techniques in data analysis, Findings revealed that firms make use of a combination of several sourcing methods so as to have high traffic in their patronage ranging from the direct contact to the online platform to the brokers network to clustering of properties and so on. Property sourcing firms have been using a particular sourcing method for 6 to 10 years and the sourcing method require a formal training to be able to effectively used. Although firms make use of a variety of sourcing methods, they have a particular method that is mostly used like the online platform due to its potential of reaching a large audience at lower cost, followed by the brokers’ network of sourcing properties. It was however recommended that firms should ensure that their staffs are adequately trained in effectively using the best sourcing method for effective turnover; and government should ensure that adequate government policies are enacted to make the sourcing profession more attractive to the younger generation.