The Nigerian Institution of Estate surveyors and Valuers (NIESV), Lagos Branch has urged its members to improve the practice of estate surveying in country.
The programme, tagged: “Head of Practice Forum 2016: International Property Measurement Standard and its Impacts to the Nigeria Property Market”, held at Agidingbi, IKeja, emphasized the importance of proper valuation in the real estate sector in the country.
On the vexed issue of whether it would it be possible to place values on properties without measurement? Would such values be correct if the measured areas are not correct? Is it proper to have, for example, three different measured figures from the same property from three different surveyors?
Responding to the question, the Guest Lecturer, for the event, Messrs Jimmy Olayinka Omotosho, a Realtor reeled out the importance of international property measurement standard (IPMS), saying it is one of the modern instrument in real estate that Nigerian practitioners should be conversant with and make use of for effective performance.
According to Omotosho, IPMS, apart from it being an effective tool for the eradication of quackery in the profession, it ensures accuracy of measurement and that it should not be left in the hands of the incompetent staff in the course of engaging in valuation businesses.
“Because of its importance, head of firms should ensure that a competent hand is involved in engaging in valuation business and not to be left for an incompetent staff, though, they are employed and need to develop, any mistake in applying IPMS may lead to wrong valuation that may not favour either the service provider of owner of the property,” he counseled.