Until recently, property management as an area of real estate practice was considered as simple of rent collection and attendance to minor repair works in the building. Landlords or their appointed surveyors in most cases were involved in this regard.
However, the national economy coupled with the resultant effect of increasing cost of building material and souring cost of capital caused a shift of attention to corporate management in landed properties, the risk involved in real estate development has inevitably increased. Consequently, additions to the existing stock of properties have reduced strongly. In conforming to the attributes of capital appreciation, rents and value on properties rise with multiple years of rent now being demanded.
For new lettings, the market forces of supply and demand are easily reflected in rents and other considerations. However, requires professional experience to negotiate comparative terms with “sitting tenants”, besides, vacant possession is not easily obtained as it involves intricate legal procedure.
For these and other related reasons property owners and developers are beginning to appreciate the important roles estate a surveyor could pay ion realizing their investment objectives of profit maximization while extending the economic life of their properties.