A Study of the Quality of Property Valuation Reports in Lagos Metropolis
Abstract:
This study examined clients’ perception of the quality of property valuation reports in Lagos Metropolis with a view to examining their satisfaction level and thus improving on the quality of valuers’ reports. The study used survey method to collate the data. The survey method employed the use of self administered questionnaire coupled with interview to obtain the relevant data. A total of twentyfive (25) banks representing 100% of the total population and one hundred and sixtythree (163) estate surveying and valuation firms representing 50% of the total population were studied. Data collected were analyzed using nonparametric statistics. The result of the examination of seventyeight (78) valuers’ reports in comparison with the standard expected shows that valuers’ reports were meeting the standard. The result also showed sixtytwo percent (62%) of the banks are at least satisfied with the overall content of their valuation reports. However, the examination of clients’ needs revealed that they would prefer to see more details on their reports. The results shows that “demand information in the larger property market” and “va luation calculations to convince them how the valuers arrived at the value” ranked first in what the clients required with a mean rank of 3.85 while “a portion stating the complexity of the market and also the position of the property in the market” ranked second with a mean value of 3.77. “More emphases on the analytical aspects of the valuation” and “the estate surveyors and valuers should state how certain they are about the valuation figures” ranked third (mean = 3.69). The study concluded that there should be greater understanding between the clients and the estate surveyors with respect to the needs of the clients’ in the area of valuation reports as well as greater understanding of the limitations of the valuation figure. ORDER COMPLETE MATERIAL FROM CHAPTER 1-5
