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Real Estate Management

Real Estate Management the

business of managing land and

buildings, including activities

such as keeping buildings in

good condition and organizing

the renting of property.

Estate management can be

defined simply as the

management of urban and

rural buildings to make money

for the owner.

Estate management can also be defined as an art of science of directing and supervising of one’s interest in land or landed property in other to achieve some optimum returns which may not only be financial but political, social statute, prestige and other returns.

Estate management been a science implies that it makes use of some scientific methods and applications in finding solution to some problems and answering some questions. For example, property valuation is a scientific method that involves the application of scientific and mathematical methods in estimating the worth of a property.

Furthermore, looking at estate management from the art side of view, we find out that estate management involves the use of common sense and ideas and knowledge in tackling issues in the field. It requires one’s experience, technical background and decision making skills which doesn’t require any mathematical or scientifically experiments in doing so.

Estate management covers a large variety of disciplines that is why they are regarded as the jack of all trade and the master of one. Estate management covers the areas of architecture, land law or property law, building construction, quantity surveying and land surveying, land economics and general economics, agriculture and agricultural economics, town planning and public utilities, all these discipline play vital roles in the life and practice of an estate management practitioner.

Over the years and recently, it has been diagnosed that people think that it is not necessary to study estate management since one has a business management idea. This conception is wrong because of some reasons though they have similarities but factually they are not the same.

·       Business management is mainly concerned with the management of goods and services commercially and industrially unlike estate management that is involved with the management of interests in land and landed property.

·       Estate management is concerned with the setting of policies, planning and development of interests in land and landed properties to secure optimum returns.

·       Estate management is also concerned with the studying of land laws, property laws, state laws concerning real or landed properties unlike the business management that does have such motives and goals of studying property or land laws.

·       Management skills in estate management varies at most cases with that of business management in the sense that managerial skill used by estate managers in managing assets might quite be different from that of a business manager.

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