FACULTY OF ENVIRONMENTAL STUDIES I I

DEPARTMENT OF ESTATE MANAGEMENT I I I I I I I

STUDENTS INDUSTRIAL WORK EXPERIENCE SCHEME (SIWES)

I I

A REPORT OF WORK DONE AT I I

HOME BASE DEVELOPMENT LIMITED I I REAL ESTATE DEVELOPERS I

PLOT 133 IKENEGBU LAYOUT I I I I

OWERRI IMO STATE. I I 1 I

PRESENTEDBY I

NAME: OKWARAOHA GREGORY NNAMDI I 1

REG: NO: 2002/1 I8624 I I I f I

I I I IN PARTIAL FUFILMEMT OF THE INDUSTRIAL I I 1

I TRAINING REQUIREMENT FOR THE AWARD OF I

1 BACHELOR'S SCIENCE (B.Sc) IN ESTATE

I I I

' 1 MANAGEMENT

1 I I I I I I I 15 DECEMBER 2007. I 1 I

DEDICATION

To the God Almighty the creator of mankind.

ACKNOWLEDGEMENT

To the God Almighty for his guidance and protection throughout

the period of the industrial training.

My special thanks go to my director Home Base Development

Limted, Barr. Chima Anozie Esq, Ugochukwu the manager, Chinasa

the secretary and the rest for giving me the opportunity to do my

industrial training (IT) in his firmlpainstakingly putting me through in

the things 1 suppose to know.

Finally, my lecturers in my department who theoretically laid the

foundation of my experiences. Remain Blessed.

CERTIFICATION

This is to certify that this piece of w

dkwdaoha Gregory ~nernd i

iii

CHAPTER FOUR 4.0. CONCLUS~ON ................................................. 15

4.1. RECOMMENDATION ....................... - -------------- -- 16

CHAPTER ONE

I .O. INTRODUCTION OF SWES

The students Industrial Work Experience Scheme (SIWES) is

the accepted skills training programme, which forms part of the

approved minimum Academic Standards in the various degree

programmes for all the Nigerian Universities. It is funded by the

Federal Government of Nigeria and jointly co-ordinated by the

Industrial Training Fund (ITF) and the National Universities

Commission (NUC).

It Is ~ l t r ~ c d t l t cxposit~g studontls to rn~chines and equipment,

professional work methods and bridging the gap existing between

theory and practice. The scheme is a tripartite programme, involving

the students, the universities and the industry.

1.1. OBJECTIVES OF SlWES

i) Provide students with an opportunity to apply their theoretical

knowledge in real work situation, thereby bridging the gap

between university work and actual practice;

ii) Provide an avenue for students in the Nigeria universities to

acquire industrial skills and experience in their course of study.

iii) Prepare students for the work situation they are likely to meet

after graduation.

CHAPTER TWO

2.0. HISTORY OF THE FIRM

Home Base Development Limited is an Estate Management

Firm. The director Barr. Chima Anozie Esq; got his Bachelor of

Science (BSC) with honour in Estate Management in September

1992 from the Abia State University Uturu; and was elected a

professional Associate of the Nigeria Institution of Estate Surveyors

and valuers on the 17 '~ day of November 2000. Given under the seal

of the Institution 24th day of March 2001, Registration No M.1592.

He had his Bachelor of Laws at the lmo State University on 9"

day of October 2003 and was called to the bar on 12" October 2004.

The firm is incorporated under the companies. And allied matters Act

1990 on 2om day of April 1994. Head office at plot 133 lkenegbu

Layout Owerri, Imo State and branch office No. 13 Younde Street,

Abuja, Federal Capital Territory. ,

2.1. JOBS UNDERTAKENIACTIVITIES

The jobs undertaken by the firm are as follows;

i.) Property management

ii.) Estate Agency

iii.) Property valuation

iv.) Property development

v.) Arbitration; Etc.

I. PROPERTY MANAGEMENT: I was deeply involved in practical

aspect of property management during the Industrial Training.

Property management simply means the control and supervision of

real property rights. The manager, to safeguard his client's property

and keep himself and his client property informed on its state, must

inspect it regularly; otherwise he will not be aware of changes and

when the tenant breaches clauses in the lease or when there are

client's obligations to be attended to. Regular inspections are

necessary to ascertain that the tenant is complying with the

covenants in his lease and the rules and regulations. A separate file

for each property being managed, where records of any kind are

being recorded. This service attracts 10% of the house rent annually

or monthly depending on the tenancy agreement.

It. ESTATE AGENCY: It is the major business the firm does which

I am involved. It is the trading rights and interests in land on behalf of

others. It involves buying, leasing, selling, mortgaging, letting, renting

etc on behalf of the client. On the approval of the Landlord to let his

property for him, we hang to let board on the property, then interested

people will contact us and we choose the tenants that are capable of

paying the house rent as and when due. If is a vacant land, 10%

commission from the land-owner after finding a prospective

purchaser and 5% from the buyer for connecting him to the land

owner. We stand as an intermediary between the property owner and

the tenantlbuyer.

Ill. PROPERTY VALUATION: his is the core of the discipline,

because it underlines the other aspects. Simply put, it means,

objectively putting a money worth on an interest in land. Valuation of

a property is estimating the monetary worth of a property for a

particular purpose at a given time, taking into accounts all the

features of the property, age, location etc.

Valuation as a process comprises the entire exercise which

begins with the receipt of instruction for valuation and ends with

submission of the valuation report. The process may be divided into

four stages.

i) The first stage comprises the receipt and accep!ance of the

request for valuation followed by data collection which includes the

physical inspection and survey of the property to be valued,

ascertainment of other facts about the property, that cannot be

discovered by inspection and the collection of relevant market

information.

ii) The second stage is the analysis and evaluation of the data

obtained to establish the parameters of the critical variables that

determine the values of properties comparable to the property in

question.

iii) The third stage involves the construction or selection of the

appropriate method of valuation and building into this the value

parameters already established thereby calculating a figure which will

form the basis of the valuer's opinion of value and advice.

iv) The fourth and final stage consists of the preparation,

production and submission to the client of the necessary valuation

report and certificate.

Toilet

I Rathroom

I Room 4

Room 5

SURVEY AND Vl7'-iJATION REPORT ON THE LANDED

PROPERN AT NO 34 CHISARUWA PREFAB ALADINMA

LAYOUT OWERRI, IMO STATE.

BRIEFIPURPOSE: We are a firm of estate Surveyors and valuers

commissioned by Afribank Owerri to carryout

a valuation survey of the above mentioned

landed property with a view to determining the

open market value for legal mortgage

purpose.

DATE OF

VALUATION: 24' May, 2007

LOCATION OF

PROPERN: The property locates at No. 34 CHISARUWA

PREFAB ALADINMA LAYOUT low den'sity zone of

Owerri. All the roads are tarred and well maintained.

The immediate neighbourhood comprises high class

residential properties.

DESCRIPTION OF -, 4 , r

PROPERTY: The property is a five (5) bedroom, kitchen,

sitting room, toilet & bathroom sited on a fairly

level rectangular parcel of land. The site is

fenced with cement block wall rendered and

painted both internally and externally.

DETAlr 3 F

CONSTRUCTION:

ROOF: Aluminum long span

Ceiling: Boarded

Wall: Cement block rendered and painted both

infernally and externally.

Window: Aluminum sliding type

Door: Iron doors and warden doors

Floor: Terrazzo1 P.V.C. finishes.

SERVICESIAMENITIES: Borehole, Electricity is supplied to the

property from public mains.

STATE OF REPAIRS: The property is in good state of repair.

TITLE: A statutory right of occupancy is vested in Mr.

Prince lkeh as evidenced by a registered

certificate of occupancy. No 30 at page 30 in

volume 10 at the Land Registry Owerri, Imo

State.

BASIS AND METHOD

OF VALUATION: We have used the direct capital comparisan

method based on open market transaction in

arriving at the open market value of the

subject property. Recently concluded sales

transactions on similar properties within the

neighbourhood were analyzed & adjusted for

I unique advantages and disabilities in the

subject property.

OPINION OF

VALUE: In the light of our findings, obsenrations and on the

above basis, it is our opinion that the open market

value of the subject property is in the region of

N8,000,000. The value of the property for legal

mortgage purpose.is in the region of N5,000,000.00.

This valuation report is for the use of the Afribank

Owerri to whom it is addressed, we do not accept

responsibility to any third party.

PROPERP 'IVESTMENT: It is another aspect of job carried out

by the firr*i Property investment which is the commitment of

resources in property or business based on capital analysis of

expected benefits and risks, with the expectation on realizing profits,

either immediately or more often over an extended period. These

future profits could be financial returns or increased output.

Investment is very different from speculation which involves

buying & selling with the expectation of realizing quick profits due to

sharp price changes over a short time.

We advise clients that come to us to invest in real estate. There

are two forms of investment

Real investment

Financial investment

REAL INVESTMENT: This is the creation of a new income yielding

asset. It is also known as capital formation. It includes new

development, modification and re-building.

FINANCIAL INVESTMENT: This is the commitment money into an

already established business in order to share in the profit sharing.

E.g. is the purchase of productive property.

PROPERTY DEVELOPMENT: This aspect is also another area I

was involved during the industrial training (IT) at Home Base

development limited. In every development we want to carryout for

a client we prepare tender for it. Once the tender is endorsed by the

clientlus, we commence the development. I visit sites to ascertain

the rate of development and give report of work on the site I visited.

For private practice, development, involves finding suitable

sites, for the client, undertaking economic or other appraisal for the

proposed development, handling negotiations for the acquisition of

the required site or premises, obtaining planning permission and

carrying out the construction work.

CHAPTER THREE

3.0. EXPERIENCE GAINED

i) I am now being exposed to the practical aspect of my

course of study and the work situation l am likely to

meet after graduation.

ii) l can now carry out survey report, power of Attorney,

management of property, tenancy agreement and

writing good letter for notice to quit.

3.1. PROBLEMS ENCOUNTERED

I Difficulty of identifying building materials/. their names.

ii Getting comparables of property that were recently sold

/rented .

3.2. SOLUTION TO PROBLEM

Asking of questions to be cleared on that, whenever such

difficulties I problems arises

GJAPTER FOUR

CONCLUSION

The Students Industrial Work Experience Scheme (SIWES) is a

training worth doing. Training that exposes );ou to labour market. How

theoretical aspect of your course is applied practically.

4.1. RECOMMENDATION

My advise to students on, future students industrial work

experience scheme (SIWES) is that they should take their class work

seriously and the theoretical aspect of their course more serious in

that it helps a lot in the practically side of the training.

My advise to the siwes managers is that they should make the

allowance available on time before graduation and maintain their visit

during the industrial training.