1.2 BACKGROUND OF STUDY
Real estate has continued to play a
significant role in man’s evolution. It is not a coincidence that food, shelter
and clothing believed to be the three essentials that sustain mankind, also
have some linkage to land. Food grows out of land while shelter is affixed to
it, and man’s clothing is made largely from what grows out of land. Indeed,
whether in ancient times or today’s modern system land constitutes a
significant index for man’s wealth and as economic activities have assumed more
sophistication over time, land has continued to play a central role in their
development. There is hardly any business venture that does not require to be
supported by some form of real estate or estate management, from the small
business that requires real estate as offices from where its business can be
organized, to the major venture that needs it for its factory. Economics and
management studies have long established that production is dependent on four
factors, out of which land is one, along with labour, capital and entrepreneur.
It therefore simply stands to reason that to be true to his professional
responsibility every commercial/business lawyer ought to have a proper grasp of
estate management practice or real estate law. The client needs advise on this
in one form or the other, for land.
Elementary economics teaches us that
where there is a lot of demand, prices are bound to go up. What has further
complicated the graph is the fact that, although a natural endowment, land is
not finite. It accounts for only 20% of the whole surface of the earth.
Consequently, against this backdrop major economics, through some very robust
and well thought out land policies comprehensively address challenges they
encounter in the real estate sector. This is not exactly our situation here in
The study, computer application in
estate management practice in
1.3 STATEMENT OF PROBLEM
Estate management exists for the
purpose of achieving certain goals and objectives, we therefore to know? What
role computer plays in real estate practice? What are the benefits of computers
applications in real estate practice in
SIGNIFICANCE OF STUDY
The purpose of this study is to
examine the contributions, the application of computers in the estate
management profession we have on real estate practices it is proper to accept
that real estate will climb to a height with judicious and effective use of the
computer. Hence, this study is committed to accept that real estate will climb
to a height with judicious and effectives to examine the following-
Whether firms where computers are
deployed enjoy greater satisfaction by way of increase of property sales,
letting, purchases. To know whether with the use of computer, if time, money is
conserved and efficiency are actually in property market transaction. To know
what stage in property market, computers can be used.
OBJECTIVE OF THE STUDY
It has been discovered over the years
that in the property market (real estate) many have not availed themselves of
the opportunity the computer offers. Besides, only very few people dare to
investigate into this amorally. This is why this study is to bridge the gap and
create more awareness and adaptability into the use and sustenance of computer
application in real estate. Will in no small measure enhance the efficiency of
service to customers and the role to the entire society.
SCOPE OF STUDY
This study shall deal with the
application of computer in real estate in the property market. It will cover
the concept of computer, area of computer in real estate, different area of
real estate practice will be highlighted and we shall know the percentage of
real estate firm who make use of computer and how they carry out their function
using the computer.
LIMITATION AND DELIMITATION OF THE STUDY
Real estate types can be categorized
i. Agriculture real estate: These are used for the cultivation of crops and rearing of
animals, example, farm land, farm houses, rancher, orchard etc. These factors
that may affect the value of agricultural properties are.
a. Availability of nearby market
where the farm produces will be disposed off.
b. The topography of the land and
climate of the district
c. The size of the holding. Generally
a smaller farm will yield a high next per hectare than a large one.
d. National features such as types
and condition of the soil, level of the water table, and the type or condition
e. The condition of fences and
approach roads and efficiency of land drainage.
f. Availability of services such as
water supply to the main drainage and electricity to farm building.
ii. Industrial real estate: In this category are every class of property primarily used
for the production of goods and service, example factories and warehouse.
Location in relation to transport system availability of labour, market, and
raw materials are important factors including-
condition and facilities of the building example car parking etc.
b. The general
layout of the buildings. The building should have good facilities for delivery
and dispatch of goods, storage and handling.
c. Provision of
facilities for employees such as car parking, canters and social areas (e.g.
bars and games centre)
iii. Residential real estate: They are classes of building that provide living
accommodations for people. They include living flats, duplex, missonatte,
bungalows, detached house, tenement building etc. They can be found in urban
and rural areas, some of those properties which are found in urban slums and in
some rural settings constitute the poorest living conditions because they lack
modern amenities. Consequently, they are subject to create control by the
government especially in urban center.
iv. Commercial real estate: They are let or develop purely for commercial purpose and
their value depends on their locations rather than on the building or on the
lease. Hence, the properties which are located in the center of cities or towns
are regarded as very secure investment with evidence of capital appreciation.
The management involve little difficulty because the business tenants meet
Nevertheless, decline in the economic
values of central areas and consequent charges in the transport system often
off-set the locational value of commercial properties. Commercial properties
comprise a lot of shops and department stores, petrol and service garage market
and market stores, trade fair, site etc.
v. Recreation real estate: For example, amusement parks, relaxation spots and old
spaces, tourist centers, hotels, game reserves, clubs and museums. Their
attributes affect values through facilities provided, size etc.
vi. Special real estate: The special properties are variety of properties whose income
depends wholly on the use and efficiency of their business management some of
those properties such as that provide boarding facilities have speculative
income while others such as entertainment properties have fluctuating income
due to ragged in their functions. They composed of hotels, restaurants, public
premises, theatres, finished apartment and other specialized apartment.
DEFINITION OF TERMS
include real property i.e land, building, estate. It is the bundle of rights
and benefits derived from something owned to the exclusion of all other
network of dealing in any factor or product between buying and selling.
device or calculating machine which caries out a wide variety of operations
under the control of a set of instructions (called programs) stored in its
legal entity denoting the character and quality of lights that an owner posses
in a landed property.
The science of organization and operations or at the practice level, act of
directing and conducting affairs.
program or group of instructions, which can be used to control a computer and
its associated hardware to carry out tasks.
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