MAJOR PLAYERS IN THE PROPERTY MARKET

INTRODUCTION

This unit covers the people who operate in the property market that ensures that the market operates and meet the needs of the people. The absence of any, will in no way affect the operation of the market. The estate surveyor and valuer must understand the roles of the major players and their effect on the market. Ability to understudy their reactions to the situation in the property market will assist the estate surveyor in taking appropriate decisions in the management of the estate portfolios.

OBJECTIVES

• The objective of the unit is to examine the major players in the property market. 

Major players in property market

The major players in the property market are:

1. The developer: the developer is the prime mover in the property market. He provides and supplies the property into the market by developing and or acquiring them. He provides and/or supplies the funds for the construction/purchase or development of real estate. The developer is principally an investor and a speculator and he goes into the property business with the main objective of making profit. 
2. The investor: this can be individual, group or corporate body giving up a capital sum in return for an income or benefit to be received periodically. At times, this return could be in a non-monetary form. Especially where the property is occupied and used by the investor. 
3. The financiers: this could also be an individual or financial institution that finances the project development. 
4. The estate surveyor and valuer: The estate surveyor and valuer is a trained professional and land economist who is schooled in the art and science of the property market. He functions as an estate surveyor and is well equipped to analyze and interprets the market behavior at any point in time. He is the professional prime mover in any estate development, the first and the last. He comes in at the inception stage to provide market information for developing a scheme. Very often, he carries out the pre-investment studies (feasibility and viability studies) acts as project manager for the development and also manages the development on completion. He is professionally trained to estimate and advice on property value. 
5. Estate agents: He is the linkman who brings together the buyer and the seller in any property transaction. He is also an estate broker who may either represent the interest of the vendor or vendee or both for a fee or a commission. In Nigeria, the business of estate agency is undertaken by both trained professionals (the estate surveyors and valuers) and the untrained hands often referred to as “quacks”. 
6. The lawyer: He handles all legal documentation and other legal matters pertaining to real estate transactions. He draws up and prepares lease agreements, deed of assignment and sub-leases and management agreements. Furthermore, he conducts searches at the lands registry to ascertain the genuineness or otherwise of interest being offered for sale. In the event of any litigation emanating from the property transactions, he represents the parties as an advocate. 

SELF ASSESSMENT EXERCISE 1

• Mention the players in the property market. 

CONCLUSION

This unit has exposed you to the major players in the property market and their roles in the running of the market.

SUMMARY

The major players in the property market are the developers, investors, financiers, the estate surveyors and valuers (who could double also as the agent) and the lawyers. The developer  may be public or private, multinational or an individual. Also, the developer, investor and
financier may be the same person or an organization.

TUTOR MARKED ASSIGNMENT

• Enunciate the roles of major players in the property market