Department of Estate Management

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Browsing Department of Estate Management by Author "Awosode, Orayinka"

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    Adoption of Automated Valuation Models- A Panacea for Enhanced Valuation Practice in Nigeria
    (Department of Estate Management, Obafemi Awolowo University, Ife, 2021) Awosode, Orayinka
    The era of globalization coupled with the introduction of information communication technology has brought about changes in the real estate industry. It has widened the scope of valuation practice, while sophisticated clients also demand accurate price prediction and risk pricing. Extant studies have discussed the lack of data repository bank, digital divide, obsolete educational and practical knowledge as part of the challenges of valuation practice in Nigeria. However, the use of technology is continually changing valuers’ roles from property assessors based on localized market information to financial analysts. The adoption of advanced valuation methods such as Automated Valuation Models (AVM) could help in removing the problem of localized property market knowledge, data availability and access to data. This study reviewed valuation practice in Nigeria, challenges facing the practice in Nigeria and the use of technology as a possible future for valuation practice. The study concluded that although the use of AVM is not popular in Nigeria, it is pertinent to the growth and development of valuation practice. It then recommended that all stakeholders should encourage its adoption in data collection and analysis coupled with a physical inspection to ensure an accurate estimate of value.
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    Factors Influencing the Choice of Automating Systems Used in High-Rise Buildings in Lagos, Nigeria
    (African Real Estate Society, 2019-09) Awosode, Orayinka
    The consistent change and functions of building systems coupled with the level of sophistication of users of high-rise buildings require that facility managers find innovative ways to control and manage facilities. In this while, the use of automation systems presents facility managers innovative ways of ensuring functionality of the built environment through the integration of people, place, process and technology. These systems must however be selected with care and operated with dedication to achieve desired results. This study examined factors influencing the choice of automating systems in high-rise buildings in Lagos, Nigeria with a view to providing information that could enhance facility management practice. The study selected 53 high-rise commercial buildings based on their high occupancy ratio. Total enumeration of the identified 53 resident facility managers of these high-rise buildings was carried out. Information collected included types of automating system used by facility managers, time of acquisition of automating systems used among others. Descriptive and inferential statistics such as frequency tables, mean ranking and factor analysis were used to analyse the result. Findings of the study revealed that the choice of automating systems used by facility managers was significantly influenced by the cost of acquisition of the automating system, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation in the management of facilities in high-rise buildings. The study concluded that cost of acquiring automating system is the most influencing factor when considering the choice of automation, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation.