Functions of Estate Management

                Estate management is a broad specialization whose history can be traced from the days of the manorial steward. In the 15th century, the manorial steward was an educated man with great integrity that enabled him to run the estates of the lord.  After the industrial revolution life became  much more  complicated and demanded an understanding  of other  disciplines  in order to  run an estate  efficiently; keep  estate account s and apply  the capital generated by the  estate in improving estate conditions. By   mid-nineteenth century, it was not uncommon to find professionals who are well educated in the field of estate management emerging with skills needed in the administration of the over- expanding estates. The saying goes that cities represent mankind’s evolution from barbarism to civilization and that kind of city man builds for himself reflects on his emotional and mental balance. In recognition of this fact, estate surveyors and values have today identified themselves with the problems of city growth which follow in the wake of negative urbanization. They have come to  the  conclusion that the  adverse effects of urban sprawl or hotchpotch development can only  be mitigated through the effective administration of managerial  functions geared  towards the direction, control, supervision  and proper  co-ordination of urban land uses  competing for the scarce urban land resources.

                Often misunderstand existence of the proper meaning of the word ‘estate’ and what the professional in this discipline really does. Defined briefly, estate refers to the physical land appurtenances attached thereto. As a generic term, it embraces the tangible elements of the land including interests, benefits and rights inherent in the ownership of the property; and those intangible attributes which are the rights of ownership.  An estate has certain characteristics,  Michael Thorncroft has identified five: the physical  characteristics refers to the visible and identifiable  attributes of the estates such as  shape, the compact or fragment nature of the estate-a chain of multiple shops or a block of offices. An estate also has definite location. Location is important in that it gives value to the estate.  Thus the situation of an estate in relation to contiguous properties in the neighborhood is vital determinant of its value. The economic characteristics  refers  not only  to the ability of the estate  to generate  income  or capital  but also  to the relationship  of site  value to developed value. The estimated future values and the extent of physical, functional and economic obsolescence affect the income producing capacity of an estate. The legal characteristics impose constraints in the ownership and use of the estate. The lesser of  a warehouse  may  impose  restrictive  covenants  which must  be observed  by the lessee  in the  enjoyment of his  inferior interest and the landlords bundle of right  are  reduced  from the obsolute  by the  rights and privileges  of others e.g. easement of rights.

There are two main categories of estate – those run as viable economic ventures and the non-profit making organization or charities. Generally, surveyors are interested in the first category. They look at estates as commodities traded in the land market subject to the forces of demand and supply. Such estates compete for the consumer’s income and decisions to use, buy or sell them are prompted by the oppournities for maximizing returns from a transaction in the market. Land is thus pressed into estate development by the existence of a value as established by the alternatives of land development.

The aim of management depends on the type of estate. Apart from estates and for purely social and economic reasons there are those whose owners wish to enjoy independence and the freedom attached to their operation; and yet other owners may want prestige and the political power attendant with ownership. Whatever the motive behind estate development, whatever the shape or character of the estate, estate surveyor is usually called upon to perform the following managerial functions.