Unit 7 – property professionals
Throughout the world, land and buildings represent one of the largest, and most valuable, assets of national governments, municipalities, commercial companies and individuals. All types of property – ranging from undeveloped land to international airports – need to be professionally managed, by people who are specially trained to enhance the value of property. In the United Kingdom, these property professionals are called chartered surveyors1. They work mainly as property advisers and construction economists. The minimum training period for a chartered surveyor is five years. Students must first follow the academic course, usually leading to a university degree in surveying, property management and valuation, or construction economics.
Property professionals represent all the skills concerned with the measurement and management of property2. The main specializations are:
the acquisition, presentation and management of spatial data and land information
the valuation of lands, buildings, plant and machinery
property investment advice
property management
commercial and residential estate agency
building maintenance and conservation
construction economics.
Chartered surveyors who specialize as land surveyors use automated techniques and computer technology to measure the earth and its features. They prepare and handle measurement data for the recording and development of land3 and buildings. They settle national and property boundaries. They produce maps and plans to all scales.
Many property professionals specialize in the planning, development, valuation, purchase, sale and management of individual properties4, the national estate or international portfolio on behalf of their owners. Services include financial appraisals, projections and feasibility studies5; the preparation of development and re-development briefs; investment advice; urban estate management; rural land management; and valuing property for owners and occupiers, for corporate investors, for funding agencies (such as banks and mortgage companies) and for financial statements.
Property professionals who specialize as building consultants advise on all aspects of building, from the design of large modern structures to adaptation and repair. The rapidly escalating cost of construction throughout the world is making ever-increasing demands on the services of property professionals who specialize as construction economists (or quantity surveyors, as they are known in the UK). They manage and control the cost of construction projects of all types and sizes from the initial feasibility study through to completion and subsequent occupation6.
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The role of the construction economist in the life of a project |
Project management. The complexity of construction means that a project sponsor can be overwhelmed by the number of consultants and other specialists involved. Construction economists are well qualified to act as project managers. In that capacity they select, co-ordinate and manage all the resources needed for the project and act as the single link between the project sponsor and the construction team.
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This involves the production of estimate and cost plans7; advice on the type of contract and contractor selection; the valuation of work in progress, settlement of the final account; and advising on the running and maintenance of a building8 during its entire life cycle.
Notes:
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1. …chartered surveyors
2. …the measurement and management of property 3. …development of land… 4. …management of individual properties…
5. …feasibility studies… 6. …subsequent occupation 7. …the production of estimate and cost plans…
8. …the running and maintenance of a building… |
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