Measurement is simply the process of associating numbers with physical quantities and phenomenon. According to Wikipedia, measurement is the numerical quantification of the attributes of an object or event, which can be used to compare with other objects or events.
As a real estate professional, I find myself undertaking measurement of construction works on a daily basis. My knowledge in measurement of construction works help me to estimate the capital and rental values of properties as well as provide management solutions and advisory decisions in relation to spaces.
I am able to determine lengths, widths, areas and heights with the aid of measuring devices such as fiber tape measure, measuring wheel and digital laser measuring tape.
It is very important to ensure accuracy in my measurements as a real estate professional because accuracy is very critical in arriving at a fair value in the valuation of an asset or space. I am able to calculate the area of a parcel of land, determine the gross and net areas of a property in order to assess its fair market value or rent.
Again, determining the height of a fence wall, the depth of a septic tank or swimming pool can only be done by way of measurement. Also, it is only by measuring that I am able to determine which rental space is bigger in comparison with others.
Aside the above, knowledge in measurement of construction works benefits the real estate professional because;
- Commercial properties are rented out based on floor spaces per square metre.
- Selling a property requires accurate description of the property in terms of area, plot size and other details.
- Real Estate professionals want to be sure the area of a rental property meets the needs of our clients when acting as a broker,
- It enables realtors to make decisive comparison of different type of properties and their sizes,
- Landlords want realtors to accurately describe the size of their rental properties based on measurements
- Tenants want realtors to provide them with accurate information regarding their leased space.
Another aspect in which I employ the use of measurement is in determining how much compensation is fair and adequate to be paid to a claimant whose property has been compulsorily acquired. In some instances, only a part of a building or land is affected by compulsory acquisition.
In assessing the compensation payable for the land taken, a real estate professional can only do that when he or she is able to determine to actual size affected by the acquisition and this can only be determined by measurement.
In measuring the distance of a property from a road or another property or object, one will need measuring tools to accurately determine the distance.
I recall that in one of my projects, I had a difficult time forming an opinion of value. Interestingly, the reason was due to a wrong measurement. As soon as the error was detected and corrected, everything was just fine.
In view of the above, it is very critical for a real estate professional to have knowledge in measurement of construction works because, in our day to day activities, my experience with measurements has made me realize how different a value or opinion can be if my analysis is based on wrong measurements. It can also make your work indefensible, regardless of whatever good valuation work you perform.
I recommend the use of proper equipment in measuring as well as vigilance on the part of the real estate professional because it is often said, “one accurate measurement, is worth a thousand expert opinion”.
Source: Naa Lamikai Adofo, MGhIS Valuer