Estate management been a science implies that it makes use of some scientific methods and applications in finding solution to some problems and answering some questions. For example, property valuation is a scientific method that involves the application of scientific and mathematical methods in estimating the worth of a property.
Estate management can also be defined as an art of science of directing and supervising of one’s interest in land or landed property in other to achieve some optimum returns which may not only be financial but political, social statute, prestige and other returns.
Estate management is concerned with the setting of policies, planning and development of interests in land and landed properties to secure optimum returns.
Estate management is also concerned with the studying of land laws, property laws, state laws concerning real or landed properties unlike the business management that does have such motives and goals of studying property or land laws.
Management skills in estate management varies at most cases with that of business management in the sense that managerial skill used by estate managers in managing assets might quite be different from that of a business manager.
CHARACTERSISTICS OF AN ESTATE
For one to call something an estate it must possess at list a minimum of these characteristics;
(1)There must be a physical identity which implies that both natural and man-made attributes are involved which may include the design, location and geographical area of the property, size and shape of the property.
(2)The economic condition or status of the property which implies the use to which the property is used for, the functional and financial status of the property including its income yielding level etc.
(3)It must have a legal status which implies the rights exercisable on such interest or estate by the individual. This in fact is what differentiates a freeholder of estate from a leaseholder of estate in the sense that the freeholder has more power and rights than the leaseholder.
(4)It should possess some managerial character , which implies that the managerial skill required in managing a block of flat in Umuahia would be or may be different from another block of flat in Lagos.