Technology continues to be a catalyst for change in all areas of business and industry, and the real estate market is no exception. Firms and stakeholders in the real estate sector are gradually leveraging emerging technologies to reform the industry. The alignment between property management and technology has given rise to the fast-growing global “Proptech” industry. Proptech, also known as “real tech,” means property technology and encompasses all the software and other various digital solutions and services utilized by real estate experts to optimize real estate activities.
Over the years, the global real estate industry has experienced significant progress. The global commercial real estate investment market peaked at a record yearly amount of US $1.3 trillion in 2021, an increase of 55% from 2020 and 21% from 2019. With explosive development and complexity comes the need for a strong synergy between technology and real estate to effectively scale up the sector and aid in transcending the hurdles constraining the progress of the industry.
Digitization is poised to revolutionize the sector.
However, while shedding light on the prospects of the industry, Ugo Obi of Tilden Development Limited, a real estate firm in Lagos, noted that the Nigerian real estate industry is one of many to have embraced technology, especially in property evaluation, the development of online marketplaces, smart homes, prospecting, and marketing. Obi argues that despite the fact that automation adoption is still relatively low due to limited access to broadband internet, digitization is poised to revolutionize the sector in the near future as he affirms the firm’s forefront participation.
He further highlighted some certain areas of tech deployment that are transforming the Nigerian Proptech industry, such as the real estate marketplace software, virtual property inspection, and smart home technology. The development of marketplace software and listing platforms, which ensure buyers and sellers can function more efficiently, is understood to be the most extensive adoption of technology in the Nigerian real estate industry. Prior to the advent of marketplaces, it was business as usual, where a person interested in renting, leasing, or buying real estate would have to meet with an agent in person to assess the property and then carry out the transaction.
These inspections virtually are more convenient than traditional approaches.
But nowadays , in the era of technology deployment in the industry, with access to online service and a few clicks on our devices, we can access thousands of homes, apartments, stores, and more with no further ado. These platforms also offer chat features which enable buyers and sellers to interact directly with each other leaving no room for third-party interference. Moreover, the Virtual Property Inspection was propelled by the dire need to inspect the market before engaging in transactions particularly during the global COVID-19 pandemic.
New inspections procedures, which began as a temporary fix during the global pandemic, has now transformed into an integral and interactive asset in the global real estate market. Inspection is at the top of the to-do list when negotiating, leasing, or buying a property. Virtual inspection is a more convenient and cheaper alternative than traditional approaches. It provides clients with an immersive experience of the features of a particular home or building without spending valuable time and money on a physical inspection.
The use of smart home technology is on the rise in Nigeria.
A virtual inspection, which is still a relatively new concept in the Nigerian market, has the potential to revolutionize the way consumers interact with businesses, strengthen trust in the system, and enhance the veracity of property information disseminated to the public. The use of smart home technology is on the rise in Nigeria, particularly in the country’s more affluent homes and businesses. The standard smart home or office has features like remote control, personalization, low energy consumption, adaptability, safety, and future-proofing. It stands to reason that a smart home will fetch a higher price than a conventional one from investors. Integration of cutting-edge technology during the building process is a surefire way to increase a home’s resale price.
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Nigeria’s real estate industry and IT – Technology has a viable prospect in Nigeria’s property market. – Express your point of view.
Information Technology can also play a role estate or property management. The files for ownership or c of o can all be computerized. It will also help to decrease fraud.
The use of smart home technology is good, brings about and has features like remote control, personalization, low energy consumption, adaptability, safety. Virtual inspection is preferred it reduces fraud,receipts could be computerized too instead of the traditional approach.
Nigeria’s real estate industry and IT. Technology has play a lot of vital role in Nigeria. It will improve estate and property management
The real estate market is not an exception to the rule that technology is a driving force behind change in all facets of business and industry, and it will continue to be one of those drivers.
Real estate companies and other industry participants are gradually making use of various emerging technologies in an effort to reform the business.
Proptech is an industry that is rapidly expanding around the world as a result of the convergence of real estate technology and property management.
Significant advancements have been made in the real estate market all across the world over the course of many years.
The use of cutting-edge technology throughout the construction process is one surefire method for increasing the price at which a house may be resold.
In Nigeria, particularly in the homes and businesses of the country’s more affluent citizens, there has been a recent uptick in the adoption of smart home technologies.
The power of tech cannot be overemphasized. It encapsulates great potential an can transform a lot. Am sure in the next dear years the property market will have develop and expand more than this.
Even though most people don’t use automation yet because they don’t have high-speed internet, the company will be at the front of the digital revolution that is about to take over the industry.
Technology as been a advance thing they make things easier and faster so technology will play important role in our estate industry and progress it
Nigeria real estate has gotten lots of prospect with so many people deviating into it and use of advanced technology more money will be realised to boost the economy
Smart home technology is good because it provides remote control, personalisation, low energy consumption, adaptability, and safety. Virtual inspection decreases fraud, and receipts can be digitized.
In the realm of property and estate management, IT can also play a role. The records of ownership or change of ownership can be stored digitally. As a bonus, it will aid in reducing instances of fraud.
Lots of changes and development happen in a society or a country that leverages their development on technology because it comes with different opportunities from both the real estate agents and the consumers or the investors.
Technology is now required in every sector for better performance and improved income. Real estate sector actually need technology to do better.
Real Estate sector need Technology to reach and send their services to more people than the old traditional way. For improved services IT is very important.
The most widespread use of technology in the Nigerian real estate sector is thought to be the creation of marketplace software and listing platforms, which ensure that buyers and sellers can operate more effectively.
The booming global “Proptech” sector is a result of the convergence of property management and technology. Property technology, or “proptech,” also referred to as “real tech,” refers to all software and other varied digital solutions.