How technology can and is revolutionising the Nigerian real estate space

It is needless to say that technology plays heavy roles on preconstruction, construction and post-construction stages as well as real estate transactions. A steady trickle in of tech trends and influences is now seemingly revolutionizing the industry most recently, thus, bringing in more efficiency, reduction in costs and time-saving in consummating transactions.

 

On the flip side, there are fears that estate agents, might lose their relevance in the age of technology as statistics show that more millennial globally now prefer to shop for property online to boycott agency charges.

According to stance posited by the latest research, 50 per cent often most profitable businesses in the world are tech-companies and due to the immense disruptive capacity for better ways of doing things that technology offers, real estate practitioners must now adjust to these vicissitudes to enhance their identity and brand.

Seeing the disruptive impacts of technology on the built sector, especially for practitioners, it falls within reason that regular training and re-training of members on new innovations that would enhance their business is now quintessential.

A solid investment in training that boost online marketing/listing and software-driven solutions that would engender extensive world network capacity is the sure way to go, as it stands.

An analysis of current spate of trends reveal that tech has made visible inroads in the housing sector through the evolution of 3D designs, material testing, contract management, green building that ensures greater efficiency in energy saving, cost and driving the evolution of better building plan, execution and electronic processing of titles for land/properties and e-signatures for real estate transactions.

With the potential of the being the largest commodity in the world with an estimated value of $217trillion, a major contributor to gross domestic product and a key component of any economy, technology’s influences on the sector now make it possible for prospect to view properties in their true-life definition from the comfort of offices and homes.

Recent developments reveal that the pre-construction and post-construction phases of property development has greatly been affected by technology, as the innovation has also helped in carrying out investment analysis and ensuring risk management in the real estate and construction industry.

Judging by the fast evolution of technologies, there are possibilities for 5D technology and inventions in sight. Over the years, the real estate industry has undergone a technological transformation of its own. It used to be drawing out plans on broadsheets, but now with the help of 3D imaging, developers have now been able to express their creativity better and more precise. This improves productivity as less time is spent on drawing out the plan, printing it out and then having to sell the idea to the client is entirely a different ball game but with 3D, it’s faster to get the designs out, and it is self-explanatory.

Almost all if not every part of real estate is touched by technology, from the beginning of the home search to closing deals, every transaction can be done with the click of a button. Tech has proved to be a blessing to the real estate industry, and that is set to continue for a long time.

Technology has also improved productivity even with the design and overall execution of home needs. With the steady acceptance and rise of trend of “Smart Homes”, productivity is further enhanced as the automation affords the occupant/owner of the apartment the luxury of focusing on other things instead of having to run the apartment manually.

It’s very clear to see that even as we play catch up with available technology, new tech streams and formats loom on the horizon. It’s an inescapable given. It’s a hope that the Nigerian real estate industry stays ready by actively creating and harbouring an enabling environment.