Evolution Of Real Estate and Digital Age In Nigeria

Any real estate developer, facilities manager, or broker who isn't digitally compliant would be to blame in this new era of...

IGE ENIOLA IGE ENIOLA
May 26, 2022 - 12:57
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Evolution Of Real Estate and Digital Age In Nigeria
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COVID-19 has irreversibly changed how people live, work, and play. Health and safety are paramount. Any real estate developer, facilities manager, or broker who isn't digitally compliant would be to blame.

Real estate technology adoption shows that COVID-19 is not a deterrent to doing business and that where there's a will, there is a way. The real estate market outlook for 2021 expected a 1.5 percent increase, while it actually grew 2.3% compared to 2020.

Real estate buyers are now aware of how they connect and do business because of the COVID-19 pandemic. Real estate includes land, buildings, air, and subsurface rights. Real or physical property is real estate.

Some land economists say 'real' comes from the Latin word 'res', which means 'actual' or 'genuine' Others say it came from the Latin word 'rex,' meaning 'royal,' as Kings owned all territories in England when real estate became a business.

Status is translated into English as an estate. Since property ownership confers status, the estate may have come from "stat." The real estate sector manages buildings, bridges, dams, highways, trains, and waste management. These life-sustaining infrastructures are essential. People will buy real estate that supports their health and safety demands, pandemic or not. Rich people don't risk their health and safety.

Nigerian men with property have higher self-esteem. Appreciating real estate is a solid inflation hedge. Like precious stones, it's a store of wealth; a basic necessity, and a living contingency that meets all human demands.

The real estate process includes advertising, offering, and exchanging property. These transactions include an offer, inspection, title search, negotiation, counteroffer, deed of sale/lease, property transfer by payment, and deed signing. It used to involve physical meetings and long-distance travel.

Digital aid saves time and money for all these transactions. Websites can be used to advertise homes, while email, WhatsApp, and SMS can be used to offer sales or rentals. Videoing, WhatsApp, and virtual inspection software like VuSpex, 3600, Camino, and CloudVisit are novel alternatives to on-site property inspection.

Virtual property inspections involve a virtual meeting website and communication and documentation tools. Realtors use Zoom, Skype, Webex Meetings, Cisco Jabber, DialPad Meetings, GoToMeeting, Microsoft Team, Blue Jeans Meeting, Join me, and GoogleMeet (Google Workplace).

In November and December 2020, 63% of American homebuyers made offers on residences they hadn't viewed. As of fall 2020, Zillow's sale listing traffic increased 41% year over year. Websites sell properties 20% faster than newsletters.

Internet-based property portfolios are easier to document and view than traditional ones. Online property agents can reach prospective customers who looked for properties on Google, Yahoo, Yandex, Baidu, and MSN Search through SEO.

In Nigeria, real estate enterprises use few digital tools, such as applications, websites, social media, and online resources. There are indicators that property investors are adopting property technologies, specifically property Apps. Paula Gilbert, the editor of Connecting Africa, said 50% of Nigerians use the internet and 90% have mobile phones. Few people seek property online. Nigerian property marketers rarely use internet tools. Training is required to raise awareness.

E-mail, content, website, social media (Facebook, Instagram, WhatsApp), and search engine marketing are vital real estate tools. Modern real estate brokers must use these modern tools to compete. Buildium and Turbo Tenant are property-management apps. Good property management software is scalable.

It must support a growing business and be adaptive. It must be intuitive and adaptable to changing circumstances. Most property management software is cloud-based, so data can be viewed from any internet-connected device.

MyRental, RentPrep, SmartMove, and LeaseRunner will quickly provide you a tenant's credit history, criminal record, and eviction report. Marble is a remote property manager that handles maintenance 24/7. Real estate has embraced technology. It's transforming businesses, sectors, and business practices. Any real estate professional who doesn't use Proptech will fail.

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