How Technology Is Revolutionizing Real Estate Practice
ESV Vincent Veldong Agwo
Technology is unarguably revolutionizing the global and local real estate landscape, thereby streamlining processes for speedy and efficient delivery of services in the real estate industry.
The digital revolution in the global business environment has allowed businesses, including real estate services to leverage technology in service delivery. And technological innovations are really playing catalytic roles across the real estate ecosystem, both in the domestic and international real estate markets. The way people access, buy, sell, and transact properties has changed, and this is courtesy of technological innovations that will continue to change the entire landscape of the real estate businesses.
Technological revolutions are technologically enabled innovations that are helping businesses to provide seamless business solutions, satisfying clients and stakeholders in a most efficient manner. They are both product and service delivery innovations. For the purpose of this short story, real estate technological innovations encompass all the innovations deployed by real estate professionals in delivering professional services to the consumers of real estate services.
In real estate branding, sales, and marketing, technology has taken over this arm of the real estate ecosystem. Property listing, sales, and marketing are now faster and done in the most innovative ways with the help of technological apps and social media platforms. For instance, one of the best ways to market a property is through video marketing, where the prospect and the would-be customers can view the properties, ask the necessary questions, and close the sale without physical contact. In advanced economies of the World, most real estate firms and agents are fast embracing and leveraging the technological trends in their overall service delivery.
Only recently, Grand View Research Incorporated, an American leading research agency reported that global real estate will generate revenue of $4,263.7 billion, and this revenue generation will be enabled by technology. In the American economy for instance, the real estate practice is being managed by the National Association of Realtors (NAR). To buttress the pivotal role being played by technology in the real estate industry both in America and across the globe, a survey was recently conducted to ascertain how real estate economic participants are leveraging technology. And the survey results revealed thus: 44% looked online for property sales, 17% contacted a real estate agent or firm online, 11% looked for information about home buying process, 7% contacted a bank or mortgage institution online, 6% talked with a friend or relative about home buying through social media platforms, and 6% made impressive comments about technologically driven real estate transactions. From the analyses of the survey, it is crystal clear that the impact of technology in the real estate local and space is both huge and rewarding to all stakeholders.
In developing economies like Nigeria, real estate firms and agents should align with the on-going wind of technology in the real estate industry. Granted, forward thinking firms in Nigeria are fast deploying technology in their overall business strategies. Embracing these technological innovations remains one of the best ways for a real estate brand to compete and win in the highly competitive and rewarding real estate industry.
There are a lot of things to do with technology for a seamless and effective real estate market. Big data and analytics can help real estate brands to reach key market and management decisions. Virtual and augmented reality is a big plus in real-estate property search, this is not only seamless, but all encompassing, and almost a silver bullet in property search.
In a nutshell, technology has come to change the global and local real estate market place and the onus is on all the professionals in the ecosystem to embrace technology for our common good.
ESV Vincent Veldong Agwo is a registered Estate Surveyor and Valuer, and works for the Nigerian Maritime Administration and Safety Agency (NIMASA). He sent in this piece from Lagos.
