Real estate evolution in Nigeria: Any real estate developer, facility manager or broker who fails to comply with digital requirements would be at fault in this new era of…
The Real Estate Evolution and the digital age in Nigeria
COVID-19 has irreversibly changed the way people live, work, and play. Health and safety are paramount. Any real estate developer, facility manager, or broker who fails to comply with digital requirements would be at fault.
The adoption of real estate technology shows that COVID-19 is not an impediment to doing business and that where there is a will, there is a way. The real estate market outlook for 2021 expected an increase of 1.5%, while it actually grew by 2.3% compared to 2020.
Real estate buyers now know how to connect and do business due to the COVID-19 pandemic. Real property includes rights to land, buildings, air, and subsoil. Real or physical property is real property.
Some earth economists say that ‘real’ comes from the Latin word ‘res’, which means ‘actual’ or ‘genuine’. Others say it comes from the Latin word ‘rex’, meaning ‘royal’, as the kings owned all the land in England when real estate became a business.
The estate is translated into English as an estate. Since property confers status, wealth can come from “stat”. The real estate sector manages buildings, bridges, dams, roads, trains and waste management. These life-sustaining infrastructures are essential. People will buy real estate that supports their health and safety demands, with or without a pandemic. The rich do not risk their health and safety.
Nigerian men with property have higher self-esteem. Real estate appreciation is a solid hedge against inflation. Like precious stones, it is a storehouse of wealth; a basic need, and a living contingency that satisfies all human demands.
The real estate process
The real estate process includes advertising, offer and exchange of goods. These transactions include an offer, inspection, title search, negotiation, counter offer, deed of sale/lease, transfer of property for payment, and signing of deed. It used to involve physical meetings and long-distance travel.
Digital help saves time and money for all these transactions. Websites can be used to advertise houses, while email, WhatsApp, and SMS can be used to offer sales or rentals. Video, 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 US homebuyers made offers on homes they hadn’t seen. As of fall 2020, Zillow’s selling 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 real estate agents can reach potential clients who searched for properties on Google, Yahoo, Yandex, Baidu and MSN Search through SEO.
In Nigeria, real estate companies use few digital tools such as apps, websites, social media and online resources. There are indicators that real estate investors are embracing real estate technologies, specifically real estate apps. Paula Gilbert, editor of Connecting Africa, said that 50% of Nigerians use the Internet and 90% have mobile phones. Few people search for properties online. Nigerian property marketers rarely use internet tools. Training is required to raise awareness.
Email, 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 applications. Good property management software is scalable.
You must support a growing business and be adaptable. 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 with a tenant’s credit history, criminal history, and eviction report. Marble is a remote property manager who handles maintenance 24/7. The real estate industry has embraced technology. It is transforming companies, industries and business practices. Any real estate professional who does not use Proptech will fail.