Experts urge estate agents to leverage on technology

Bothered by the disruptive impacts of technology on the built sector, practitioners especially, the Association of Estate Agents in Nigeria (AEAN) have been urged to embark on regular training and re-training of members on new innovations that would enhance their business.

Technology roles on preconstruction, construction, and post-construction stages as well as real estate transactions had recently revolutionized the industry, thus, bringing in more efficiency, reduction in costs and time-saving in consummating transactions.

Also, 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.

Speaking on the theme, ’’Technology: the key to reshaping estate agency, property development & investment” at the third conference of the Association of Estate Agents in Nigeria, a past president of the Nigerian Institution of Estate Surveyors and Valuers, Emeka Eleh, posited that with the revelation that 50per cent of ten most profitable businesses in the world are tech-companies and the immense disruptive capacity for better ways of doing things that technology offers, real estate practitioners must adjust to the changes to enhance their identity and brand.

Eleh encouraged them to invest in training that will boost their online marketing/listing and software-driven solutions that would engender extensive world network capacity.

He said technology 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.

He stated that 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 effects on the sector now make it possible for prospect to view properties in their true life definition from the comfort of offices and homes.

Past president of the International Real Estate Federation, Nigeria chapter, Chief Kola Akomolede while addressing the forum declared that going by Jumia Mobile report which indicates that Nigeria has 84per cent mobile phone penetration, there is a potential market explosion coming through the use of technology in the real estate industry.

On his part, the Group Managing Director of El-Alan construction company Nigeria Limited, Andrea Geday said recent development reveals 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 industry.

He stated that the fast evolution of technologies, there are possibilities for 5D technology and invention that would involve tractors working on their own without construction purpose.

According to him, the basic problem in construction in Nigeria is the lack of technical skills and the high cost of building materials especially cement. Asides cement, he disclosed that everything else needed as building materials are imported.

Earlier, the National Chairman of Association of Estate Agents in Nigeria, Kunle Adedeji and the head of the conference planning committee, Boye Ajayi said the theme of the conference was chosen to take care of the future of members and other stakeholders as technology keeps evolving and making agents to dwell more on it, to better position their business.

Credit: Guardian