How Technology Can Transform Nigeria’s Housing Market

With the increase in smart technology and artificial intelligence, going digital is becoming the ideal route to attain success as a business or organization, especially in the real estate industry.

Over the last decade, the Nigerian real estate industry has experienced significant growth and has risen to become the 5th biggest contributor to the GDP of Africa’s largest economy.

Most organizations, businesses, and even government across Africa and the world have started to incorporate digital technologies into their business strategy to change the way they interact with customers and control their various processes.

How Nigeria is going digital

Due to the emergence of mobile technologies, social media, cloud computing and in-depth analytics, citizens all around the country are more willing to interact with online entities as they are able to build trust surrounding the companies. Businesses that offer online services are now able to connect with potential clients and show them behind-the-scenes information and increase the transparency within which they operate. This not only helps businesses in Nigeria to use digital technologies to transform their business processes but also to connect with customers and foster a deeper connection that will translate into higher conversion rates and sales.

Smart technologies transforming real estate

Virtual reality is perhaps one of the biggest disruptors of housing industries across the world. This innovative technology not only allows potential buyers to immerse themselves into the home or property they are touring, it saves time and money in logistics required to move to different properties and show various houses. This type of technology is two-fold in that it not only increases the experience the customer has, but it allows real estate companies and agencies to transform the way they market, including more accurate, interactive content that can lead to more sales.

As well, brands in Africa such as UBA and GTbank provide customer service using chatbots. In fact, research cited by Jay Baer revealed that 42% of consumers expect a response with 60 minutes, which make chatbots nearly a necessity in today’s real estate world. These chatbots increase the depth of trust mentioned above, as they can not only be trained to respond more accurately to questions that your clients have, but can guide them through their buying experience more efficiently than a social media manager or sales consultant could. If the AI technology is used correctly for real estate business purposes in Nigeria, it could totally transform the buying process for companies by reducing the cost considerably in comparison to using the services of a real-life mortgage broker.

Restructuring services and marketing to attract digitally-minded customers

Real estate and housing companies in Nigeria can thrive in the digital world by adopting a more flexible approach to emerging technologies and strategies that include artificial intelligence, virtual reality, and digital marketing techniques. Once these companies restructure their services to innovatively use technology to target customers engaged in the digital world, they will begin to see positive changes and improved experiences in the way people search for and purchase homes.

Written by:   Jackie Edwards,

Guestwriter on Nigeria Real Estate Hub