Using technology to enhance real estate transparency, By Inyene Ibanga

Proptech, also known as realtech, means proprietary technology and applies to all software, tools, websites, applications and other digital solutions used by real estate professionals to optimize buying, selling, researching, marketing, financing and other activities in real estate. .

Technological innovations have facilitated the way things are happening around the world. Every aspect of human activity is becoming more and more focused on digital technology.

Because they can be obtained in different fields, technology also affects the growth of the real estate or real estate industry in different ways.

The property and real estate sector was initially slowly embracing the digital transformation. However, realizing the contribution of digital technology to other industries, real estate and real estate companies are gradually using new technologies to reform their industry.

Today, the alignment between real estate management and technology has given rise to the rapidly growing global proptech industry.

Proptech, also known as realtech, means proprietary technology and applies to all software, tools, websites, applications and other digital solutions used by real estate professionals to optimize buying, selling, researching, marketing, financing and other activities in real estate. .

As noted above, proptech simply refers to the use of technology and software to help with real estate needs. These include landlords, tenants, investors, brokers, marketers, repairmen, service crews and real estate management companies. Proptech also covers smart building technology, space management and architecture.

Implementing proptech tools, processes, and strategies helps improve the value and performance of real estate and the entire property management ecosystem.

Artificial intelligence (AI), virtual reality, big data and analytics are some of the trends that are revolutionizing the proptech market to allow buying, selling, renting or managing real estate.

Virtual reality and inspection drones allow owners, buyers and investors to visualize or inspect real estate without physically entering such real estate. This allows for remote transactions and digital contracts, making customer work easier and faster.

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The use of artificial intelligence through networks of smart devices and sensors (IoT) helps to manage marketing and investment processes.

But the lack of transparency is a serious anomaly facing the global real estate / real estate industry. The introduction of proptech in real estate has placed higher demands on the need for sustainable transparency and ethical practices.

In addition, proptech solutions facilitate ease of data collection, document automation and cost reduction, as well as opening up more business growth opportunities, providing greater value to all parties and promoting quality communication between landlords, tenants and real estate agents.

FinTech Global reports that the value of proptech companies was $ 7.1 billion after the recession in 2020 due to blockages worldwide.

Several well-known global technology companies are HomeViews (London), Acaboom (London), Ohmyhome (Singapore), Casavo (Milan), McMakler (Berlin) and Knotel (New York). (San Francisco), Divvy (San Francisco) and Homeday (Berlin).

In Nigeria Fiber, Rumi, Eden Life, Intel Estate, Rent Small Small, Spleet, Property Deal Zone and Yahshud Property Investment are some of the popular players in the proptech industry.

These companies make the real estate sector more accessible by simplifying the process for buyers, sellers, investors and other parties for easy interaction. They are now improving services in the real estate technology space through innovative, efficient solutions.

But the lack of transparency is a serious anomaly facing the global real estate / real estate industry. The introduction of proptech in real estate has placed higher demands on the need for sustainable transparency and ethical practices.

Real estate investors, developers and governments at all levels are beginning to recognize the need for real estate transparency in the urban environment.

Real estate transparency is a necessary component of a well-functioning economy and society because the industry focuses on one of man’s greatest needs: housing.

Real estate transparency attracts new investment and business activity to the city, helps the government and other key stakeholders make smarter infrastructure decisions and allows for smart long-term planning.

The global real estate services company, JLL, defines a transparent real estate market as a market in which stakeholders have easy access to high-quality markets and performance indicators; where there is certainty, consistency and strict rules and regulations.

The National Agency for Information Technology Development (NITDA) should work with real estate professional groups, public and private stakeholders to streamline innovative solutions that can be safely used to ensure transparency.

In this environment, corporate governance standards prove to be robust, and real estate transactions are conducted fairly and ethically.

According to the JLL Global Real Estate Transparency Index, 2020, London ranks first as the most transparent real estate market in the world. Rounding out the top 5 are Los Angeles, San Francisco, Sydney and Washington.

Surprisingly, the world’s top 20 includes several English-speaking cities of small and medium size, such as Seattle, Denver, Brisbane and Manchester, and Paris is a famous non-English-speaking city.

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Transparency of real estate in Nigeria is lacking due to the activity of charlatans and fraudsters acting as real estate agents in urban centers.

These unscrupulous individuals used low levels of digitalization in real estate transactions to continue their criminal activities.

Stakeholders such as Nigerian real estate developers, the Nigerian Institute of Surveyors and Real Estate Appraisers and others will benefit the sector a lot by encouraging registered companies to introduce new technologies that translate their activities into digital.

In addition to efficiency, digitalization will ensure the security of digital documents through the deployment of blockchain technology. This will minimize cases of forgery / forged documents used to deceive customers and landowners, thus protecting the interests of stakeholders across the sector.

The National Agency for Information Technology Development (NITDA) should work with real estate professional groups, public and private stakeholders to streamline innovative solutions that can be safely used to ensure transparency.

Under the guidance and support of NITDA, technology developers and innovators will be given the right to prioritize the creation of innovative digital solutions for the emergence of more technology startups in the country’s real estate industry.

In the long run, the digital transformation of the real estate industry will facilitate the interaction between PropTech and the real estate business, as well as provide opportunities for communication with real estate professionals and technology investors.

Inyene Ibanga writes from Wuye District, Abuja; email: inyeneibanga@yahoo.com.

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