In recent times technology has affected the way businesses are run, especially with the ever increasing numbers of innovations that has affected communication, marketing, business transactions, transportation etc. Advancement in technology continues to be a catalyst for change in all areas of business and industry, and the real estate market is no exception.
In the real estate sector specifically, technological impact has been every bit as profound as other sectors, although the impact is being felt and utilized in different ways. Contrary to the fear of some individuals within the sector, the injection of tech concepts is not aimed at eliminating jobs or change the way the industry functions, it is more about impacting the way professionals in the field actually work. The services of professionals would still be sorted for as no one would make investment decision purely on algorithms without consulting a real live human being who is a professional in the field.
Impacts of Technology on Africa’s Real Estate Sector
Here are a few of the most obvious ways technology is now impacting the real estate sector in Africa.
1. Big Data and Real time data
Big Data is a phrase used to describe massive volume of both structured and unstructured data that has the potential to be mined for information. Nearly every industry has benefited from the advent of “big data,” and from the practical stand point of the real estate sector, it means that data sets have increasingly grown larger as more data can be tracked over time.
Real time data that is now available to the entire real estate industry is a big game changer for the sector. Real time data has made it easier to know pricing and availability in real time, because so many sites can now provide immediate results on a variety of analysis and data points.
This technology has simplified the task of real estate data companies, who can now deliver more insightful information to the investment community faster, hence equipping investors with valuable options to make better decisions.
Countless numbers of sites are now curating data, availability, pricing and more information for the entire sector to search. These information that is now available and accessible by anyone for free, has impacted on the interest of the public in the evaluation and proliferation, hence quacks can no longer hide or disguise illicit activities behind paywalls/subscription models.
The average worker today is more mobile and more connected than ever before, which means that businesses can operate anywhere. Broadcasting a firm’s marketing message, getting property visibility or even marketing oneself has never been easier or more cost effective. Pinpoint marketing and targeting using big data also means that the days of “spraying and praying” (according to Michael Beckerman CEO of the News Funnel) are over in a marketing sense. Online marketplaces that facilitate connections between agents, brokers, sellers, buyers, renters, and investors also aids marketing in the sector.
4. Virtual Reality.
A major drawback that investors had with respect to purchasing property outside their local market area or terrain has been the inability to walk and inspect a property or neighborhood in person.
For certain reasons, there exist a need to visualise property to be in real time and to trust what our eyes tell us than was is verbally explained or shown in static pictures. Interestingly, the rapid evolution of virtual reality is making it easier to get to know somewhere that you’ve never actually been. Some investors are already using rudimentary virtual reality applications like Google Street View to virtually wander neighbourhoods and even see inside properties.
Future Technological Advancement to Expect in the Real Estate Sector
- Smart Homes: The era of home automation cut across board is not far from being a reality. With the use of your smartphone at any point of convenience, various devices and amenities can be monitored and controlled.
Although the technology exists, it is right now limited to high-end commercial and expensive residential buildings.
This sci-fi tech tool would create innovative marketing potential for forward-thinking agents and companies; a simple yet effective notion to enhance your market presence and service standards. An aerial video or photo of your realty project would create for an amazing customer experience.
Technology is getting creative and challenging with new concepts being delivered almost every day, it is only fair that they are adopted sooner than later and Africa is on track to adopt and implement this technological innovations to its real estate sector.
At the 6th edition of our annual summit; Real Estate Unite, scheduled to hold on the 17th and 18th of October 2017 at Landmark Event Center, Victoria Island, Lagos, key industry players and other real estate professionals would be discussing and suggesting ways to fully adopt and integrate ground breaking technologies that would facilitate the rapid growth and development of the sector.
For more enquiries about the summit contact us on: +234 8099991503, +234 8099991603, +234 8099991803 OR firstname.lastname@example.org, www.realestateunite.com
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