Abstract
Information and Communication Technology (ICT) has become the bedrock of modern societies with activities being streamlined to technologically meet the needs of individuals willing to adopt it in their day-to-day lives. The emergence of ICT has influenced the activities of real estate practitioners all over the world. Despite sectoral shifts and the introduction of innovative technologies, real estate professionals have been quite conservative towards industry modernisation (whether it is information provision, transaction or management), which threatens to limit their influence in society. PropTech, or property technology, has commanded this movement by promising more efficient portfolio management, faster ways of renting accommodation and more accurate techniques of carrying out property appraisals. It has provided innovative solutions for an industry yearning for change. This paper, therefore, describes the emerging property technology industry known as PropTech. It illustrates how its development has brought changes to global perceptions of real estate. The paper also critically examines the challenges that Nigerian estate surveyors and valuers face in the advent of fast-paced information technology. It strongly proposes that professionals must learn to utilise this emerging trend or face becoming redundant in the real estate industry.
Highlights
Developments in Information and Communications Technology (ICT) have brought about change in almost every sphere of modern humanity
The rapid growth of the internet and the need to gain a competitive advantage in business made it imperative that organisations embraced the use of ICT for productivity and strategic management (Kakabadse et al, 2005)
This study has investigated the need for Nigerian real estate professionals to key into PropTech as a way of bridging the technological gap that may negatively impact real estate practice
Summary
Developments in Information and Communications Technology (ICT) have brought about change in almost every sphere of modern humanity. The rapid growth of the internet and the need to gain a competitive advantage in business made it imperative that organisations embraced the use of ICT for productivity and strategic management (Kakabadse et al, 2005) Various industries, such as finance, manufacturing and telecommunications, were quick to latch onto the ICT trend, the real estate industry, in developing nations, have been slow to adopt this movement. This is evidenced by current rudimentary estate appraisal, management and agency practices, which have seen estate surveyors and valuers underperform in relation to their billing when providing real estate advisory services Against this backdrop, this paper explores the history and workings of the PropTech industry, delving into the challenges facing the Nigerian real estate surveyor and valuer in the use and adoption of ICT. It explains how embracing PropTech could revolutionise the activities of these individuals, thereby making them better equipped as professionals in an ever-changing market
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