ESV Stephen O. Edremoda
All over the World, the real estate industry is experiencing huge digitalization across the entire value chain of the real estate market, and the government and other stakeholders in the real estate ecosystem are leveraging this in the provision of quality and smart housing solutions.
In today’s fast changing business environment, advancements in technology is a function of how we conduct businesses across all sectors of the economy, including the all-important real estate sector. Though at a very slow pace especially in developing economies of the World, the real estate market is gradually embracing these changes in turning things around for the sector.
Digital housing solution in a very concise definition encompasses all the technological services and skills deployed in the provision of housing solutions by the government, stakeholders, and professionals in the built environment. According to the United Nations (UN), over 1.6 billion people are globally living in inadequate housing, the majority of this number are living in rural communities across the World. And one of the best ways to bridge this disturbing statistic is to deploy technology in all phases of housing development.
For the real estate sector to adequately contribute to domestic and global social-economic development, and achieve the Sustainable Development Goals (SDGs) number eleven of Sustainable Cities and Communities, the deployment of modern technology cannot be disputed. With accessible, user friendly, and real estate ecosystem driven technology, addressing the global housing needs will become easier and in achieving the SDGs goals that speaks to housing needs – Sustainable Cities and Communities, and with wind of technology fast blowing in the housing ecosystem, this cannot be achieved without the use of digital opportunities presented by technology.
Globally, the governments at all levels are embracing the use of technology in running its affairs including its housing, urban development, and land matters. For instance, at the ministries of lands, housing and urban developments at all levels of government in Nigeria today, e-governance policies are being developed to improve housing delivering services to all stakeholders. Land and housing policies geared towards the improvement of the role of government in lands and housing administration should be embraced and continually improved upon by government at all levels.
At the private sector level, real estate firms, agencies and brokers are fast driving the use of technology in their various services to their clients and prospects. Forward thinking real estate firms are fast adopting the use of digital technology to maintain and gain market dominance in the highly competitive real estate industry. The real estate sector is regarded as one of the fastest growing industries and the use of technology is one of the empirical facts for this feat.
In advanced economies of the World, prospects and customers close deals online with real estate firms as being facilitated by technology and modern marketing communication tools. With just a few clicks, clients and prospects can lean more on market trends, new property developments and gain up-to-date information and transact successfully while leveraging the digital platforms being provided by professionals in the built environment.
The use of technology in housing development has come to stay, and massively adding significant values in the way of doing business in the land and property market space. Thus, all industry stakeholders – the government, private sector players in the built environment, and professional bodies should embrace the technological drive that will engender a technologically real estate market space.
ESV Stephen O. Edremoda, a registered Estate Surveyor and Valuer works with the Delta State Government. He sends in this piece from Asaba, Delta State.