Figures from online platforms are pointing to an increase in the number of owners and prospective tenants who are opting to sell their homes or rent property online without the use of an agent.
Unsurprisingly, estate agents themselves have mixed views about the rapid growth of real estate portals. Few admits that portals pose serious threats, others say technology has greatly enhanced the practice of estate agency making it possible to market and advertise real estate portfolios through all kinds of channels and giving access to sometimes millions of possible viewers and potential customers.
According to International Real Estate Federation (FIABCI) Africa president, Chudi Ubosi, technology is a “big threat” and a “real cause for concern”, especially with property agents in Nigeria.
“Online platforms do pose a major problem in the practice of estate agency. Its anonymity greatly increases the chances of fraudsters hiding as professionals and defrauding unsuspecting members of the public as they source for accommodation.” More here.
Tech is disruptive in ways we can’t even imagine. Uber , Airbnb,Facebook,Amazon are all too famous stories of the decade.But the beauty of this disruption is not to necessarily see it as a wave of change sweeping off deep-rooted , long established corporate entities and brands (even if that has been the case) but rather as a wave of opportunity to further entrench the significance of such entities.It is simply an opportunity to reach a generation of consumers which is tech-wired,tech-conscious and (dare I say) really smart.Tech-smart. The problem with Nigerian businesses is there is neither a concise, data bank of consumers nor the effort to document the demographics of a consumer base. The Real Estate Professional body “SHOULD NOT” see tech as a threat but rather a means ,an opportunity to reach a wider market.In these times , to remain relevant in any business, you don’t fight change.You adapt to change.