Stakeholders in the real estate have said professionals should pay more attention to technology to boost investment in the industry.
According to them, the industry in other countries has embraced technology and is gradually phasing out the analogue system.
The stakeholders spoke at the second edition of ‘The Summit 2.0’ organised by the Nigerian Institution of Estate Surveyors and Valuers, Lagos State Branch.
The programme, among other things, focused on how technology could help professionals in project finance, facility management, property taxation, mortgage and insurance valuation, agribusiness and Real Estate Investment Trust.
The Chief Executive Officer, Northcourt Real Estate Investment Company, Tayo Odunsi, said technology and real estate had become intertwined, with the advantage of a self-regulated and secure system.
According to him, in some countries, many banks and investors do not engage valuers for residential valuation anymore rather, they engage machines.
“Technology can save costs and increase efficiency, as it can allow for a quick and easy transfer of assets by cutting out intermediaries, who currently hold information that is not shared. It also encourages increased transparency and fraud prevention,” he said.
Odunsi stated that valuers could respond to global best practices in real estate by embracing technology as an enhancer and not a disruptor.
According to him, real estate professionals can enhance their clients’ experience with new reporting formats based on technology, and also reduce timescales through digitalisation.
The Group Managing Director, Alpha Mead Group, Femi Akintunde, said facility management had improved with the application of technology.
Giving an insight into the importance of technology tools in facility management, Akintunde said, “Business technology is the ever-increasing reliance on information technology by businesses of all types to handle and optimise business processes.”
The Chief Executive Officer, Private Property Nigeria, Olurotimi Bajomo, stated that professionals in real estate could employ strategies to ensure zero downtime and service efficiency, especially in facility management.
According to him, this can be done through the engagement of skilled professionals and specialists in providing critical risk management services and maintenance of critical infrastructure and operational systems.
“There should be development of operations and maintenance procedures necessary to maximise reliability and increase life expectancy of facilities and services, as well as shift from the traditional reactive and preventive maintenance to predictive maintenance based on condition-based monitoring,” he added.
The Lead Consultant at Awoyokun Consulting, Nnennaya Awoyokun, also spoke on the need for extensive research by professionals in the built environment.
She stated that research remained a game changer for those aiming to make a difference in their professions.
“Your informed opinion makes you stand out and at the same time opens you up to a different playing field. Information is the foundation of all the services we render. Why not build a strong research base,” she added.
The Chairman, Fairwood Property Development Limited, Stephen Mayaki, stated that estate surveyors were the most qualified professionals to lead and direct the property development process, adding that they should create practices that would endure and outlive them.