Real estate in Nigeria has emerged to be one of the most popular and high growth industries. The real estate industry has enjoyed immense profits and opportunities for realtors, homeowners and buyers.
For most people, buying a home is the largest investment they have ever made. In as much as it is an important moment in the buyer’s life, the real estate industry has been slow to implement demand and supply. A lot of questions have been popping up on the future of real estate and in this article; we will discuss the future of real estate and what every real estate investor must know. If you are planning to go into real estate investment in the nearest future, then keep reading on the future prospects that real estate holds.
Real Estate Will Be Technology Driven
The Future of Real Estate in Nigeria: What Every Real Estate Investor Must Know 2Real estate is not quite there yet in terms of advanced technology because most realtors are still using traditional marketing and means of operations and these could be holding the real estate market back.
However, several years from now, real estate agents will have a stress free performance around compliances and paperwork because there will be an amazing technology experience like e-commerce. This will be done when the real estate market adopts technology-driven strategies.
Real estate professionals with knowledge and skills of strategic planning, knowledge of finance, networking and investments will survive the technological disruption. Technology will continue to be a factor that drives consolidation in companies and higher productivity for top producing agents.
Real Estate will be a Lifelong Investment
Real estate will not be a buy and sell industry in the future. Real estate will be a great investment with a long lifespan that will transform into an asset that will have a life cycle of private use, to investment, to shared asset and the cycle will keep rolling that way. Investors in the real estate industry will enjoy the massive benefits and enormous opportunities that real estate will give. The ROI will keep rolling in and your investments will keep thanking you for a long time. Investors have the choice to do whatever they choose to do with their landed properties as there will be more innovative options on how to keep their investments more beneficial to them.
Investors will be able to invest in properties virtually without seeing them. Virtual reality will make it possible to interactively walk through a home and see even the tiniest of details. It will be so great to open kitchen cabinets, examine the ceilings and a lot of other home features virtually with the feel of being physically present in the property.
Investors will benefit from efficiencies with easier sales transactions and financing options. There will be no limit to the possibilities that a landed property will have.
Higher Demand of Landed Properties
Real estate will be continuously shaped by lifestyle, sustainability, and technology. The demand for good and affordable landed properties in a good environment will be on demand. The market will be flooded with investors and there will be a lot of transactions going down for buyers and sellers. In the future, investors will be making more than triple the profits that real estate investors make today.
Transformative Business Models
Tech companies are offering great software applications or utilities that are going to transform the real estate industry. With eSignature, transaction management platforms and CRMs, business models in the real estate industry have been transformed.
Transformative business models redefine real estate management and acquisition. With technology advancement, there is a completely new customer experience to rent or buy real estate.
Real estate’s transformation began when technology companies started unlocking information to enable consumers to make an honest purchase that is packed with information. Real estate future lies within an intersection of platform technologies and logistics that will leverage other forms of technology like data science, mobile technology, and artificial intelligence.
Online Real Estate Investing
One of the current trends involves buying and selling properties online. The Internet offers a platform for people to search for real estate investment opportunities as well as buy properties. In the future, the opportunities within the real estate industry will be immersed and there will be online communities and courses that will make investments easy and profitable. This will enable investors to get all the knowledge needed to invest in real estate. The online real estate investing will be considered to be an alternative to traditional real estate investing.
New Generation of Buyers
The broker value will simply be knowledge, experience and the local market. Agents will pick a real estate mega platform, which will provide leads, and tech platforms for the new generation of clients.
Who are this new generation of clients?
The new generations of clients are those who will not perceive the local market knowledge, agent’s experience, connections, problem-solving skills as big enough value. They will rather rely on big data and artificial intelligence, which will simplify the search process as well as give them good transaction advice and this will also build an agent-client relationship.
The boomer generation will be settling into their long-term homes fully settled in. The market will be robust and there will be a lot of profits made from investors who will be acquiring landed properties.
We cannot certainly say where the future of real estate investing will lead us. There are new developments currently going on in the real estate market and in future, there will be much more advanced developments that home buyers and sellers will benefit from. Successful real estate investors should keep track of these developments and keep progressing along new technologies. The future of real estate is only going to be fruitful for those smart investors who will follow the real estate trends in order to make the best of the opportunities it gives.