Technology has had an immense impact on the development of various industries, as it always has. How new means to solve problems interact with old modes of business has consistently clashed. These collisions synthesize to determine ways in which the latest tech can improve the previously held beliefs. This happens in all industries whenever technological intervention comes along. So the immense output into computer technology in the last 30 years has rapidly impacted various industries, including the real estate industry.
Technology allows us to process amounts of information previously unquantifiable. Therefore issues like the housing gap in Lagos can be explored and understood at levels more profound and more conclusive than ever before. Of course, this is an issue confronted by Nigeria’s whole nation, where cities have a consistent housing shortage compared to the influx of people living there. By intricately examining an issue, these same technologies have the means to provide solutions to constant problems. Looking towards tech can offer unique solutions to Lagos’ issues. Further, the Nigerian housing gap crisis could be addressed by looking at how other nations have utilized technology to tackle housing gaps.
Technology is also redefining how consumers interact with real estate markets. Some of these advancements are obvious. Housing websites, and then housing apps, have had a tremendous impact on housing markets. Peoples first impression of a location can often come through a screen now, instead of seeing a home in person. Agents have had to accommodate for this by making their spaces as web-accessible as possible. Sites like google have a more profound impact, as their ranking system can often determine which houses are seen and not. Algorithms have an outsized influence on what housing information is accessible to you.
Some question whether technology is a benefit or harmful to real estate markets. The premise is inherently flawed. It is neither good nor bad; it exists. And because it exists, it impacts the way real estate lives. That’s the simple truth of the situation. It doesn’t particularly matter whether tech has a positive or negative impact; the point is it is incredibly impactful. It will continue to turn over how real estate interacts with the market and consumers because technology will always impact such things. Ultimately the key to the real estate market is figuring out how to leverage the technology to its benefit.