Digital Technology And The Real Estate Industry

Abstract

This paper briefly summarises the extent of the technological impact on the real estate industry, in particular,digital technology. As real estate industry is naturally characterized by several disadvantages in comparison to other industry, understanding the impact ofdigital technology is crucial to the industry on whether this technology will distrust the industry or complement the business process. The emergence of PropTech start-ups has made the industry players to re-evaluate its organisational strategy toalign the business process to a possible threat to the present business model.Prior studies suggest that PropTech comes in there waves in which each waveis characterized by the respective period advancement in digital technology. Several studies also indicate that digital technology may not entirely disrupt the industry but do have a significant potential to act as a complement to the industry in improving its productivity and efficiency.

The Impact of Covid-19 on the Use of Modern Technologies By Real Estate Brokers

“…The issue of the impact of modern technologies on the real estate industry, from various perspectives, is of interest to many researchers (Lizam, 2019;Miller, 2017;Tomal, 2020;Małkowska, 2020). The areas where modern technologies may affect individual areas of socio-economic life have had a wide impact in the context of trends that can be observed in the transformation of the traditional economy into a digital one (Kania et al, 2020).…”

“…This broad definition includes software, hardware, material, or manufacturing that is produced by small start-up companies. These start-up companies create innovation using available technology to solve limitations in the real estate industry as has been discussed in the preceding section (Lizam, 2019).…”

“…The real estate industry is no exception to this new element, and it is starting to change the conduct of how the business process is being implemented in the entire supply chain of the industry. Such trends also apply to enterprises related to the real estate market, in particular real estate brokerage (Lizam 2019;Zalewska-Turzyńska & Miklaszewska, 2019). The real estate industry has always been an "information business" with high transaction costs and considerable inefficiency due to the difficulties in assessing what to do in markets where assets are heterogeneous and trading infrequent (Ullah & Sepasgozar, 2020;Kummerowa & Lunb, 2005).…”

“…Since March 2020, the events caused by the coronavirus pandemic have accelerated the use of modern technologies in many areas of socio-economic life including the real estate brokerage sector (Lizam, 2019;Miller, 2017;Tomal, 2020). Specifically, the pandemic has forced the real estate industry to adapt www.degruyter.com/view/j/remav vol.…”

Awareness and Usage of Mobile Technology in Real Estate Practice in Developing Countries: The Case of Ikeja, Lagos State, Nigeria

“…Available studies have shown that efforts were concentrated on many aspects of this issue. These included the relevance and application of ICT in estate surveying and valuation (Chiedu, 2010;Ibisola et al, 2015); factors influencing the use of ICT (Adeyemo et al, 2015;); impact of information technology on real estate income (Jud et al, 2002); application of GIS in estate management (Olaniyi et al, 2006); technology /digital disruption in real estate industry (Deloitte, 2015;Lizam, 2019;Reding et al, 2014) and PropTech evolution (Aihie, 2019;Baum, 2017;Baum et al, 2020;Olufunso, 2019;Siniak et al, 2020;Tagliaro et al, 2021). However, studies on awareness and usage of mobile technology have been limited.…”