The untapped potential in the property industry can be harnessed by activating data-driven services and technology to meet customers’ needs, Deremi Atanda, managing director of Remita Payment Services Limited (RPSL), has said.
According to Atanda, the increasing application of technology in the property industry holds significant promise, adding that traditional industry players risk being disrupted if they fail to adapt and align themselves with this trend.
Speaking as a panellist at the 2023 Sprout conference organised by Good Tenant in Lagos, Atanda said technology is rapidly reshaping the real estate landscape, fundamentally altering how the sector operates.
In his contribution on the theme: ‘Maximising ROI and Scaling Impact for Property Management Companies through Technology,’ he said the deployment of technology and data has the potential to make the Nigerian real estate sector more transparent; boost liquidity through access to flexible credit; cut fraud through increased title integrity; aggregate demand to drive greater homeownership and reduce bureaucratic bottlenecks limiting sector growth.
Atanda said the transformation in Property Management Companies and Property Technology (PropTech) startups is driven by individuals and organisations outside the traditional realm of property experts.
“This shift highlights the disruptive power of technology when applied to established industries. It can dislodge and replace those who hold traditional roles, particularly if they fail to embrace technological advancements. Hence, the urgent need for industry players to move beyond a superficial interest in technology and actively engage in its adoption and implementation,” he said.
He said Remita is actively on boarding diverse tech startups through its dedicated startups initiative, designed to provide essential support and accelerate the success of these emerging businesses.
On his part, Adekunle Jinadu, co-founder of Good Tenants, said the company leverages technology to grow diverse revenue streams for property and facility management leaders.
Jinadu said that his organisation’s research across the African property market reveals similar challenges that demand more technological solutions.
Atanda, however, said that real estate operators must proactively explore the vast potential within this sector to stay ahead of regulatory frameworks.
“Technology is permeating the real estate sector and defining its workings. Even individuals not directly involved in real estate will contribute through data, paving the way for technology startups to disrupt the industry. Property Management Companies neglecting to innovate will be left behind in the industry’s new growth phase, which data and technology will fuel,” he concluded.
The other panelists at the event which include Osarugue Awani, vice president of marketing and Strategy, Terragon Group; Charlotte Oduniade-Akeju, chief business director, Tremendoc Limited among others, agreed on the pivotal role of data aggregation, partnerships, and technology in the PropTech industry.