By Adewumi Ojo
Key stakeholders in the real estate sector converged at the 7th edition of Detail Business Series where significant trends in the sector were discussed to broaden more knowledge on new development in the sector.
The stakeholders at the event on the way forward in meeting the demand of technologically-based disruptions and proffered solution on the opportunities and prospects that encompass the trends.
At the event tagged “Navigating the Evolving Real Estate Marketplace- Dealing with Market Disruptors”, the Chief Executive Officer of Dunn Loren Merrifield, Mr Sonnie Ayere lamented lack of governmental policies that can stimulate and drive the sector forward and meet the sector’s technological demands.
According to him, the present mortgage institution restructuring should help in revolutionizing the sector while also urging real estate investors to revolve round the development.
He challenged participants to leverage on new trends in the sector by making use of Fintech in turning their business demands into more financial prospects for economic growth and return on investment.
Speaking from the angle of “Using Data to create an Efficient Property Market”, the founder of Estate Intel, Mr Dolapo Omidire emphasized on the importance of data in the real estate business particularly at a time of global technological terrain.
The real estate entrepreneur highlighted challenges facing the real estate business in the country as inability to access data, inconsistency in valuation, poor maintenance culture and poor knowledge of retail customers which according to him is drawing the business backward on the continent’s economie corridor. He lamented that in recent times most investors including government make decisions without data analysis that helps in making quality decisions.
He positioned data as the hallmark of real estate business which must be given utmost priority. According to him, data usage in real estate business creates detailed profile and information that will make the business to strive.
Good decision according to him can be taken if organization can put in place a structured database that will help in formulating and arriving on a concrete decision and also be useful for policy makers.
In addition, he hinted that a strong database for the real estate business will be launched in the Nigerian market which according to him will be the largest in Africa and will be operational throughout the continent.
“What we are doing is to also create the largest database of commercial real estate business in Africa, which will be launched soon, this will also enable all the real estate stakeholders to have access to information, once they have this information they can make better decisions.”
He said investors are making effort at repositioning and planning in the sector following the country’s economic downturn which is still recovering.
“This is a time in the real estate where everybody is changing strategy and trying to do what is good and repositioning their businesses because of the economie situation in the country,” he submitted.
According to the Head, Real Estate, Detail Solicitors who is the organizer, Tosin Ajose, the gathering was organized in order to prepare the stakeholders for future development in the sector.
She said the atmosphere is to guide the people on the need to be proactive in their businesses and open their mindset towards trends in the real business and for the purpose of meeting the demands.
“The reason why we are doing this is to ensure that people have understanding of where the market is going and they have enough information to position themselves in tomorrow’s market.
“The real estate sector is one of the sector’s yet to recover fully from the recession, and this is for obvious reasons, the real estate market is one of the very few in the real sector that is tangible, it’s real it deals with brick and mortar it’s more stable and it’s not really affected by monetary policies.
“What I see that will happen in long time is that people will begin to realize that tomorrow’s market is more focused on the market, clients and experiences and how people view the experience they get.
“So we cannot continue to provide solutions that cannot meet the targeted needs, people now need to go out and source data, analyze the market properly and provide solutions that meets the needs of the market. There are many indices that determine where the real estate market goes, Interest rate is just one of them but market can only pick up when people can realize that it’s about meeting a targeted needs.”