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Real Estate Industry: The Past, Present And Future by Proptybox: 6:48pm On Jun 15, 2020 |
It all started as a single soul according to the holy books in the garden and then 2 and then 4 and now over 7billion souls in the planet earth. Before, people lived in little stratum of huts, spread across a little village; basic needs, even love was just a walk apart, though it was "dark" they said life was good. So for almost half of human history, our ancestors moved with the four-legged food supplies of their respective areas, leaving only trace signs of their lives: a cave painting here, some stone axe there, mud houses, the odd trinkets in the belly of the sabre-toothed tiger. Over the period spanning 30,000BC and 15,000B.C; there was a transitional change and our ancestors abandoned the huntergatherer lifestyle gradually, for an agrarian society- a transition that heralded the advent of home ownership. The Present Decades of decades apart and many days in many centuries ushered in the real estate industry of today. Many systems have risen and collapsed. Until the industrial era and technology came, what used to be a stratum of huts became cities, really large cities. “Nigeria has a housing deficit of over 17million units” Industrialization was one of the greatest things that happened to the human race, with manufacturing tools and machines replacing the nomad and archaic ways of human existence. People now own modern houses, cars, radio, television and other appliances. During the transformation of the industrial revolution, urban centres swelled as people moved to cities to work in factories. As cites developed, the need for real estate transactions increased, office buildings, retail centres, hotels, restaurants, and residential buildings boomed and someone was needed to develop them, sell and manage it all. Today, the real estate industry is one of the most lucrative sectors with Nigeria's real estate market worth over 59 trillion naira (Federal reserve's real estate statistics) and it continues to produce opportunities for interested individuals. While dealing with the magic of industrial revolution, technology came; to some it was crazy, to some it was exciting and to others, it was a mystery. Though many have different perspectives on the reality of technology, the fact is technology is here and the world is now a "small village". Consumers have proven to turn the tide on recent development within the real estate industry; from one-click solutions that allow you to buy or sell a home within days to the recent growth of coworking space. These broader real estate trends have begun to define our current economy. The retail has changed, people are transitioning from offline to online. Having an online presence is as essential to business as oxygen to humans. The Future Technological innovation will disrupt the economics of the real estate industry. We've already seen growing use of data analytics in the industry. Artificial intelligence, predictive analysis, virtual reality is reshaping the industry and adopting these technologies are a necessity if you want to be competitive in the industry. Have you ever thought of how blockchain would influence the real estate industry? The future of real estate agents revolves around this technology; using blockchain to sell and buy properties. As a real estate agent are you positioned to stand out using technology?. Join Nigeria's first virtual real estate community at [url]proptybox.com[/url] to begin your journey to unlimited business connections. REFERENCES Mashvisov.com Investopedia Federal reserve's real estate statistics |
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