18th January, 2022
Award-winning real estate investor and founder of Ranel Universal Limited, Mr. Udeh Chinedu Raphael, said the future of real estate is certainly a technology-heavy one.
According to him, the new real estate tech and digital services available are promising and should be explored by all investors.
Udeh Raphael who stated that technological innovation in the real estate industry is being compounded every year gave a few tips on how the future of real estate is technology and niches to keep an eye on.
“Smart Homes: Investors will double down on a new wave of smarter home devices that will improve safety, utility expenses, and environmental sustainability. A rental property with smart-home devices will also be more appealing to a technology-savvy renter demographic.
“Automation: Automating processes and tasks will become increasingly popular in the future of the real estate. Financial reconciliation, rent payments, and maintenance checks through smart devices are only the beginning as more complex processes such as closing and underwriting are also becoming more automated.
“Construction: There are already a number of startups disrupting the construction industry. These include material science, prefabrication technology, construction automation, modular buildings, and 3D modelling.
“Blockchain Technology: A digital ledger can act as an official record for many aspects of real estate, including leasing, transactions, and legal title. There are several tech startups working on these types of platforms, which will reduce the need for traditional industry intermediaries.
Udeh Raphaelv also said the future of real estate has fewer intermediaries
“The result of better technology is a rise in digital platforms, which will change the traditional brokers in real estate — yes, this means the real estate agent, broker, and brokerages. If the rise of iBuying wasn’t enough, a legacy real estate professional will need to innovate to remain competitive and relevant in the coming decade.
“Airbnb reduced the need for traditional travel agents, Uber changed how the taxi industry operates, Amazon disrupted traditional retail operations, and the list goes on. There are significant property technology (referred to as “proptech”) advances that aim to disrupt all traditional intermediaries in real estate.
“So u see that the future of real estate is bright as more technical and technology approaches are being used now in different industries,” he added.
Ranel Universal Ltd, tends to introduce the best and most efficient way of engaging their clients and partners in securing the future with Real Estate.