With more real estate agents relying on social media to drive transactions, these platforms have emerged as a powerful force in the country’s property market, generating leads and attracting prospective buyers to housing projects. However, despite notable success stories, this evolution has also introduced significant risks, prompting growing calls for stronger regulation to curb fraudulent practices, VICTOR GBONEGUN reports.

Social media has rapidly evolved from a casual communication tool into a powerful marketplace, and in Nigeria, few sectors reflect this transformation more vividly than real estate.

What was once a tightly controlled, agent-driven industry is now an open, fast-moving digital ecosystem where transactions are initiated, negotiated, and sometimes concluded on platforms like WhatsApp, Facebook, Instagram, and TikTok.

This shift is not only redefining how property is marketed, priced, and accessed, but it is also exposing deep structural gaps that policymakers and industry players can no longer ignore.

At its core, social media has democratised access to real estate. Property owners no longer rely solely on agents to secure tenants or buyers; with a smartphone and Internet connection, landlords can showcase their properties directly to thousands of potential clients.

For prospective tenants and buyers, especially young Nigerians and those in the Diaspora, the barriers to entry have significantly reduced. Listings that once circulated within limited networks are now broadcast widely, often accompanied by photos, videos, and virtual tours that create a more immersive experience.

This expanded visibility has accelerated transaction volume. A property posted online in the morning can attract multiple inquiries before the end of the day. Developers, too, are leveraging social media to pre-sell projects, sometimes even before construction begins.

Influencer marketing, once reserved for fashion and lifestyle brands, has found its way into real estate, where luxury apartments and gated estates are promoted as aspirational products rather than mere housing units.

Aside from marketing, social media is also emerging as an informal price discovery mechanism. Users routinely share rental listings, compare costs across neighbourhoods, and call out perceived exploitation by landlords and agents.

In cities like Lagos and Abuja, viral posts about rising rents have amplified public awareness of housing affordability challenges, effectively turning social media into a space for consumer advocacy. This growing transparency is gradually shifting bargaining power, giving tenants more information than ever before.

A recent study by the National Association of Realtors (NAR), a real estate body with over 1.5 million members globally, including in Nigeria, revealed that nearly two-thirds (63 per cent) of estate agents now use social media to promote listings.

About 57 per cent use social media daily as part of their marketing strategy, while Facebook is the most popular platform for real estate. At least 97 per cent of agents use Facebook to market themselves and property, the study said.

The study also established that 71 per cent of buyers are more likely to work with agents who have a strong social media presence. Also, 99 per cent of millennial buyers and 90 per cent of baby boomer buyers are expected to start their property search online first.

However, the same features that make social media attractive also underpin its most significant risks. Chief among these is the proliferation of fraud. Fake property listings, recycled images, and impersonation of legitimate agents have become widespread.

Unsuspecting clients are often lured into making advance payments for properties that either do not exist or are not available. The absence of verification mechanisms and regulatory oversight makes it difficult to distinguish genuine offers from scams, and erodes trust in the system.

Closely linked to this is the problem of informality. Social media operates outside the structured frameworks that govern traditional real estate transactions. Listings are rarely standardised, pricing lacks consistency, and there is little accountability when disputes arise.

Unlike formal property platforms or registered agencies, social media provides no guarantees regarding ownership, documentation, or compliance with planning regulations.

There is also the issue of market distortion. The visual nature of social media encourages a focus on aesthetics and lifestyle branding, often at the expense of substance. Well-packaged listings can create inflated perceptions of value, contributing to unrealistic pricing. In some cases, viral trends and hype-driven marketing fuel speculative behaviour, pushing rents and property prices beyond what underlying economic conditions would justify.

Moreover, while social media is effective for discovery, it falls short in completing transactions. It lacks the tools required for due diligence, such as access to property history, title verification, and secure payment systems. As a result, many users still have to transition to offline processes or more structured platforms to finalise deals, highlighting the limitations of social media as a standalone solution.

The Guardian gathered that many real estate agents and professionals are increasingly leveraging Nigeria’s youthful demographic by strengthening their presence on social media to avoid losing relevance among a growing segment of younger, tech-savvy homebuyers.

Expounding on the ongoing transformation, a member of the International Real Estate Federation (FIABCI), Rei Obaigbo, said that social media plays a similar role in property marketing globally, particularly in generating leads and attracting buyers.

However, she noted a critical difference between Nigeria and more developed markets. According to her, while social media is used just as intensively abroad, stronger institutional structures and credibility systems make it easier for buyers to rely on digital listings.

“In other parts of the world, because there is structure and credibility, it’s a lot easier for people to see something on social media, conduct their research, and make purchases almost based on the virtual appeal of the property,” she said.

This contrasts sharply with Nigeria, where digital listings rarely translate directly into transactions without extensive verification. “Even if you see something on social media, you still have to carry out due diligence. And it’s not just due diligence, you must go to the physical site and confirm for yourself, because what you see online might not always be what is actually available. That lack of structure and trust is one of the major differences between Nigeria and other markets.”

She also highlighted the growing influence of Nigerians in the diaspora, noting that their participation has significantly increased scrutiny and engagement in the market. “There are a lot of eyes on real estate investments because of diaspora interest,” she said.

Importantly, she observed that social media has introduced a new layer of accountability in the sector. According to her, users’ ability to publicly share experiences, both positive and negative, has pressured developers to raise standards.

“Social media has become a platform where people call out developers. If someone has a bad experience, they go online. Because going to court can be a long process, many see social media as the faster option,” she said.

As a result, developers are becoming more cautious. “Nobody wants to be dragged online. That fear has made many developers more conscious about delivering better services, unlike in the past when some could act without consequences.”

Despite these gains, she stressed that sustainable progress depends heavily on government intervention. Drawing an analogy with Nigeria’s power sector, she said individual efforts cannot replace systemic regulation.

“No matter what individuals do, the system is still driven by government. It’s like everyone generating their own electricity, but if public power fails for months, the risk becomes significant,” she said.

While private platforms such as Nigerian Property Listing Services exist, she argued that their impact is limited without official backing. “We can create platforms or even a multiple listing service, but if it is not government-backed, we still return to the issue of trust.”

She pointed to licensing as a major gap. In countries like the United States, real estate practice is tightly regulated. “If you don’t have a licence, you cannot operate. But in Nigeria, that system is weak. Some people even question why you need a licence at all,” she noted.

“In structured markets, when a property is listed, it is clear whether the person is acting as an agent, lawyer, or owner. But here, everyone operates as an agent, even lawyers. That lack of role clarity creates confusion and risk.”

She concluded that the absence of enforcement discourages compliance. “Some people know the right thing to do, but choose not to because there is no system to enforce it. It becomes frustrating for those trying to do things properly.”

Corroborating Obaigbo’s views, the Chairman of the Faculty of Estate Agency and Marketing of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Yemi Stephens, said social media has become indispensable in Nigeria’s real estate sector.

“Today, if an agent is not on social media, it is almost assumed that the person is not active in real estate,” he said.

He noted that social media platforms have fundamentally transformed property marketing, client engagement, and transaction initiation.

“Before social media, marketing relied on newspaper adverts, signage, and personal networks. Now, agents can showcase properties through photos, videos, virtual tours, and even live inspections, reaching thousands of potential buyers instantly,” he explained.

According to him, this has eliminated geographical barriers. “A property in Lagos, Abuja, or even London can be viewed within seconds by investors anywhere in the world, especially in the diaspora.”

While acknowledging that advanced economies that adopted digital marketing earlier have become more sophisticated, Stephens argued that stricter professional control could reduce malpractice and fraudulent activities, especially if real estate marketing is restricted to certified estate surveyors and valuers.

Also commenting on the pros and cons of deploying social media for real estate marketing, a past Chairman of the NIESV, Lagos Branch, Mr Dotun Bamigbola, stressed the importance of ensuring that property (product) titles are verified as genuine with the appropriate authorities or registries before the transactions are consummated and payment made. “Real estate is not an off-the-shelf transaction. These two activities take real estate transactions beyond the social media space and require the very important component of who you are dealing with or through- the agent or agency (organisation),” he said.

While admitting that social media use in real estate marketing creates a larger pool of enthusiasts, network investors across the globe, and presents more opportunities and options for investment to investors across locations, Bamigbola, however, highlighted that increasing challenges include the creation of non-existing real estate products with the intent of fraud; difficulty in tracking real and fake products, as well as marketers advertising of products and services by undocumented brokers and people that can lead to loss of investors’ money.

Bamigbola, who doubles as the Chief Executive Officer of One Square Metre RE, said: Consequently, there is a serious call for caution among individuals dealing with products and services through social media, on both the seller’s and the buyer’s end. “For one, there must be an inspection when investing in real estate, and both parties have to ensure they do not fall into the wrong hands for the safety of lives and properties. So, investigating or verifying who the party claims to be has become a priority.

“There is also a necessity to ensure effective management of the social media marketing space for business activities, generally. The Nigerian Cybercrimes (Prohibition, Prevention, etc.) Act 2015 largely manages private spaces protection and issues in its provisions, whereas the proposed “Social Media Bill” (Protection from Internet Falsehood and Manipulations Bill) has had its setbacks at Nigeria’s National Assembly,” he said.