Experts have stressed the need for the deployment of modern technology in the Nigerian real estate sector.
Director of Trustcrow, Joe Orji, has said that technology is crucial to the operation of the property market.
“In general, technology plays a major role in how everything, including the real estate market, functions. As an escrow in real estate deals, technology plays a major role in eliminating fraud and promoting trust among players in the real estate sector where we have stakeholders like the property marketers, buyers, renters, sellers, landlords and brokers.”
Orji disclosed this at the Trustcrow deals summit themed, “Connect, Collaborate, and Close” which was held on Wednesday at Oriental Hotel, Lagos.
According to the director, in his welcome address, the deals summit was aimed at connecting people who have properties and looking for money with people who have money and looking for property while offering valuable insights to players on how to leverage technology in closing deals. “The adoption of technology has made it easy for players in the real estate sector to meet. Technology solves real estate problems in a simple, effective, and straightforward manner.
“No real estate agent wants to close a transaction and not get paid. No buyer wants to pay for a property and not receive good title to the property. No developer wants to waste time speaking with a prospective buyer who doesn’t close, and no lawyer wants their client to get scammed in a real estate transaction. Having a third party which would ensure that deals are sealed and no party is cheated but are satisfied is what technology achieves and players have a reward of time and money spent.”
Orji had stated that the real estate sector contributes 25 billion dollars annually to Nigeria’s economy and that adopting technology will prosper the sector. “I lived overseas and there’s nothing like real estate fraud. It’s here in Nigeria where we have relaxed guidelines, rules, and failure to adopt technology that can check fraud in the sector. Buyers want reward for their money, developers want reward for their time and every player wants a reward for their investment, that’s where the adoption of technology comes in as a neutral ground to check excesses,” the director said.
Orji also said that websites and online platforms where developers, brokers, investors, lawyers and stakeholders can meet with an escrow to serve as a third party, will boost the property sector.
Speaking on the fraudulent activities in the real estate sector, Director of Sales for Fountain Havens, Ruona Oghuvbu, said that the sector is saturated with fraudsters even within the family of property owners. He said, “Some properties on the mainland are owned by people who are dead and these people might have married more than one wife leading to having numerous children with the same surname. So, being faced with the problem of finding the original owners of a property and getting duped is a big challenge in the industry but with technology adoption, it’s easy to find the real owners and having an escrow that stands in for the parties involved has enhanced trust even for international investors.”
Speaking from a buyer’s perspective, Broker and Media Personality, John Babatunde said that technology and online platforms leveraged by the real estate sector serve as a safe ground to check out unserious buyers. “If I want to buy a property and I’m serious, I should put my money down and expect satisfying returns for my money when the developers are done but unfortunately, there are unserious buyers who stress developers wasting their time and efforts. With an escrow that maximizes the use of technology, I know that I’m safe and that if the developer doesn’t deliver, my money will be returned. Developers are also assured that you really want to do business when you invest money and a third party through the use of technology serves as a level ground for all real estate players, do your part and you get paid.”
Customer Success Manager of Trustcrow, Emmanuel Ogude, said that technology assists in easy access to data. “Data is paramount in the real estate sector and technology provides easy access to databases. Technology doesn’t just help with provision of data, it helps players to have current, completed transaction data accessible. This is to avoid unnecessary setbacks in securing deals and used for efficient decision-making.”
Trustcrow is a brand with an escrow service in Nigeria dedicated to connecting real estate stakeholders to transact in a secure, transparent, and efficient manner to protect everyone’s interests and provide peace of mind. With Trustcrow, buyers can trust that their funds are protected until the transaction is completed satisfactorily, while sellers and brokers benefit from prompt and secure fee disbursements.
