Before the real estate industry shifted online, the process of buying and selling a home looked radically different. Sellers and buyers heavily relied on real estate agents, as they were the only people that understood the ins and outs of the industry.
With the development of online property portals, real estate became more accessible. Nowadays, the process of buying, selling and renting a home has become more transparent, where customers have become more educated and informed than ever before, allowing them to make better decisions in the long run.
In this digital era, young start-up companies have helped revolutionize the industry and move real estate into the future. According to Lamudi Nigeria, the largest online market place in the country, property-seekers are no longer restricted by local or national borders when it comes to looking for real estate. Companies like global property portal Lamudi Nigeria, operating in a similar way to more established players like Zillow or Right Move, Lamudi gives house-hunters, investors and developers access to residential and commercial properties across Nigeria.
Also, startups like Hightower help building owners to manage workflow by allowing owners to determine their valuable agents, as well as keep track of tenant interactions. Building owners also have the freedom to centralize their marketing materials and budgets. This makes it easy for various departments to log-in and access requested information. Users are also able to manage their work on the go with mobile devices via updates and notifications.
Could a world without real estate agents be the way of the future? Startups such as Faira aim to link buyers with available homes directly so that sellers do not need to go through real estate agents. Faira handles the purchasing contract from beginning to end, by taking care of the contracts and certified appraisals.
Institutional investors, real estate investment trusts, hedge funds and private equity firms also need a helping hand when making wise investment decisions. This is where Compstak comes in, a startup that provides information to these institutions to allow them to easily analyze comparables. Compstak is free for real estate agents. When they require access to a specific comparable, the agents must provide information about their own business deals.
By Pita Ochai