MD, Lamudi Nigeria, stresses the need for technology in real estate

Last week, Obi Ejimofo, Managing Director of Lamudi Nigeria, had an interview with Future Lagos.

Among the topics discussed included technology in the real estate sector.

Mr Ejimofo spoke on the importance of technology and the need for developers to use technology to meet their target audience.

"We want to demonstrate to developers how disconnected their supply is currently to the demand, for example in a place like Lagos where you look at the numbers of what people are looking for, you will notice that over 70% of people looking for property are looking for something to rent while just 30% are looking for something to buy. But on our platform over 60% of the property advertised is for sale and just 40% is for rent, so there is a major disconnect. We want to go into more detail and ask what are the demand characteristics versus the supply characteristics in Lekki, Yaba, Surulere, Shomolu, and Ikorodu. So that a developer who has some hectares of land in Ikorodu can make a decision on what to build. He will be able to make a better decision by looking at our platform which informs him on what people are currently looking for within that area. If they make use of this data, they will build and sell faster and have a faster turnaround and hopefully bring a reduction in price of property."

READ: Imperial Homes collaborates with Lamudi Nigeria to provide affordable mortgage facilities

There is no doubt that technology helps the real estate sector.

A perfect example is the use of social media for advertising.

READ: 2 social media applications perfect for real estate advertising

Do you agree that technology plays a vital role in real estate?

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