AWARENESS AND ADOPTION OF PROPERTY TECHNOLOGY (PROP TECH) IN REAL ESTATE PRACTICE IN LAGOS STATE

Abstract

The practice of the real estate sector is evolving remarkably throughout the world, especially in developed economies from traditional ways to the technology driven one to enhance service delivery in the sector. However, in developing economies like Nigeria, there is the need to integrate such technology driven tools to her real estate practice. This study focused on the level of awareness and adoption of property technology in real estate practice in Lagos state, Nigeria. It identified the profiles of real estate firms in Lagos State, Nigeria; examined the level of awareness and adoption of property technology (Prop Tech) in Lagos State, Nigeria. Primary data was obtained from two hundred and five (205) real estate firms in the study area through the administration of questionnaires by stratified sampling. The questionnaires sought information on the level of awareness and adoption of Prop Tech in real estate practice in Lagos State. Data collected were analyzed with the use of descriptive such as mean and relative adoption indices (RAI). The level of awareness of Prop Tech was high with sum weighted average mean of 3.65 while the level of adoption of Prop Tech was moderate with sum weighted average mean of 3.02. The study recommended that the efforts should be intensified on real estate professionals to adopts other technological tools such as internet of things, blockchain, artificial intelligence and cloud technology which were relative low and PropTech provider should also encourage them on the use of technological tools and the benefits inherent in their usage in real estate practice in order to enhance service delivery in the study area.