AN EVALUATION OF THE IMPACT OF INFORMATION AND COMMUNICATIONS TECHNOLOGY ON REAL ESTATE PROFESSIONAL PRACTICE IN SOUTH-EAST ZONE, NIGERIA

Abstract

The potential of information and communication technology for improving the quality of professional services in real estate profession is generally acknowledged. Many reports on information and communication technology exists in developed countries while very little exists for developing countries. The aim of this study was therefore to examine how information and communications technology has changed the working processes of the real estate professionals and the current state of information and communication technology in the real estate industry. The research was conducted at three levels; the firm, the institutions of higher learning and the public sector practice. The results of a structured questionnaire survey of firms, institutions of higher learning, and the public sector practice were presented. The results indicated that while most aspect of the profession has been largely computerized data and document management is still done in the traditional way in most cases. Most professionals use internet mainly for emails and its potential in other areas that are strategic are yet to be fully exploited. The impact of information and communications technology on professional practice has been mainly in making jobs easier for the professionals, facilitating decision-making and savings in operating costs, among others. The notoriously inefficient national electric power supply system and high cost of computer hardware and software in relation to the dwindling fortunes of real estate professionals in Nigerian depressed economy are key obstacles to increased investments. However, most of the respondents were optimistic about the future of information and communication technology in real estate professional practice. The findings it is hoped, should guide the profession in adopting appropriate policies to internalize the globally acclaimed benefits of information and communications technology.

Keywords: information, communication, technology, real estate professional practice, real estate industry, estate surveyors and valuers.