THE IMPACT OF THE APPLICATION OF INFORMATION AND COMMUNICATION TECHNOLOGY IN THE PRACTICE OF REAL ESTATE AGENCY

THE IMPACT OF THE APPLICATION OF INFORMATION AND COMMUNICATION TECHNOLOGY IN THE PRACTICE OF REAL ESTATE AGENCY

(A CASE STUDY OF ENUGU METROPOLIS)

ABSTRACT

This study aimed at assessing the application of information and communication technology (ICT) in Real estate Agency in Nigeria, a case study of Enugu metropolis. It also considered critical issues and trends in information and communication technology which impacts profoundly in real estate practice, and how the resources of ICT can be effectively harnessed to improve the profession. The study adopted survey method for collecting data. Random sampling technique was used, and a sample size of 160 respondents was drawn from the study population. The questionnaires were administered to practitioners both private and government agencies. Interviews, primary and secondary data were also used. A total of 140 respondents completed and returned the questionnaires representing 87.5% of the distribution. Tables were used for data presentation. The study also showed that the trends in ICT application has enhanced the growth and development of real estate practice. The result shows that ICT resources can be effectively harnessed to improve Real estate Agency by mainstreaming a robust ICT programme in estate management curriculum in higher institution/in real estate practice. The study recommends the creation of more awareness of ICT packages by mainstreaming a robust ICT programmes in such a manner that students and practitioners can grasp and apply it. Continuous professional development (C.P.G) effort should be channeled towards ICT has a matter of urgency, including deadlines for compliance.

Key Words: Information, Communication, Technology, Real Estate Practice

CHAPTER ONE

1.0       INTRODUCTION

1.1       BACKGROUND OF THE STUDY

Our society is a complex structure of people and institution that interact in a multitude of ways. The social and technological revolutions that alter this structure are no less complex. Long ago, we had the Ice Age, and Neolithic time or period. We later move into the Agriculture age and the Renaissance period. In the recent time, the society has moved into yet another age that has brought a far reaching change in human history. It is called Information and Communication Technology age. The simple truth today, is that no profession can effectively succeed in solving her 21st century development challenges, unless the professional visions, aspiration, mission and strategies are fundamentally anchored in the realm of knowledge creation, and strategically driven by information and communication technology (ICT).

Information and Communication Technology (ICT) has enhanced Real estate Agency in Nigeria. A simple example is the use of mobile phones for communication via text messages which has helped to improve communication in the course of everyday assignments. Field staff can make immediate contact with their office of the principal partner when issues arise while out in the field in the past, such staff would have had to return to base to deal with such issues. The use of computers and the internet has also made it possible for firms to operate several branches apart from their Head offices with more ease than previously was the case. Professional reports may be vetted online and the exchange of documented information has been greatly enhanced. ICT are perfect tools for working with information and can handle and process large amounts of information for various purposes which would otherwise be difficult to manage manually. It can organize information very efficiently with all content properly identified and indexed making it possible to find whatever is required easily. In terms of speed, computers can perform in minutes, tasks that would take the average human being years to complete. Computers are quite accurate because they are designed to receive information and process such information using a predetermined sequence stored in a programme thus maintaining a high level of accuracy using the same data repeatedly.

Land Information System (LIS) is a tool for legal, administrative and economic decision making. It is designed specifically to create, visualize, analyses report and publish land-based data such as parcel information, zoning, land use, ownership and general property Information. LIS, on the other hand, may contain additional and useful information. The input of physical information such as soils, hydrogeology and rainfall and human or socio-economic information such as ratable value, communications and utilities results in a system that offers surveyors and decision makers the ability to inventory, monitor and plan more efficiently and cost-effectively. Such a holistic approach supports the management of both human and physical resources at all real estate levels.

The realization of this ICT innovation would offer a wide range of functionality from simple map production and information retrieval, such as terrier data to spatial analysis like site finding, valuation etc. However, it is observed that some real estate practitioners or firms in Nigeria is still in the dark as to the contemporary ‘innovations and relevance of Information and Communication Technology (ICT) in global property market scheme, conflict of professional interests is an evidence of lack of strategic vision within the real estate sector. Parallel lack of emphasis on training and education to meet the demands of this new commercial environment is prevalent. There is a negligent attendance to the benefit of the function of Information and Communication Technology (ICT) through the emergence of cyberspace.

The level of information and communication technology (ICT) awareness amongst real estate professionals in Nigeria is quite low (Kakulu, 2003) and a recent review of teaching curriculum amongst higher institutions offering estate management in Nigeria including Universities Commission (NUC) minimum standards for environmental sciences, reveals that although ICT course are provided for, it is in the form of general introduction on an awareness level.

In Nigeria today, we are all witnesses to the on-going ICT revolution in the Nigerian banking industry and the change from the use of manual filling and record keeping methods less than a decade ago to automated practice methods. Recently, ATM machines have been introduced into the Nigerian banking industry as well. The question to ask regarding real estate profession in Nigeria is how we have fared, and what our current ICT literacy level and utilization as a profession is? Are we taking the lead in the construction industry or are we lagging behind in technology?

1.2       STATEMENT OF THE PROBLEM

The principle of globalization and the emergence of new technologies have created new challenges. These challenges have permeated all aspect of living; Real estate Agency is not left out. Real estate practitioners are today faced with the challenges of new techniques and more efficient means of managing and storing information for quicker and more effective management decision, this makes the use of information and communication technology e.g. computer and computer network imperative in real estate practice. However, evidence has shown that several sectors in the corporate world depend heavily on information and communication technology in their daily operations, real estate practitioners in Nigeria do not seem to be operating at par with their professional counterparts in the industry. Some practitioners have traditionally lagged behind others, when it comes to applying the latest ICT application in real estate practice.

1.3       AIM AND OBJECTIVES OF THE STUDY

The aim of the study is to assess the application of information and communication technology in Real estate Agency in Enugu metropolis .

The objectives of the study are as follows:

1. Examine the impact of information and communication technology application in the contemporary practice of real estate, in the study area.
2. Investigate critical issues and trends in information and communication technology which impacts in contemporary practice of real estate.
3. Examine how the resources of Information and Communication Technology (ICT) can be effectively harnessed to Improve the contemporary practice real estate.
4. Ascertain the level of information and communication technology adherence in contemporary practice real of estate practice.

1.3       RESEARCH QUESTIONS

1. Does the application of information and communication technology (ICT) have effect on contemporary practice of real estate?
2. Do the trends in information and communication technology (ICT) application in Real estate Agency have effect on contemporary practice of real estate?
3. What is the level of information and communication technology adherence on contemporary practice of real estate?
4. How can the resources of information and communication technology be effectively harnessed to improve the contemporary practice of real estate?

1.4       STATEMENT OF RESEARCH HYPOTHESES

1. Ho: There is no significant relationship between the application ofinformation and communication technology and real estate practice.

Hi: There is a significant relationship between the application of information and communication technology and real estate practice.

2. Ho: There is no significant relationship between the trends in information and communication technology and real estate practice.

Hi: There is a significant relationship between the trends in information and communication technology and real estate practice.

3. Ho: There is no significant relationship between low information and communication technology adherence and real estate practice.

Hi: There is a significant relationship between low information and communication technology adherence and real estate practice.

1.5       SIGNIFICANCE OF THE STUDY

The significance of the study lies to a great extent in setting a stage for rapid and a more comprehensive appraisal of information and communication technology in real estate practice. This has become necessary to keep the practitioners abreast with the use and advantages inherent in ICT and its application to human problems.

This study is also significant because it will help in reducing waste, save time and encourage simple, moral, accountable, responsive and transparent conduct in the delivery of real estate services. This study is significant in the sense that it will help in facilitating cross collaboration and co-ordination amongst practitioners in different continents.

This study is also significant because it will help in reducing waste, save time and encourage simple, moral, accountable; responsive and transparent conduct in the delivery of real estate services.

This study is significant in the sense that it will help in facilitating cross collaboration and co-ordination amongst practitioners in different continents of the world, and ensure easier, faster and appropriate decision making in real estate practice.

Finally, this study will help demonstrate a proactive strategies that can be used to achieve utmost efficiency in Real estate Agency in Nigeria, through the effective and efficient use of technology (computers, technology providers, telephone systems, e-mail, serves, software and networking).

1.6       LIMITATION OF THE STUDY

A study of this nature, being carried out in the present economic, political and social conditions is faced with a number of limitations. Often, most respondents were unwilling to co-operate, for fear of disclosing the true position of their organisations activities some of the practitioners were apprehensive of the researcher’s intention, suspecting that he may sell their firms information to the competitors. These problems limited the availability of some data needed for the investigation.

In the course of this research work, the researcher encountered other setbacks which any research work might pose. These include ICT illiteracy, a good number of the practitioners were ignorant of the use of ICT in realestate practice, hence data could not be gathered. Despite these short comings, the research findings remain valid.

1.7       SCOPE OF STUDY

The study is designed to assess the application of information and communication technology in contemporary practice of real estate in Nigeria. The study is limited to Enugu metropolis , because Enugu  has thehighest concentration of real estate surveying firms in Nigeria, and it isexpected that innovations in the use of new technology in the practice willfirst emerge in Enugu .

1.8       DEFINITION OF TERMS

1. Artificial Intelligent (AI): A concept of computer programmed toassume forms of human intelligent including learning, adoption andcorrection; these are computers working as experts in field real estate.
2. Computer Aided Design (CAD): A highly specialized kind ofdrawing program used in architectural and engineering work.
3. Geographic Information System (GIS): Is a computerised tool for capturing, storing, checking, integrating, manipulating analysing and displaying of data which are spatially referenced towards an effective decision making in real estate practice.
4. Land Information System (LIS): Denotes those information systems used in support of land management activities in real estate practice.
5. Multiple Listing Servicing (MLS): Is a computer Information system used by agents to collect buyers to sellers, control and disseminate information as regard land and properties.
6. Soft Ware Application (SWA): This refers to software developed toenable computer users perform specific tasks or results specific problems using computer in of real estate practice.
7. Management Information System (MIS): Is a software that provides information to real estate managers at all levels on proper decision taking in line with the policies and objectives of the organisation.
8. Local Area Network (LAN): LAN is a communications network covering a limited geographical distance such as office buildings within close proximity.
9. Management information system (MIS): Is software that provides information for managers at all levels on proper decisions taking inline with the policies and objectives of the organization.