Technology Critical to Real Estate Operations – Stakeholders

Olawale Ayilara, chief executive officer of Oxygen Holdings/LandWey Investments Limited, said technology is critical to the operation of the Nigerian real estate market.

“Overall, in the future, technology will be integral to the real estate market and the way everything works. So we all need to understand how we can invest in technology to improve the way we do business,” he said.

Ayilara was speaking at the inaugural session of the BuyLetLive Stakeholder Engagement Forum in Lagos, titled “The Digital Revolution in Real Estate”.

In his welcome address, BuyLetLive CEO Ola Daramola said that the Stakeholder Engagement Forum aims to showcase BuLetLive’s products and services to stakeholders.

Speaking about the financial opportunities in the real estate industry, Wole Adeniyi, CEO of Stanbic IBTC said that reliable real estate players are crucial.

“The real estate industry has N3.5tn available for home loans. BuyLetLive offers users the greatest opportunity to access this content through Stanbic IBTC,” he said.

Adeniyi added: “For the expansion of the real estate industry, we need reliable and trustworthy real estate players, and what BuyLetLive has done is to create an opportunity and a platform for this connection.”

UPDC Plc CEO Odunayo Ojo pointed out that one of the key problems in the real estate industry is the lack of data.

However, he said the only way to access that data was to enter the information into a database.

Furthermore, Gbenga Olaniyan, CEO of Estate Links Limited, corroborated what Ojo said and stressed that data should not be taken lightly.

“Make sure you don’t make fun of the data. It’s not just the data, you need to have access to the latest data. This is because property asking prices in this part of the world are artificially inflated and cannot be used for decision-making,” he said.

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