For years, real estate investors have relied on obsolete systems for managing tenants, collecting rent, and maintaining their properties. The result of this has been lost files, unclaimed funds and conflicts, among others.
With the advent of online systems such as Our Property NG, real-estate management in Nigeria is undergoing a shift.
Our Property NG, developed by Nigerians, provides a platform for managing tenant payments, tracking tenants and maintaining the building, including organising the workforce.
It ensures that a landowner can keep track of their tenants’ arrears and activate their building’s maintenance, as well as monitor their whole portfolio directly from their gadgets.
The tenant, on the other hand, can make payments, as well as lodge a complaint, directly via mobile applications.
The development of digital property management systems, as in this case, is making the real-estate estate environment more organised and transparent.
The landlord, who could previously be dealing with delayed payments, can now send automatic notifications as well as immediate transaction confirmations.
The benefits extend beyond both parties. Agents, too, do not have to wade through a clutter of paperwork in search of tenant details. With all the information stored in the cloud, data can be accessed at any time.
Besides Our Property NG, another set of local innovations is setting the precedent for digital transformation within the real estate industry in Nigeria.
Initiatives such as Fibre.ng, RentSmallSmall and Estate Intel are setting the tone for local alternatives based on technology, making it simple for property owners and those looking to acquire properties, as well as those interested in investment.
Fibre.ng‘s stance on convenient lease agreements enables tenants to lease properties on a simple, yearly agreement, as opposed to paying outright.
RentSmallSmall enables pre-screened tenants to lease directly from property owners, as opposed to being susceptible to fraud, while Estate Intel enables investors to make informed decisions based on local market data.
The government initiatives are also impacting positively on the adoption of digital technology. The Lagos State Government, for example, has introduced the Land Information Management System (LIMS), which enables the registration of lands.
This technology enables property owners to check their documents online instead of waiting in long queues.
Similar initiatives have been introduced in Abuja and Ogun State to avoid double sales on land.
These initiatives, though in their pilot stages, have reduced time and instilled confidence in land transactions, which have long been associated with fraud.
The need to integrate technology has recently been recognised as a consideration for property management.
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has recently set up programmes to train practitioners on how to cope with the modern technological advancements.
The adoption of data-driven technology, according to NIESV, ensures a higher degree of accuracy, a positive impact on client satisfaction and a higher level of accountability.
Estate companies that have gone online have achieved high-cost savings as well as a high improvement in service delivery, a pivotal step towards making the industry attractive to both local and foreign investors.
The benefits of this growing adoption of digital technology are clear-cut. It reduces conflicts over rent, increases transparency and enhances communication between tenants and estate managers.
In addition, it streamlines payment schedules and transaction records—all with little workforce. Even more innovations are expected in the coming years, including AI-influenced lease prediction systems and blockchain-supported land records.
The rise of these solutions clearly demonstrates that the future of real estate in Nigeria is digital.
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