STUDY OF ICT IN THE REAL ESTATE industry
STUDY OF ICT IN THE REAL ESTATE INDUSTRY
Estate surveying and Valuation is one of the built-environment professions that necessitates the usage and application of Information and Communication Technology (ICT) in numerous areas of practise. Computers, networks, hardware, software, satellites, and other ICT devices and applications fall under this category.
The purpose of this study is to investigate the extent to which Estate Surveyors and Valuers use ICT in the performance of their professional activities. A well-structured questionnaire will be distributed to Estate Surveyors and Valuers in both public and private practise in Abeokuta, Ogun state.
1.1 BACKGROUND OF THE STUDY
The profession of estate surveying and valuation was officially recognised in Nigeria by Decree No. 24 1974. The Estate Surveying and Valuation profession is defined by the Decree as individuals who engage in the arts, science, and practise of:
Determining the worth of all types of property and the numerous interests in them.
Estate management and development; and other businesses dealing with the administration of landed property Ensuring the optimal use of land and its associated resources to meet social and economic needs
assessing the structure and condition of buildings and their services, as well as providing advice on their upkeep, modification, and improvement
Using financial assessment to determine the economic use of resources in the construction industry
Selling (whether by auction or otherwise), buying, or letting real or personal property or any stake in it as an agent
Estate surveyors and valuers are common in the fields of property valuation, property management, property rating and taxation,
building construction, property development, building maintenance, facilities management, land titling and recording, land use and management, and son.
However, if the members of are to perform creditably in carrying out the above-mentioned responsibilities, they must react and adapt to various difficulties arising from global phenomena such as globalisation, commercialization, and information and communication technology (ICT), to name a few.
ICT is an abbreviation for computers, software, networks, satellite links, and other systems that enable people to access, analyse, produce, share, and use data electronically. Its significance is enormous, and its use is expanding on a daily basis. The world of today is one of information explosion.
This information explosion is happening at such a rapid pace that even literate people are feeling as if they are illiterate because they are unable to keep up with it. ICT has helped to develop long-term skills and research competence for undergraduate and post-graduate education, professors, and researchers.
According to the authors, many businesses today rely completely on ICT to advertise their products, post classified online services, and build job chances platforms. Modern civilization is distinguished by the rapid expansion and development of information and communication technology (ICT), which has resulted in a high reliance on an individual's knowledge and ability in the IT field.
This indicates that any professional who wishes to keep up with the demands of a globalised environment should arm himself with numerous ICT tools. In light of the foregoing, the study investigates the impact of information and communication technologies (ICT) in the practise of estate surveying and valuation utilising Abeokuta as a case study.
1.2 STATEMENT OF THE problem
The real estate business, with its many operations, has also been seen partaking in this new trend; nevertheless, practitioners' responses have varied. In Nigeria, the use of information technology for real estate transactions began with the publication of property information on property websites;
however, challenges such as the sites' inability to effectively meet the needs of their customers, unfulfilled promises on services, and links to non-functional or non-existent pages have discredited this medium in the eyes of their clients (Chukwuemeka, 2012).
A plethora of social networks are easily accessible online and are being investigated when renting or purchasing apartments.Sawyer, Croston, Wignand, and Allbritton (2003) predicted that the introduction of ICT,
which has provided buyers and sellers with a new way of finding one another, will endanger the jobs of residential brokers, whose duty it is to serve as mediators connecting buyers and sellers.
1.3 GOAL AND OBJECTIVES
The purpose of this research is to look into the usage of information and communication technologies (ICT) in the practise of estate surveying and valuation in Abeokuta, Ogun State. The precise goals are as follows:
To investigate the extent to which Estate Surveyors and Valuers use ICT in the performance of their professional duties in the research region.
To evaluate the role of ICT in real estate practise in the research area.
To investigate the limits related with the use of ICT to increase estate surveying and valuation practise in the research area.
1.4 RESEARCH METHODOLOGY
The information for this research project will be gathered from primary and secondary data sources. Secondary sources were gathered from available literature and previous work on the issue, which included both published and unpublished resources such as textbooks,
papers delivered during seminars, and other relevant publications. Primary data will be acquired by administering a questionnaire, and all data gathered will be evaluated using simple statistics created by translating frequency into percentage.
1.5 THE SIGNIFICANCE OF THE STUDY
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) will benefit greatly from understanding the primary constraints connected with the usage of ICT tools.
This study will be valuable to students and researchers since it will serve as a foundation for the success of their future research.
Meanwhile, this study tries to fill a vacuum in the literature while also contributing significantly to the current body of work on the valuation of intangible assets in Nigeria.
1.6 limitations ON STUDY
In a study of this sort, one is certain to confront a number of challenges in obtaining the required data that would satisfy the expected standard. Of course, the research includes the use of both primary and secondary data, and some problems were encountered.
Financial and time restrictions are among them. Another major issue that cannot be overstated is the high expense of transportation incurred during data collecting.
1.7 SCOPE OF THE STUDY
The investigation will be limited to the Abeokuta metropolitan. This is done to facilitate the management of data created for in-depth research and inferences. Metropolitan Abeokuta is Ogun State's economic nerve centre.However, the researcher's first discussions with professional Estate Surveyors and Valuers in the study region influenced this limitation.
1.8 DEFINITION OF IMPORTANT TERMS
1.8.1 INFORMATION AND COMMUNICATION TECHNOLOGY: Information and communications technology (ICT) is an expanded term for information technology (IT) that emphasises the role of unified communications and the integration of telecommunications (telephone lines and wireless signals),
computers, as well as required enterprise software, middleware, storage, and audio-visual systems, which allow users to access, store, transmit, and manipulate information.
ICT can also refer to the integration of audio-visual and telephone networks with computer networks via a single cabling or link system. There are significant economic incentives (great cost savings due to telephone network elimination) to merge the telephone network with the computer network system utilising a single unified system of cabling, signal distribution, and management.
ICT, on the other hand, does not have a general definition since “the concepts, methods, and applications involved in ICT are constantly evolving on an almost daily basis.” ICT encompasses any product that stores,
retrieves, manipulates, transmits, or receives information electronically in digital form, such as personal computers, digital television, email, and robots.
To clarify, Zuppo proposed an ICT hierarchy in which all levels “contain some degree of commonality in that they are related to technologies that facilitate the transfer of information and various types of electronically mediated communications.”
One of many approaches for describing and managing competencies for ICT professionals in the twenty-first century is the Skills Framework for the Information Age.