Assessment Of The Application Of Information And Communication Technology In Real Estate Practice (a Case Study Of Lagos Metropolis)

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ABSTRACT

 This study aimed at assessing the application of information and communication technology (ICT) in real estate practice in Nigeria, a case study of Lagos 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, and chi-square (x2) used to test the hypotheses. The result of the study reveals that ICT application has helped in expanding and facilitating the development of contemporary practice of real estate in Nigeria. The result of chi-square test (x2 = 24) indicated a significant relationship (P<0.05) between the application of ICT and real estate practice in the study area. The study also showed that the trends in ICT application has enhanced the growth and development of real estate practice. The result of chi-square test (x2 = 28) indicated a significant relationship (P<0.05) between the trend of lCT application and real estate practice in the study area. More so, the study reveals low adherence in the application of ICT within real estate sector in Nigeria. The result of chi-square test (X2 = 52.4) indicated a significant relationship (P<0.05) between low adherence of ICT within real estate sector in Nigeria. The result further shows that ICT resources can be effectively harnessed to improve real estate practice 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 as a matter of urgency, including deadlines for compliance.


 

 

TABLE OF CONTENT

 

Title page

i

Approval

ii

Certification

iii

Dedication

iv

Acknowledgment

v

Abstract

vi

Table of content

vii-viii

List of Tables

ix-x

Chapter One:

 

1.0

Introduction

1

1.1

Background of the Study

1

1.2

Statement of the Problem

4

1.3

Aims and Objectives

5

1.4

Research Questions

6

1.5

Statement of Research Hypothesis

6

1.6

Significance of the Study

7

1.7

Limitation of Study

8

1.8

Scope of Study

9

1.9

Definition of Terms

9

Chapter Two: Literature Review

 

2.0

Introduction

11

2.1

Concept of Real Estate Practice

11

2.2

Information and communication Technology

14

2.3

 

Impact of Information and communication

 

 

Technology in Real Estate Practice

16

2.4

Summary

38

Chapter Three: Research Methodology

 

3.0

Introduction

40

3.1

Research Design

40

3.2

Population of Study

41

3.3

Sources of Data Collection

41

3.3.1

Primary Source

41

3.3.2

Secondary Source

42

3.4

Sampling and Sampling Techniques

42

3.5

Instrumentation and Administration of Instrument

43

3.6

Validity of Instruments

43

3.7

Reliability of Instrument

44

3.8

Method of Data Analysis

44

Chapter Four: Presentation and Analysis of Data

 

4.0

Introductions

46

4.1

Analysis of Characteristics of Respondents

46

4.2

Data Presentation

48

4.3

Testing of Hypothesis

51

 

 

 

Chapter Five: summary, Conclusion and Recommendations

 

5.0

Introduction

60

5.1

Summary

60

5.2

Conclusion

64

5.3

Recommendations

67

 

References

72


 

 

9


LIST OF TABLES

 

 

 

 

4.0

Distribution and Collection of Questionnaires

46

4.1

Number of Questionnaires Distributed and Returned

46

4.1.2

Position in the Organization

47

4.1.3

Personal Data (Background Information)

47

4.1.4

Age Distribution of Benchmarked Firms

48

4.1.5

Does the Application of Information and communication

 

 

Technology in Real Estate have effect on the Contemporary

 

Practice of Real Estate.

49

4.1.6

Do the Trends in Information and Communication

 

 

Technology Application in Real Estate Practice

 

 

have Impact on the Contemporary Practice of Real Estate

49

4.1.7

How can Information and Communication

 

 

Technology Resources be Effectively Harnessed to Improve

 

Real Estate Practice.

50

4.1.8

What is the level of Information and Communication

 

 

Technology Adherence in the Contemporary Practice

 

 

of Real Estate

51

4.1.9

Computation of Expected Frequency (The Effect of

 


 

 

 

 

10


 

ICT Application in Real Estate Practice)

52

4.2.1

Computation of Pearson Chi-square (x2)

 

 

(Firms with Limited ICT Usage)

53

4.2.2

Computation of Pearson Chi-square (x2)

 

 

(Firms with Significant ICT Usage)

53

4.2.3

Computation of Expected Frequency

 

 

(The Trends in ICT Application in Real Estate Practice)

55

4.2.4

Computation of Pearson Chi-square (x2)

 

 

(Firms with Limited ICT Usage)

55

4.2.5

Computation of Pearson Chi-square (x2)

 

 

(Firms with Significant ICT Usage)

56

4.2.6

Computation of Expected Frequency

 

 

(The Level of ICT Adherence in Real Estate Practice)

57

4.2.7

Computation of Pearson Chi-square (x2)

 

 

(Firms with Limited ICT Usage)

58

4.2.8

Computation of Pearson Chi-square (x2)

 

 

(Firms with Significant ICT Usage)

58


 

CHAPTER ONE

 

1.0       INTRODUCTION

 

1.1       BACKGROUND OF THESTUDY

 

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 intothe 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 humanhistory. It iscalled Information and Communication Technology age.

 

The simple truth today, isthat no profession can effectively succeed in solving her 21st century development challenges, unless theprofessional 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 practice in Nigeria. A simple exampleis 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 andthe internet has also made it possible for firms to operate severalbranches apart from their Headoffices with more ease than previously was the case. Professional reports may be vetted online and the exchange of documentedinformation has been greatly enhanced.ICTare perfect tools for working with information and can handleand process large amounts of information for various purposeswhich would otherwise be difficult to manage manually. It can organiseinformation very efficiently with all content properly identified and indexedmaking it possible to find whatever is required easily. In terms of speed, computers can perform in minutes, tasks that would take the average humanbeing yearstocomplete. Computersarequiteaccurate becausetheyaredesigned to receive information andprocesssuchinformation usinga pre-determined sequence stored in a programme thus maintaining a high level of accuracy using the'same datarepeatedly. Land Information System (LIS) is

 

a  tool for legal,administrativeand economic decision making. Itis designed specifically to create,visualize,analyse report and publish land-based datasuch as parcel information, zoning, land use, ownership and general propertyInformation. LIS, on the other hand, may contain additionaland useful information. The input of physical information such as soils, hydrogeology andrainfall andhuman or socio-economic information such as rateablevalue, communications and utilities results in a system that offers surveyors and decision makers the ability to inventory, monitor and plan moreefficiently and cost-effectively. Such an holisticapproach supportsthemanagement 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 thecontemporary 'innovations and relevance of Information and CommunicationTechnology (lCT) 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 CommunicationTechnology (lCT) through the emergence of cyberspace.

The level of information andcommunicationtechnology (lCT) awareness amongst real estate professionalsin 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.

 

With the wide spread use and dependence on ICT globally, mere knowledge on an awareness level only is not sustainable as professionals are unable to apply the skill inpracticein a meaningfulway. Awareness level training in formof coursesoffered byservicedepartmentsis not able tofullyaddress the specific needs of real estateprofessionalsin a meaningful way.

 

In Nigeria today, we are all witnesses to theon-going ICT revolution in the Nigerian banking industry and the change from the use of manual filling andrecord keeping methods less than a decade ago to automatedpractice methods.Recently,A TM machines have been introduced into the Nigerian banking industry as well. The question to ask regarding real estate profession in Nigeriais how we have fared, and what our current ICT literacy level and utilisation 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 practice 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 intheir dailyoperations, realestate practitioners in Nigeria do not seem to beoperating 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       AIMS AND OBJECTIVES OF THE STUDY

 

The aim of the study is to examine critical Issues and trends in information and communication technology, which impact profoundly on real estate practice, so that an objective assessment can be drawn on how the practice has fared, and how the resources of information and communication technology can be effectively harnessed to improve real estate practice in Nigeria.

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Assessment Of The Application Of Information And Communication Technology In Real Estate Practice

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