ABSTRACT

The potential of information and communication technology for improving the quality of professional services in the real estate profession is generally acknowledged. Many reports on information and communication technology exists in developed countries while very little exists for developing countries. The aim of this study was therefore to examine how information and communications technology has changed the working processes of the real estate professionals and the current state of information and communications technology in the real estate industry. The research was conducted at three levels; the firm, institutions of higher learning and the public sector practice. The results of a structured questionnaire survey of firms, institutions of higher learning, and the public sector practice were presented. The results indicated that while most aspect of the profession have been largely computerized data and document management is still done in the traditional way in most cases. Most professionals use internet mainly for emails and its potentials in other areas that are strategic are yet to be fully exploited. The impact of information and communication technology on professional practice has been mainly in making jobs easier for the professionals, facilitating decisionmaking and savings in operating costs, among others. The notoriously inefficient national electric power supply system and high cost of computer hardware and software in relation to the dwindling fortunes of real estate professionals in Nigerias depressed economy are key obstacles to increased investments. However, most of the respondents were optimistic about the future of information and communication technology in the real estate professional practice. The findings it is hoped, should guide the profession in adopting appropriate policies to internalize the globally acclaimed benefits of information and communications technology.

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

That the world is currently experiencing phenomenal changes in social,

political, economic and technological spheres cannot be disputed. One

fundamental instrument for this increasing transformation is technology,

especially computer technology, and evolution of low cost, global

communications system which constitute major challenges that will

dominate and fundamentally shape developments in the 21st century,

particularly in the economic and financial sectors Usman, 1999.

Information and communication technology has enhanced the level of

information transmission and business transaction across the global

systems. The rapid growth of information and communication technology

since the latter part of the 20th century has been an important

contributor to improvements in all facets of human activity. In fact,

information and communication technology has increasingly become part

of our daily routine. Dixon 2005 citing Perez 2002 and Gordon 2000

notes that in over hundreds of years, periods have occurred when

technological change has brought about radical changes to market

boundaries, increasing the scope to exploit intellectual capital. Examples

according to Kakulu 2008 include printing, steam power including

electricity, canals, and railways, mass media, and more recently

information and communications technology. Kakulu 2008 citing

Rowlatt et al. 2002 assert that the new economy of the twentyfirst

century is different from any other new economy, and highlights three

main aspects as follows:

Infrastructures to assemble, analyze, communicate and manage

information within computer mediated networks. ...Get Complete Material.