Nigeria is a very active rental market and that, in many ways, encourages sharp practices by swindlers, scammers and pseudo practitioners in estate agency practice.
On the flip-side though, the market which harbours an estimated 80 percent of the country’s 200 million population, has also seen innovative products and solutions that have helped to change the renter’s story.
One such solution is coming from Resavation, an artificial intelligence property technology (AI Proptech) company that allows prospective tenants to find verified properties online.
The company’s new solution is structured in such a way that it also allows renters to inspect properties virtually via video call and 3D virtual tour, and builds their credit score by helping them with a rental loan to pay their rent upfront while the renter pays back by instalment.
This innovative solution which, according to its promoters, arose from deep concerns for the plight of prospective tenants in Nigeria’s crowded rental market, takes market realities into consideration.
“Very many Nigerians have different stories to tell about their experience while renting accommodation. This ranges from inability to find verified properties and agents to lack of time to inspect lots of properties and lack of money to pay huge rent usually demanded by agents and property owners,” Stephen Adeyemo, Resavation’s CEO, noted in a chat with BusinessDay.
Adeyemo who disclosed that it took whole eight months to develop this solution that is aimed “to make property renting seamless for Nigerians,” also revealed that Resavation was born of a personal experience as a young man looking for accommodation to rent and ended up paying double the rent.
“This experience ignited a social entrepreneurship spirit in me to change the narrative of property renting in Nigeria by founding Resavation,” he said, pointing out that property owners and estate agents were not left out of the great benefits the new solution offers.
“We allow you to get matched with verified tenants, manage your property inspection real time virtually or physically and get your rent paid on time without stress. If you’re a tenant or a property owner or house agent in Nigeria, look no further because Resavation has got you covered; we are the solution you need for all your rental challenges,” Adeyemo assured.
He recalled that the Property Investment (PRINVEST) conference organized by BusinessDay provided an amazing opportunity for him to network with key players in the real estate sector in Nigeria, urging prospective renters and property owners to join Resavation as they make property renting seamless.