Firm digitises Nigeria’s real estate market

Lagos-based firm, Messrs Respay, has introduced new software for real estate rent payment, facility/utilities management, legal and documentation of properties.

The solution, according to experts, will also assist in placing properties on the market for lease, rent sale and foreclosure, track outstanding rent payments and help in receiving online applications for advertised properties.

Speaking at the product unveiling in Lagos, the Chief Executive Officer, Respay, Mr. Adedotun Fasiku, stated that the scheme is part of commitment to deploy technology towards making real estate sector in Nigeria grow, adding that it will serve as a third party financial solutions for the real estate market, which will reduce the challenges posed by high workload and issues confronting stakeholders in the sector.

He said the initiative, which offers a multi-role platform, allows each user to perform multiple roles, while typical user may own properties but choose to rent.

Fasiku explained that the platform would help in managing residential, offices, retail and shopping complexes, industrial, student hostel, land as well as co-working spaces.

According to him, the invention is borne out of the limited payment options for convenience, lack of rent financing and insurance products, poor responsiveness to maintenance requests, difficulties in search of a new rental property and non-refundable caution deposits existing in the sector.

In his keynote address, a former Managing Director, Nigeria Mortgage Refinance Company (NMRC), Prof. Charles Inyangete, said the 22 million housing deficit in Nigeria, that requires N110 trillion funding, offers opportunity for digitising real estate market.

He said digital platforms are at the core of the economy with benefits stemming from their ability to virtually connect people, facilitate digital transactions/interactions, including exchange of information goods, real estate and services.

He reaffirmed that the product would address challenges of manual property management, rent collection, property audit reports, accounting, escrow of refundable deposits, among others.