I used almost every single real estate platform, Hutbay, Lamudi to Privateproperty while searching for an apartment last year. They are mostly simple marketplace solving no real issue other than connecting potential renters to agents whilst masking as real estate platforms(Zillow, Trulia, Housing.com).
Most important challenge facing them from a users perspective is the lack of verified listings. Most of the apartments on their platform had been listed for over six months and majority where no longer on the market. This created it’s own set of problems with a user meeting up with over 4-5 agents and paying btw 3000-5000 per agent to view said apartments.
A real estate platform needs to offer a full suite of service to solve issues for both sides from verified listing to background checks, to generating legal docs(this eliminate 50% of legal and commission fee for renters), offering ways to collect and pay rent.
And yes majority of Nigerians need roommates but we just pretend it’s a poor man’s thing so we disguised as a need for privacy. We cant deny that this a huge pain point as the cost of rent is quickly outpacing salary increases or income. Lots of adults already live in shared housing(Face me, I face you and BQ) to mitigate rent and associated costs. And some of us are stuck with 2-3 rooms apartment and are looking for roommate to mitigate cost. As Feyi Fawehinmi said, Nigeria doesn’t suffer from housing shortages, just not enough people that can afford them. Sublet.ng wants to solve this issue but …!
So we need an online marketplace that will connect people looking for rooms and roommates easily by creating the simplest and safest choice for long term housing search, with verified listings, messaging, identity verification, background checks, pay rent, and the ability to generate online contracts all within one service the same way Airbnb did for short term. And a lot of Nigerians use Airbnb, so the issue of trust was perfectly mitigated. Target Demographic is there already from 18-35 yrs old, young professionals that demand instant and flexible way to look for housing, students looking for off campus housing, people moving to urban areas, all those people living in some form of shared housing
The bottom line is no Nigerian service is really attacking this big, inefficient market where scams and poor actors are rife(paying every agent 3-5k for apartments you are most likely not to get), and I think the time is right for a big player to emerge in this space, like we’ve seen for other markets that thrived entirely in the classified section by solving actual painpoints.
By the way I have a three bedroom apartment with two baths in Onike, Yaba and I’m looking for 2 roommates to reduce cost of paying another huge rent at the end of October. Al you need to move in with is a mattress and probably a fan too.