In Nigeria, housing is one of the many obstacles faced by families, young graduates, and workers. This is due to the requirement for at least two years of rent in advance. As a result, many individuals are unable to find decent housing because they cannot afford to pay rent in advance.
While this is an age-old problem, the Nigerian government has not done enough to resolve it through the construction of affordable housing or the enactment of legislation to protect tenants, leaving them at the mercy of homeowners and landlords.
To address this domestic issue, a prop-tech company has introduced an innovative solution to provide Nigerians with stress-free housing.
Tunde Balogun co-founded and currently directs the company RentSmallSmall.
Techcabal states that the company operates by connecting tenants and landlords. Tenants are thus exempt from agency, legal, and inspection fees. In addition, the company is helping to make monthly rent payments possible in Nigeria, based on a survey that revealed 88 percent of Lagosians desire monthly rent payment. Through its app, RentSmallSmall enables users to virtually view properties and schedule an inspection without the assistance of an agent.
“There is also the option of virtual inspections, which, like physical inspections, provide sufficient information. All of this is enabled by technology, which reduces the time required to conduct these activities in the traditional rental system, as Balogun explained to Techcabal.
“We also provide our landlords with the assurance of verified tenants, a steady income, and quality property management.” “We assist landlords in finding the best tenants for their properties through the use of technology,” he added.
Balogun founded his business after discovering that the majority of people in need of housing lack the required down payment.
“For me and my co-founders, it was about providing a solution, and that meant tackling a system that was deeply rooted in culture and habits,” he said, adding, “We believed that the systems available in other climates were also available in Nigeria. Dedication and commitment to the vision were required. We began empowering Nigerians with choice and access to high-quality housing through the use of technology to give them peace of mind and eliminate the stress and difficulties associated with the entire process.”
Balogun has experience in business administration. Previously, he conducted real estate transactions in Asia and other developed nations. However, starting RentSmallSmall was not simple, Balogun said. According to him, their primary responsibility was to provide access to quality housing.
“The housing market is flooded with poorly constructed properties, which burdens property managers because the majority of our time is spent fixing problems. Even though we do not own the properties, we have taken the fall for these problems and received customers’ vitriol. However, seeing that people can live in homes is what drives us,” he added.
Balogun explained that his company’s vision is to use technology to transform the real estate and property markets. He stated that the company has made progress in this regard since its inception three years ago.
He added that he plans to expand to all Nigerian states and other African nations. He stated, “We view ourselves as growth drivers and will remain committed to this role.”