Nigeria is struggling to come to grips with the growth and expansion of the real estate sector in crippling times, but technology is on a relentless spiral. In the past few years, several proptech companies as well as proptech venture capital firms have emerged to digitize data on real estate investments, location, transactions, loans, etc.
Proptech is the buzzword for the disruptive innovation making rounds across the board. The now popular catchphrase is a portmanteau coined from combining the words property and technology. It goes beyond just affixing words together, proptech is the game changer in real estate market.
The term Proptech also known as property technology is the application of technology to streamline and restructure the real estate industry. One of the widely known fact about traditional real estate is how laborious the overall process of property buying / selling is. Not to mention the blissfully stagnant nature of the industry which technology is rapidly unearthing.
Realty experts behind the times argue the apparent trump card of traditional real estate – physical interaction – as the rationale for home buyers, sellers and investors to persevere in it. Yet overlook the several modifications in human interactions brought about by digitization, detailed insights and virtual reality. Contemporary real estate seeks to reverse engineer and capture every nuance of real estate using emerging technologies. As a result, the reliance of property buyers and sellers on one-on-one interactions is no longer an issue.
Real Estate companies have jumped on the bandwagon which fintech companies are using to seamlessly drive innovations in the global finance market. The introduction of AI-driven analytics for screening and evaluation of real estate investments is disrupting the conventional market system. As well as document automation to ease operations and reduce complex paperwork for landlords, tenants, buyers, sellers and investors.
Proptech Companies Restructuring The Real Estate Sector
We researched and curated a list of startups and proptech companies in Nigeria revolutionizing the real estate sector.
PropertyPro is an A-list digital listing company in Nigeria bridging the gap between technology and real estate. Founded in 2013 by Dapo Eludire, Fikayo Ogundipe, Muyiwa Kolawole, Seyi Ayeni and Sulaiman Balogun. The startup boasts a web presence with over 60,000 property listings. Users utilize the web-based platform for both online and offline property search including homes, land, apartments and commercial properties.
In addition to providing a home selling and buying platform, PropertyPro lists rentals and shortlets. The proptech welcomes partnership with entrepreneurs seeking to bolster their real estate business performance.
Private Property Nigeria
Nigerian proptech company Private Property is a digitized platform that works to provide users with datasets of lands, houses, apartments and commercial properties across Nigeria. The privately held company is among the leading-edge home buying enterprises in Nigeria. Established in 2011 by Oluwafemi Taiwo and Badmus Oluwafemi.
The company’s business model is simple; connect renters with rental properties, real estate agents or private sellers looking to list their properties. Private Property also act as property management platform for real estate agents to manage listings and connect to property seekers. It equally offers agent a bevy of other features such as access to extensive data insights via reports and analytics.
Seso Global Nigeria
Seso Global Nigeria is a digital marketplace that offers property purchasing services to its users. The platform operates by affording legitimate buyers virtual home tours, insurance and mortgages and access to legal service providers.
The proptech was established in 2019 by Phillip Jarman and claims to have listed over 7,000 properties. It equally partners with real estate agents, brokers and property managers to provide top-notch property and property-related services.
Lagos-based real estate enterprise Estate Intel is one of Nigeria’s top-rated proptech companies bridging the gap between technology and real estate. The startup serves as a huge database of commercial property intel.
Their equally decentralized web platform allows real estate agents, brokers, builders, property managers and landlords access to commercial real estate data. Estate Intel’s platform is also equipped with first-rate market reports, insights and analytics to enable users make informed real estate decisions.
The proptech was founded in 2014 by Dolapo Omidire.
Alternative Real Estate Companies
- Nigerian Property Centre
- Albert and Wand
- Adron Homes
- Property24 Nigeria