Many people, particularly young people, are drawn to cities by rising urbanization and the desire for economic empowerment, which puts additional strain on the infrastructure already in place, including housing.
It makes sense that, among others, the epicenters of Nigerian housing agency practice include Lagos, Abuja, Port Harcourt, and Enugu. More people are becoming hyperactive in the rental market, which makes transactions neither fair nor free from unscrupulous behavior.
In a particular region, there are nearly as many estate agents as renters, and each one operates in accordance with his own interpretation of “business.” Due to the increased demand for rental properties, which has resulted in hefty agency fees that vary greatly among agents, these practitioners enjoy significant levels of patronage.
The demand for low and uniform fees to enhance access to shelter, which is a basic need, has been met through EkoCrib’s innovative solution.
Founded by Boma Agina-Obu and Innocent Destiny, EkoCrib is an online house-hunting platform that ensures you do not pay outrageous commitment and agency fees.
In a chat with Agina-Obu, the co-founder disclosed to Techeconomy that the housing solution targets low and middle-income earners. She noted that the firm has been able to provide services via rental support to customers.
The fact that people looking to buy or rent real estate in Nigeria are still being taken advantage of by so-called agents is widely recognized. This is a concerning trend that seems to be here to stay as these agents confidently and consistently raise their fees for renters in need of accommodation in densely populated cities.
However, various exploitations have been handled by EkoCrib’s innovative solution. EkoCrib has a defined agency fee, removes transportation costs to inspect frequently unlivable properties, and comes with zero consultation and registration fees.
Market Strategy
To fully engage the market, EkoCrib plays the role of an intermediary between renters and house agents in cities. The startup’s ground soldiers (registered agents) look out for houses. These houses are then verified before being placed on the platform for renters.
EkoCrib’s strategy is to ascertain the credibility of both houses and agents before they appear on the platform.
More so, the platform provides accurate pictures and descriptions of houses, eliminating the issue of inaccuracy.
Ultimately, curbing exploitative practices in the real estate sector is a collective effort that requires cooperation. It is important for house seekers and house owners to actively engage EkoCrib to drive seamless housing renting.
Still to Come
EkoCrib plans to launch other related housing services across Nigeria. Agina-Obu told Techeconomy that the business is working on EkoMeet, a service that will see it handle the entire relocation process of house renters.
The co-founder also noted that a financing arm, EkoPay. EkoPay will provide housing financing for renters. The service will allow individuals with just half of their rental fees to move into the apartment to make monthly payments.
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