NAIJA HORIZON beyond news, into stories
By Abe Stephen
A few days ago, I was having a conversation with a few friends, and the topic of property tech came up. We envisioned a platform where landlords could list their rental properties, and prospective tenants could browse, take virtual tours, or schedule physical inspections before deciding on whether to rent. In short, a system that would cut out the stress and, quite frankly, the exploitation that comes with house hunting in Nigeria.
On paper, it sounded brilliant. However, as the conversation progressed, we all came to a sobering conclusion: perhaps this kind of platform would not work in Nigeria, at least not yet. And the more we talked, the clearer it became why.
1. Trust is Still a Big Issue
The first issue that arose was trust. Nigerians are naturally cautious, and with good reason. Many still remember how difficult it was to convince people to use OPay or other fintech platforms when they first launched. If people found it hard to trust an app to hold ₦500, how much more an online platform asking them to pay rent worth hundreds of thousands, or even millions? The trust gap is a major roadblock.
2. Agents and Their “Unwritten” Power
Another angle we considered was the role of house agents. Like it or not, agents have made themselves an unavoidable part of the housing process in Nigeria. For years, they’ve turned house hunting into a personal empire, often at the expense of desperate tenants. A platform that bypasses them doesn’t just threaten their business; it challenges a deeply ingrained system. History shows that when people feel threatened, they often resist change, sometimes aggressively.
3. Our Culture of Physical Verification
We also reflected on our culture. Nigerians generally want to “see with their eyes” before parting with large sums of money. Buying clothes or food online is one thing, but rent is different. People want to meet the landlord, touch the walls, and feel the environment to confirm that the property is real. Pictures and videos don’t always satisfy that need for assurance.
4. The Digital Divide
Another issue is accessibility. While internet penetration is improving, many still struggle with poor connectivity, a lack of smartphones, or even the digital literacy needed to navigate platforms confidently. For propertytech to truly succeed, it needs to serve both the young professional in Lagos and the school teacher in Osogbo. Right now, the gap is too wide.
5. Fear of Fraud and Legal Troubles
Lastly, we couldn’t ignore the fear of fraud. Fake landlords, duplicated listings, and hidden charges are common in the housing market. Without strong legal frameworks and dispute resolution systems, many people would still prefer the old, familiar process, even with its flaws.
So, What’s the Way Forward?
Our conversation didn’t end with complaints. We also brainstormed possible solutions.
- Hybrid models: Instead of cutting agents off completely, platforms could verify and regulate them, ensuring transparency and fair charges.
- Escrow systems: Rent could be held by banks or trusted third parties until tenants confirm satisfaction.
- Start small: Focusing first on urban areas with higher digital literacy could build trust before scaling.
- Government involvement: With housing authorities backing digital systems, tenants would feel more protected.
At the end of our conversation, one truth stood out: while this kind of propertytech platform may not work in Nigeria today, it’s only a matter of time. Just like fintech overcame scepticism, real estate will eventually follow suit. Sooner or later, the idea will scale, and we may finally get to a point where house hunting is no longer a nightmare. Who knows? One day, we may actually be able to sleep with both eyes closed, knowing that renting a home has become simple, transparent, and safe.
