RentSmallSmall intensifies efforts to overcome challenges in real estate

A frontline property technology company, RentSmallSmall, has vowed not to relent in its efforts in providing quality, affordable and convenient accommodation for Nigerians.

In the last three years, the firm has explored technology to address a plethora of gaps in rental of property and investment in the sector. Above all, it prides itself in meeting customers’ needs.

The Co-Founder and Chief Executive Officer of RentSmallSmall, Mr. Tunde Balogun, said the company was floated to break the barriers and lessen the burden that tenants hitherto went through in paying yearly rent. He explained that monthly payment reduces the possibility of default on the part of tenants. He added that the technology-driven package was beneficial to property owners and the tenants.

According to him, RentSmallSmall was one of the few companies in the country that has taken the bull by the horn to tread this path, making house rent payment to become pleasurable for Lagos residents.

Balogun stated that the huge growth in the sector was leading to an evolution of new systems where quality is never in doubt and all stakeholders were held accountable in their roles as players in the sector. 

“In the last few years, we have witnessed change in the listings and rental of property, with more property listing websites that make a wide range of house options available to customers. It has grown beyond that in recent times, with companies like ours, Rent Small Small, who have come in and introduced new monthly rental options for tenants and landlords.

“We are challenging the status quo by eliminating discrimination against people because of their gender, tribe or religion as is obtainable in the traditional rental system. We have also ensured that egregious fees such as agency, legal and inspection fees are gone, so that customers rent their houses without incurring additional costs such as those,” he said.

He expressed optimism that with the rise of more proptech firms, the Nigerian real estate was in for some great change that would redefine it over the next coming years, particularly one that would guarantee more customer oriented solutions.

Taking a cursory look at how his company has fared since it came into existence, Balogun explained they are dealing with a core human need – shelter, therefore, the need to deliver excellently and meet the people’s demand.

He pointed out that real estate transactions are marketplace transactions, and in a very broken and disorganized rental market like Nigeria where expectations between vendors and subscribers are worlds apart, coming in as a player to manage and align the expectations is a tough job. He added that the firm has chosen a tough problem to solve, reaffirming that his team would not look back.

His words: “I always tell my team, we will not define our success by how many tenants we have paying rent monthly or number of landlords we have collecting rent monthly, rather, how many tenants are paying rent monthly in quality property and the number of landlords that are providing quality property on monthly rentals.

“In the last three years, RentSmallSmall has proven that monthly rent payment is possible in Nigeria, and we did it against all odds; and today, it’s on record that we’ve never paid any landlord one year rent upfront. But the big task for us now is providing access to quality homes. It has always been an objective for us to be the gateway to quality living, but we know quality living can’t be completely achieved without quality housing. The housing market is filled with poorly built property and it takes a toll on property managers because it means the bulk of our time is spent fixing issues.

“For decades, home builders have built bad houses, landlords have built with substandard materials or bought from bad developers, traditional real estate agents have stayed far from addressing the problem, rather they’ve pushed landlords to demand one to two years upfront rent, settled for their 10 percent to 20 percent commission with zero to little work done, and they have left tenants to carry the cross of maintaining the property.”

He said that RentSmallSmall on the other hand, as a key driver of the change, can’t afford to be distracted, but to be focused in building systems that would allow its customers to get what they bargained for.

“We are doing this by increasing our offerings to landlords to challenge them to do better in preserving their assets, and as a tech company, we’re building products and providing tools that will help them do better and watch their assets appreciate.

“In addition, the harsh economic realities facing the country impacts us direly. Due to the sensitivity of the service and products we offer – housing, we have had to deal with the rising cost of essential goods and services which brings its own demands that impacts the business and the services we offer.

“This would require that we make decisions that ensure we do not run our business down and keep our customers satisfied at the same time. We constantly identify measures that are fair to all.

“One of our goals at RentSmallSmall is to change the orientation of landlords, to help them see that beyond building wealth, sustainable wealth should be their aim. It is why we are introducing the Emergency Maintenance Coverage, a type of insurance that allows landlords access funds to fix issues such as electrical, plumbing and other maintenance issues in their property speedily. 

“We are also using technology to keep landlords abreast of issues as they arise. We are introducing a first of its kind Landlord Dashboard that gives them insights on the state of their buildings, its appreciating or depreciating value in the marketplace and an education of what is required to keep their properties to standard. Through this Dashboard, we will rate the property using set measures on a regular basis.

“We also recognize that tenants need a quick turnaround time in resolving issues and so are introducing a new Tenant Dashboard that enables them to log in complaints and track the resolution of it. This enables us to have quick access to our customers’ complaints and be enabled to resolve them quickly, working closely with the property owners through the Emergency Maintenance Coverage. 

“To further drive the change, we launched buy2let, our retail property investment product, and inserted ourselves in the production of homes by working closely with developers who build well, in turn these properties are available as an end to end investment solution to both new generation of investors who wants a head start in real estate investment and older generation who wants to increase the investment portfolio.

“In furtherance of our goals and vision, we have hired experience professionals who are committed to our brand vision and will join us in creating better systems for our customers and the sector. We have hired David Edokpayi as the Head of Customer Success; Rufus Adegbite, as the Head of Facilities and Projects; Chisom Olisaemeka, VP, Sales and Marketing; Maryann Okoli, Marketing Manager; Davies Ebhomenye, Brand and Creative Director; Favour Roberts, Head of Legal & Partnership. 

Balogun promised that RentSmallSmall would soon expand its reach beyond Lagos to other states in Nigeria and into other African countries in the nearest future.