Nigerian proptech SmallSmall raises $3M to provide flexible living solutions for customers
- One such platform is Lagos-based SmallSmall which gives renters access to monthly rent payments and offers landlords a way to vet tenants, increase their income and manage properties.
- Even though they collected rent one year upfront, the default rate of the yearly system is very high because when people’s finances take a hit, they might not be able to pay subsequent rent,” he said.
- “The legal process of evicting tenants where they’ll have to wait six to 12 months is also not supportive of the landlords.”The chief executive argues that with Smallsmall’s monthly model, landlords can speed up that process pending when they give notice.
- BuySmallSmall identifies newly built properties by reputable developers that meet the company’s market demand: studio apartments, one-bedroom, and two-bedroom apartments — and packages them as investment opportunities for young professionals looking to invest in real estate.
- SmallSmall also lets landlords access quality tenants and curb defaults by receiving monthly payments where they receive extra margins of about 10-15%, Balogun added.
- We also wanted to provide a channel where customers can invest in real estate and work toward owning homes,” said the chief executive about the BuySmallSmall product, which is based on the platform’s proprietary data.
Inefficiencies have marred Nigerias rental system for years, thus affecting how landlords and renters transact. Most landlords collect rent one to two years upfront, while renters struggle to find ap [+6708 chars]