By Maduka Nweke
Respay Solutions has brought into town a system of managing real estates that make both the property owner, the buyer, agents and the rentals smile at the end of the day.
The Managing Director, Respay, an Automate Property Management and Payments solutions, Mr. Adedotun Fashiku said that the real estate sector has been plagued with so many challenges and these challenges informed the decision of Respay to remedy the situation.
According to him, Respay is a real estate management finance solutions that targets the Nigeria real estate market. He said that the whole idea in Respay is making property managers, stakeholders in the real estate sector comfortable.
While fielding questions on what the solution has come to offer the Nigeria populace, Fashiku said, Respay is a technology service provider for the Nigerian real estate sector. He said the need for the sector as far as technology is concerned is still enormous and largely untapped. This he said ranges from automating data collection, automating management, maintenance needs and a lot of other challenges faced day to day by operators in the sector.
“We are providing services into the real estate. The services we are providing centers around the real estate sector. We are not a developer this time rather we are providing solutions to property managers, landlords and tenants. We have developed a listing platform where we post listing directly from the landlords. As a technology platform, we have to project ourselves to public so as to be able to protect the people we are dealing with,”he said.
According to Prof. Charles Inyangete, Chairman, Innovative Risk & Investment Solutions Limited, digital platforms are at the core of the digital economy. He said that the benefits of digital platforms stem from their ability to virtually connect people and things, facilitating digital transactions/interactions, including the exchange of information, goods (REAL ESTATE), and services.
He said,”One of the biggest strengths is Nigeria’s e-commerce market, which UNCTAD’s business to customer (B2C) report for 2018 ranked as the biggest B2C market, both in terms of revenue and shoppers in Africa. In 2020 the e-commerce spending in Nigeria was estimated at USD 13 billion and was projected to increase to USD 75 billion in revenues by 2025.
“The estimated 22 million housing deficit in Nigeria requires an estimated N110 Trillion or USD 305 billion funding. This is a great opportunity for digitizing the real estate market and for Respay,” he stated.
In his contribution, Professor Adeniran Oluwaranti of Department of Computer Science and Engineering, Obafemi Awolowo University, Ile-Ife, said the move of technology into real estate by Respay is in an accurate direction. He said it is a move that will take the property market in the right direction.