Over the weekend, I was opportune to enlighten Nigerian real estate developers/brokers in Lagos about Propy, the world’s first international real-estate marketplace. Property is a global real-estate store, allowing buyers, sellers, and all other parties to come together through smart contracts.
A lot of realtors bought into the idea to leverage on Propy, showing massive support and interest in the platform. They all felt it will add more transparency to their business and enable them to get sales from foreign property investors.
Going further into the process of using the platform. I did explain Propy’s strict Know Your Customer(KYC) policy, which necessitates realtors to have a professional/business certificate before getting approved on the platform. This did boost their confidence, as it succinctly showed Propy’s commitment to preventing scams, fraudulent middlemen and money laundering.
However, some realtors did share their insight on the probable setbacks they may encounter in using the platform. Below are the feedback given:
- The issue with registration: a lot of Nigerian realtors are not professionally certified, making it difficult to be approved. However, the majority have businesses registered with the corporate affairs commission(CAC), which they would like to tender to get approved on the platform.
- For Nigerians to better understand the platform, some realtors suggest that Propy should create a video tutorial or detailed explanation on how to list a property on its platform.
- Another realtor said Nigeria doesn’t have a digital record of property, which is one of the major reasons for land and property scams. And they all wanted to know how Propy intends to validate the authenticity and ownership of properties.
In conclusion, the realtors felt impacted to have come across such a great platform at this early stage. And they did promise to start using Propy to close the real estate and property deals.