Respay, an online multi-role property management and payment solution owned and driven by Nigerians has been launched to ultimately rejig the Nigerian real-estate space for property owners, portfolio managers, tenants, estate and facility managers.
The platform, which was officially launched at the Civic Center yesterday attracted stakeholders from the real-estate sector, including lawyers and property agents.
Speaking at the launch, the Chief Executive Officer of Respay, Mr. Adedotun Fasiku, noted that the essence of the platform is to revolutioninse property business in Nigeria so that property owners can run their properties remotely from anywhere in the world.
He said the Respay platform, which is available on all app stores, IoS, including the web allows property managers to run background checks on tenants remotely.
“With Respay, you are in control of all the routine activities from collecting rents to inspecting properties from time to time, providing general maintenance on the property, fixing urgent issues, ensuring safety, communicating with tenants, trying to stay calm while interacting with difficult tenants, running background checks, conducting lease agreements, and evicting tenants when necessary,” he said.
He argued that these responsibilities can be overwhelming and sometimes unbearable. Thus, the need to have a solution that takes care of all of this, especially at a time when real-estate business is seen to be the best investment anyone can make.
Meanwhile, when asked on the sideline by Journalists what makes Respay different from other platforms, Mr. Adedotun explained that Respay marries Property Management payments and other services that exist in the property business, adding that the platform is designed in such a way that it because it takes of all stakeholders value chain.
“We introduced Respay to ease the burdens of Landlords and make rental business enjoyable. Landlords will no longer be worried about sending reminders to their tenants about rent due dates as the platform automatically sends renewal invoices with follow-up reminders. You can also set late fees if you allow your tenants to make part or deferred payments,” he told Journalists.
Nigeria has an estimated 22 million housing deficit, which requires an estimated N110 Trillion or USD 305 billion funding. This is a great opportunity for digitizing the real estate market and the reason Respay is set to address the challenges of manual property management.
Respay takes care of record management, rent collection, lease management, rent and sale marketing, maintenance tracking, property audit reports, property accounting, electronic payment including installments escrow of refundable deposits.
Studies on the future of technology within the Housing Market, have seen a number of consistent themes emerge around how digitalization is set to, and in some cases are already, transforming the sector by giving tenants self-services.
With solutions like the Respay, data management will be digitally streamlined, cut in costs and increased efficiency, prioritise resources and make strategic decisions.