Nigeria - Business creation project

Describe your project or startup in a few words

Rentrix is an AI-driven platform for end-to-end property management for residential rentals. We aim to ensure transparent, efficient, and equitable rental transactions for landlords and tenants, eliminating unscrupulous practices in the rental market.

01.01 Describe your project in more detail

Rentrix aims to transform Nigeria's rental housing market by addressing systemic inefficiencies and promoting transparency. High construction costs and unscrupulous agents inflate rental prices, making housing unaffordable. We propose developing a comprehensive, AI based technology-driven solution- a mobile app that provides an end-to-end property management solution that eliminates bad middlemen and practices, ensuring fair pricing and transparent transactions. Key features include: 1. Comprehensive property management from listing, lease agreement, to tenant move-out. 2. Transparency by ensuring clear costs and predictable income. 3. Efficient repair request management, maintaining tenant satisfaction. 4. Facilitated rent payments through automated reminders and a secure gateway. 5. An incentive-based reward system that rewards fair transactions and good relationships. 6. Remote management capabilities for absentee landlords. 7. A rating system to hold all parties accountable.

01.02 What is the main problem you are trying to solve?

In Nigeria, 75% of the population relies on rental housing, with urban areas facing immense pressure. With an urban population of about 120 million, the majority are renters who often experience issues like: 1. Exorbitant Fees and Lengthy Processes: Unscrupulous agents exploit landlords and tenants, charging excessive fees and complicating rentals. 2. Financial Strain on Renters: High costs force tenants to overspend, leading to financial hardship. 3. Income Loss for Landlords: Inefficient practices by agents result in financial losses for landlords. 4. Lack of Transparency: Unclear costs for tenants and unpredictable income for landlords create a non-transparent environment. 5. Maintenance Issues: Inefficient repair management leads to tenant dissatisfaction and property damage. 6. Absentee Landlords: Overseas landlords struggle with property management, resulting in poor maintenance and losses. 7. Accountability: Holding defaulters accountable can be stressful and time consuming.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Our project offers several major benefits that will transform Nigeria's rental housing market: 1. Transparency and Fair Pricing: Eliminates bad practices by middlemen, ensuring transparent transactions and fair pricing, building trust, and reducing financial exploitation. 2. Efficiency and Convenience: Streamlines the rental process from listing to tenant move-out, with efficient repair management and automated rent reminders, enhancing satisfaction. 3. Incentive-Based System: Rewards timely rent payments and fair dealings, fostering better relationships and contributing to economic stability. 4. Enhanced Accountability: Includes a rating system for landlords and tenants, promoting responsible behavior. 5. Remote Management: Provides tools for absentee landlords to manage properties remotely, ensuring efficient oversight. 6. Sustainable Development: Promotes transparency, fairness, and economic stability, contributing to Sustainable Development Goals, particularly in reducing poverty

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Our project is meant to serve everyone in Nigeria because at a point in time we are either landlords or tenants. To be precise our stakeholders in the Nigeria's rental housing market are: 1. Tenants: Seeking affordable, transparent rental options without hidden fees, ensuring a fair rental process. 2. Landlords: Looking for efficient property management, eliminating exploitative middlemen, and providing tools for listings, repairs, and timely rent payments. 3. Absentee Landlords: Managing properties remotely, ensuring efficient oversight, and reducing long-distance management challenges. 4. Property Developers: Managing new developments efficiently, ensuring quick and fair tenant reach. 5. Low-Income Individuals: Struggling to afford decent housing, benefiting from fair pricing and transparency, reducing financial strain. Our project creates a fair, efficient, and transparent rental market, benefiting all stakeholders and contributing to Nigeria's economic stability and development.

01.05 When did you start working on your project?

2024-05-02

01.06 How many other partners are associated with your business venture?

3

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Samson Adediji- A seasoned Product Designer with over 8 years of experience transforming ordinary interactions into captivating experiences, working with startups. Possess years of expertise that spans across IT, Real Estate, HR, and Marketing, with roles at SendMe, Leadlift, Jobfactor, etc., and as an entrepreneur. Eunice Akaniru- A proficient Software Developer skilled in JavaScript, Node.js, and React. She has developed various products, including a travel booking and affiliate platform, enabling earnings through referrals, and an NFT application for replicating, minting and auctioning digital items. Abolaji Olanipekun- A visionary leader with a profound passion for technology, and an unyielding drive for entrepreneurship. He embodies the fusion of strategic thinking, innovative mindset, and unwavering dedication. An Economics major with a Masters degree, combined with 15 years experience in IT Project & Product Management, Real Estate and MRO procurement at General Electric and IBM

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

k) Property (real estate)

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

Our innovative housing rental app addresses poverty reduction in Nigeria by aligning with the UN's SDG 1. By eliminating unscrupulous agents and practices by middlemen, our app reduces rental costs, making housing more affordable for low-income families. It ensures transparency and fairness in rental transactions, preventing financial exploitation of vulnerable renters. Additionally, the app's efficient management of rent payments and repair requests stabilizes housing conditions, reducing unexpected expenses for tenants. For landlords, the app maximizes rental income through reliable property management, contributing to their financial stability. By fostering a transparent and equitable rental market, our solution helps uplift economically disadvantaged populations, contributing to the reduction of poverty and promoting sustainable economic growth in Nigeria. This aligns with the UN's vision of eradicating poverty by enhancing access to essential services and economic opportunities.

02.02.01 My project contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification

02.03.01 My project contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

Our housing rental app contributes to the UN's SDGs 3- healthy lives and promoting well-being for all ages. By streamlining the rental process, the app eliminates the financial burden and anxiety associated with exorbitant agent fees and prolonged rental procedures, promoting mental well-being. Tenants benefit from efficient repair management, ensuring prompt attention to health-related housing issues such as mold, leaks, and poor ventilation, which can otherwise lead to respiratory and other health problems. For landlords, particularly absentee ones, the app ensures their properties are well-maintained, preventing deterioration that could lead to hazardous living conditions. By promoting transparency and fairness, the app reduces conflicts and promotes harmonious landlord-tenant relationships, contributing to a stress-free living environment. Thus, our solution enhances housing quality and supports the overall physical and mental well-being of communities.

02.04.01 My project contributes to the Quality education goal

2

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification

Our project contributes to the gender equality goal of the UN SDGs 5 by ensuring equal access to housing opportunities for all genders. By creating a transparent and fair rental market, we eliminate discriminatory practices and ensure that women and men have equal opportunities to secure safe and affordable housing. Additionally, we support female landlords and property developers by providing tools and resources to manage their properties efficiently, fostering economic empowerment. Our team comprises both genders and our project will give us the opportunity to employ the service of more women as we continue to grow and scale our customer base. By addressing these systemic issues, we aim to create a housing rental market that upholds gender equality and supports the well-being of all individuals.

02.06.01 My project contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

Our project contributes to UN SDGs 8 by promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. By creating a transparent, efficient, and fair housing rental market, we reduce the economic burden on tenants and landlords, enhancing financial stability. Our platform supports job creation by facilitating new opportunities for a new generation of well trained housing agents and property managers.. Additionally, by promoting fair rental practices and ensuring timely rent payments, we foster a reliable income stream for landlords, contributing to economic growth. Our reward system incentivizes timely payments, helping reduce poverty and improve financial inclusion. This comprehensive approach supports economic development, employment opportunities, and decent work, aligning with the goals of SDG 8.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

Our project contributes to UN SDG 9 by fostering innovation and building resilient infrastructure in the housing rental market. By leveraging AI and technology, we create a transparent, efficient, and fair platform that revolutionizes the rental process. Our app streamlines property management, automates rent payments, and provides intelligent matching and recommendations, enhancing user experience and operational efficiency. Our platform facilitates partnerships between landlords, tenants, and developers, promoting collaborative efforts to improve housing infrastructure. By integrating advanced technology and fostering innovation, our project enhances the housing sector's resilience, promotes sustainable practices, and supports inclusive industrial growth, aligning with the objectives of SDG 9.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

Our project contributes to UN SDG 10 by actively reducing inequalities in the housing rental market. By leveraging AI to ensure transparency and fairness, we eliminate discriminatory practices that often disadvantage marginalized groups. Our platform provides equal access to affordable housing for all, regardless of socioeconomic status, gender, or background, by implementing a fair rating system for landlords and tenants. We empower low-income individuals by offering a reward system for timely rent payments, promoting financial inclusion and stability. Additionally, our platform supports absentee landlords, providing them with efficient tools to manage properties and fostering a fairer market environment. By addressing these systemic issues, we create a more equitable housing market, bridging the gap between different social and economic groups, and promoting inclusive growth and opportunities for all.

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

Our project holistically contributes to UN SDG 11 by making cities and human settlements inclusive, safe, resilient, and sustainable. By leveraging technology, we streamline the housing rental process, making it transparent and fair. This ensures that all individuals, regardless of socioeconomic status, have access to affordable and secure housing. Our platform reduces the financial burden on tenants by eliminating unscrupulous fees and ensuring fair pricing, while also providing landlords with efficient property management tools. We support sustainable urbanization by promoting fair rental practices and timely maintenance, enhancing the quality of housing. Our rating system for landlords and tenants fosters accountability and trust, contributing to safer and more resilient communities. Additionally, by incentivizing timely rent payments and other positive actions through our reward system, we promote financial stability, contributing to the overall sustainability of urban areas.

02.12.01 My project contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

1 - Strongly Disagree

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

Our project contributes to UN SDG 17 by fostering partnerships for the goals. We collaborate with various stakeholders, including property developers, landlords, tenants, and technology providers, to create a comprehensive and fair housing rental platform. By integrating AI and other technologies, we enhance transparency, efficiency, and accountability in the housing market, promoting trust and cooperation among all parties involved. We also work with financial institutions to offer secure payment solutions and incentivize timely rent payments, supporting economic stability and growth. Additionally, our platform provides data and insights that can be shared with policymakers and urban planners to inform sustainable housing strategies and policies. By building strong partnerships and leveraging collective expertise, we drive innovation and create a more equitable housing market.

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

3

05.02 The product/service we envision creating represents an entirely new type of product/service.

4

05.03 The product/service we envision creating could be described as a new technology.

2

05.04 The product/service we envision creating is an improvement on an existing product or service.

6

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

7 - Strongly Agree

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

1 - Strongly Disagree

05.08 Justification

Our project significantly improves existing housing rental services by introducing innovative and streamlined approaches using technology. Our product builds upon the traditional housing rental services by offering innovative and comprehensive property management solutions driven by modern technology such as AI. Our advanced features such as personalized recommendations, automated rent payment reminders, AI-driven transparent rating system, eliminates unscrupulous practices and foster trust among landlords and tenants, enhancing user experience and market efficiency. Although our product is a new version of existing services, we have integrated features such as, detailed market analysis, listing system and a reward system into a cohesive solution that benefits all stakeholders. By leveraging technology, we fill these gaps, providing a solution that fosters trust, accountability, and efficiency in the housing sector, ultimately transforming the rental experience.

05.09 Who are your main potential competitors and what makes you stand out from them?

The real estate technology market in Nigeria is at its infancy. A few players exist largely as classified listing platforms with fragmented solutions. Some of these existing companies are Propertypro.com, Naijahouses.com, Listproperty.ng, Rent.smallsmall.com, etc. However, no existing solutions in Nigeria offer an end to end rental and property management using technology in the way we envision. The vast majority of rental transactions in Nigeria are currently being done offline under obscured, complicated and cumbersome processes. And the entire process is rigged with unscrupulous practices contributing to massive losses to both landlords and tenants. We will also included features like ratings, recommendation, and rewards, all driven by AI.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes. I actively promote the role of female entrepreneurs in my community. I support female-led businesses by purchasing their products and promoting them through word of mouth and referrals. I involve female IT entrepreneurs in my projects, ensuring they hold leadership roles. Additionally, I invest in businesses and endeavors led by female entrepreneurs, providing them with financial and strategic support, and mentorship. I also participate in community events and workshops that highlight and celebrate the achievements of female entrepreneurs, encouraging more women to pursue entrepreneurial ventures, fostering an inclusive business environment, and driving gender equality in entrepreneurship.