BuyLetLive, a Nigerian proptech startup has introduced a new tech product to ease the real estate business in the country. The firm launched the platform where buyers and sellers can interact seamlessly during its maiden edition of stakeholders’ engagement forum themed “Real Estate Digi-volution” held in Lagos. According to the firm, the platform is launched to limit the opaqueness in the real estate market – a goal that the brand believes buyers, agents and landlords have benefited from in the past year through their thoughtfully-created ecosystem enabling improved interactions between stakeholders.
“As a two-sided marketplace, BuyLetLive aggregates inventory on one side from verified agents and developers and on the other side showcases these inventory to homeseekers providing them with a wider and safer search experience. “The Forum was aimed at showcasing BuLetLive’s product to stakeholders, discussing the potential opportunities it holds and obtaining feedback to better serve the ecosystem,” the BuyLetLive CEO/Co-founder, Mr. Ola Daramola has said. He said: “Our mission is simple. We want to be the one-stop platform that agents, developers and home seekers turn to as their property portal of choice, and to deliver this, BuyLetLive is building an ecosystem where employees want to work in, that venture capitalists can trust with their investments and industry practitioners are eager to partner with.”
The Forum featured Keynote addresses, panel sessions, open discussions on topics such as Funding opportunities for real estate development, The role of technology in real estate (proptech) and Galvanising investments for the Nigerian diaspora in Nigeria property market. These prompted very rich conversations and contributions by speakers and invited guests. With the increasing number of Nigerians in the diaspora, Keynote Speaker, Abike Dabiri- Erewa OON, CEO, Nigerians in Diaspora Commission, spoke on the products her commission is offering prospective property investors in order to galvanise investment in the real estate sector for Nigerians in the diaspora.
“When we talk of issues in the Diaspora, We are talking of 17 million Nigerians abroad and $20 billion in terms of remittances to Nigeria, that is more than any foreign direct investment put together, It’s about six pet cent of our GDP. One way we can have Nigerians in the diaspora invest properly in the Nigerian real estate sector, is through organisations like BuyLetLive playing a key role by connecting buyers directly to sellers without a third party and without being duped,” she said. Speaking, the CEO, Stanbic IBTC, Mr. Wole Adeniyi, highlighted the financial opportunities for real estate and their economic contribution.
He was quick to inform the stakeholders of the opportunities available for the industry through the lens of the banking sector. According to him, “the real estate industry has N3.5 trillion available for utilisation of home loans. BuyLetLive provides the biggest opportunity for users to have access to this with Stanbic IBTC. For the expansion of the real estate industry, we need credible and trustworthy real estate players and what BuyLetLive is doing is creating an opportunity and a platform for that connection to happen.” With the growth of Proptech, where BuyLetLive is leading the paradigm shift in Nigeria, guest speakers at the event shared their thoughts on the adoption of technology in the Nigerian real estate market. The discussions addressed the intricacies of adopting protech, its future in Nigeria and also the current and potential challenge.
The CEO, UPDC Plc, Odunayo Ojo, noted: “One of the key issues in the real estate industry is lack of data and the only way we can access that data is if we are all feeding into the database and [he believes] that is what platforms such as BuyLetLive will force us to do.”