In a major move to sanitize the property market, 1st Choice Properties has unveiled a mobile application. This app is specifically designed to promote secure and genuine real estate transactions. During the launch in Lagos, company leadership emphasized that the platform will help Nigerians rent, buy, and lease properties without the fear of fraud.
Managing Director Mr. Taiwo Oladapo and General Manager Mr. Gbenga Agbana explained that the app addresses a massive crisis. Currently, the real estate sector loses over ₦100 billion annually to fraudulent transactions.
Protecting Landlords and Tenants
The app serves as a shield for both property owners and seekers. It features only verified owners and carries out thorough background checks on all parties involved. By establishing a clear legal framework, the app defines the rights of both landlords and tenants.
Key benefits of the platform include:
- Verified Listings: Only legitimate property owners are allowed on the platform.
- Document Verification: No payments are made until all necessary documents are authenticated.
- Fraud Prevention: The app blocks “quacks” and unregistered agents from exploiting users.
- Legal Support: The company works with state and federal authorities to ensure compliance.
A Solution for the Diaspora and Local Investors
The housing deficit in Nigeria remains severe, with fewer than 10% of Nigerians owning homes. This shortage, combined with weak regulations, has made the sector a target for land grabbers and speculators.
Mr. Agbana noted that Nigerians in the diaspora are particularly vulnerable. They often lose billions of naira to unscrupulous individuals while trying to invest from abroad. The new app provides a safe way for these investors to identify secure opportunities.
“The app is designed to help investors identify safe opportunities while protecting them from disputed properties or assets confiscated by anti-corruption agencies,” Agbana stated.
Calling for Stricter Regulation
Despite the technological solution, 1st Choice Properties is advocating for stronger government intervention.
Mr. Oladapo urged the government to be more proactive in arresting unregistered agents. He proposed a compulsory certification system for everyone working in the Nigerian real estate sector to ensure professional standards.
By combining technology with strict verification, 1st Choice Properties aims to restore the reputation of the real estate industry and eliminate the multi-billion naira losses recorded every year.
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