Trustcrow, a property technology firm, has unveiled its title search report and property inspection report in a bid to provide buyers with intelligence on properties for acquisition or rent.
Speaking at the launch of the product on Wednesday in Lagos, Mr. Joseph Orji, the Managing Director, Trstcrow, said that the two products are its flagship.
Orji explained that the products would eliminate uncertainty in property transactions and abolish fraud in the real estate.
He told journalists that the unveiling of the two products would avail the buyers of houses, lands, completed, uncompleted and even ongoing buildings to have access to a reputable, fast, and affordable online platform to conduct background checks on properties of their choice.
According to him, the company’s target audience was divided into primary and secondary.
The target audience was first time home buyers and Nigerians in the diaspora, while secondary target audience were the investors who are bent on doing things differently and more efficiently.
The two products, Orji said are currently available in Lagos, Abuja and Ogun states.
Orji explained that the basic plans for the title search report costs N100,000.
He said: “We have looked at different products and we have built different products. It was late last year we focused on these title reports. We now bring in the marketing team. We focused on the title search report product in quarter four of last year. In quarter one this year, we built up our marketing team to now take the market.
“Incidentally, we now kind of launching it into the market in the second quarter. Trustcrow’s mission is to provide buyers with tools to purchase property safely and protect their interest.”
Orji expressed that the company ventured into the two reports in order to alleviate the pains people go through in the process of buying a property in the country.
Although, Orji recognised that both title search report and inspection reports had been in the system for decades, he however, assured that what makes their new products unique was the fact that, these products had more modern way of doing transactions and getting what buyers wanted online and in digital form.
In her presentation, Haleemah Folagbade, Product Manager, Trustcrow, said that the company established the products to address critical needs that arose from the real pain-points of buyers in the Nigerian real estate industry.
She insisted that beyond just solving pain-points issues, the platforms also ensured seamless usage through the app, whereby buyers are able to get real value as soon as their properties are being acquired.
She also urged buyers to always go for properties with registered titles.
She said: “We usually recommend that when you are buying property for the first time, you need to ensure that you are buying from a seller that has a registered title. It means that you have a Certificate of Occupancy or Governor’s consent and the samples are indicated there.
“There are some people that directly bought the property and they were not informed. It is after they bought the land, they now say let me conduct a search of the property. This means they will be the ones to register the property themselves.”
Folagbade emphasised that the company was not just providing buyers with random reports, but also providing clients with information and access on choice property.
However, validity of these reports, Folagbade said, was only meant for the transaction, after which it expires as soon as the transaction was done and title transferred.
To make their domain secure and free from cybercrime, the she assured that the company, which works in collaboration with the State governments, surveyors-General Office, legal firms and other relevant agencies, also conducts both internal and external cybersecurity
audits from time to time to check security gaps.
In his remarks, Michael Okonkwo, Sales Manager, Trustcrow, said that the real estate firm aspiration was to be known as a platform that had the backing of property buyers.
“We came for customers and we are interested in them to be safe. We advise you to buy or not”, he said.
General interview with Founder/ Managing Director, Trustcrow, Joseph Orji
Which products did you launch today?
Today we launched two products. The first is our Title Search Report and the second is our Property Inspection Report. Both products are within Trustcrow verification for property buyers who are looking forward to buying properties. Even those willing to rent properties can also use the product. It is tailored for domestic market in Nigeria and those in the diaspora because they are online products. You can pay for it anywhere in the world.
Its been three years. What are the challenges?
We have looked at different products and we have built different products. It was late last year we focused on these title reports. We now bring in the marketing team. We focused on the Title Search Report product in Q4 last year. In Q1 this year, we built up our marketing team to now take the market. Incidentally, we now kind of launching it into the market in the second quarter. That is the reason why we are here today.
What inspired you to initiate the products?
Pain inspired us to launch these products. We have seen property transactions messed up. That inspired us. Those tragic incidents kind of thing made us to find out, not only us. There are other people that were messed up. We found out we weren’t alone in the mess up. Other people had been messed up. They lost money, time and go to court with lots of pain. So we said there was a need; based on these problems, what product can now fill that need. That was how we developed both the Title Search Report to focus on title verifications and the Property Inspection Report to validate deal quality.
What is your market audience?
Our market audience is that we have our primary target audience and secondary audience. We have gotten the primary and our primary target audience are first time home buyers and Diaspora buyers. Those two audiences are there. They are first time home buyers simply because they haven’t done it before. They simply don’t understand the process. Diaspora buyers are not on ground. They are far away and they don’t understand all the intricacies of buying properties here in Nigeria. Those are our primary target audience. Our secondary audience are our property investors because they are consistently buying properties and they have a need for these things. They do it differently and in different manner as they want to do it in more efficiently. That is why we target them.
What makes the products unique?
The real truth of the matter is that people have been doing search reports and inspection reports decades ago. Am sure you know people who hire a lawyer or they go to government offices themselves. I know they can hire engineers, go to the building and file a report. That is the old fashioned way of doing it. What makes this one unique is that it is a more modern way of doing transactions and getting what you want because it is online and digital. You don’t have to talk to anybody. You can do it whether from Maryland in Ikeja or Maryland in the United States. You can do it 11pm in the night. It is all online and all the services are there. You pay with card or you make transfer. Somebody sees the order, picks up the order, review the order and offers the respective reports on your dashboard within 24 business working hours if there are no issues. It is more accessible and we are trying to make it more affordable as well. The pay package for the title search report is N100, 000. It gives you the protection and access.