Nigerian news All categories All tags
Investigation: Top reasons Nigerian property listing companies are losing customers, revenue

Investigation: Top reasons Nigerian property listing companies are losing customers, revenue

Editor’s note: Mutiu Iyanda, the Legit.ng partner blogger, in his latest piece, writes about top reasons Nigerian property listing companies are losing customers, revenue

Mutiu Iyanda conducts socio-economic, business, political and communication researches with the adoption of quantitative and qualitative designs.

He crafts plans, develop strategies and tactics that help in communicating company and products or services’ unique propositions to the relevant stakeholders.

More details in Legit.ng’s step-by-step guide for guest bloggers

The huge opportunities in the real estate and construction sectors are the bane of online property listing businesses in cities like Lagos, Port Harcourt, Abuja, Kano and others with the rapid urbanization and population growth.

These businesses have afforded Nigerians opportunity of selling, buying and renting different property. From low price to high price property, Nigerians are still patronising the listing portals as soon as the need for selling, buying or renting unfolds.

Like what is obtainable in other countries, Nigerian property listing businesses exist with the main purpose of connecting sellers with individual and corporate buyers.

However, Infoprations’ analysis suggests that innovative solutions remain elusive in the property listing business. Analysis shows that leading listing websites or businesses in the country have similar business and revenue model. Analysis also reveals that the critical features on their websites, where sellers and buyers congregate, are the same.

READ ALSO: Governor Amosun reportedly dumps APC for Accord Party

Infoprations specifically discovered that 35% of the 18 leading players focus on the rent segment of the market while 30% are concentrating their resources on sell segment. On the revenue streams, analysis reveals that featured listing and advertisement are the main sources of revenue for the businesses.

On the information sharing, blog is being used mostly by the businesses followed by news platform. This result aligns with recent evidence where blog is 17th favoured social medium for interacting with property buyers and renters.

Out of the 12 critical website features for property listing business analysed, the result indicates that agent database, free property listing, unique selling proposition of listed property and request a property are mostly embraced at the expense of testimonials, property value calculation, home loans, talk to expert, user database and advice.

These insights have established that prospective property listing business entrepreneurs should tweak the current business model and website design elements being used by the existing businesses. For instance, having testimonial in forms of written (reviews) and video is a sure way of grabbing buyers and sellers’ attention, and developing confidence on services.

Buyers equally need to know the worth of a property in a particular location. Mere listing and description of property’s unique benefits cannot generate the needed leads. For example, buyers in highbrow areas in Lagos and Port-Harcourt will appreciate specific guidance on the worth of property listed in the current market.

Another feature that must be considered by the future entrepreneurs is loan service. This is essential because analysis shows that a number of properties have been listed for more than two years, indicating that prospective buyers did not have enough funds to buy the properties. Potential entrepreneurs can have strategic partnership with banks towards home loans provision to the buyer easily.

The idea of aggregating sellers and buyers alone should also be revisited. Property listing companies that prioritise knowledge and advisory service have the better chance of getting more sellers and buyers.

The market is more of knowledge based than resource one. Both sellers and buyers need to understand their domains through appropriate insights on the listed property and locations.

As much as possible, future businesses need to devise means of educating buyers and renters on the legal position, disputes (if any) on the listed property. This will clarify confusion and doubt. The end result would be more agents listing and search for property by the buyers and renters.

Acne sufferers and the need to embrace preventive skincare products

Being the 8th most prevalent disease in the world, acne as a chronic, inflammatory disease of the glands produces sebum, which could lead to emotional and psychological issues. Over 90% of the world population has been reported to experience the disease at some point in their life.

Like what izobtainable in other countries, Nigerian property listing businesses exist with the main purpose of connecting sellers with individual and corporate buyers.

The skin condition that have led most of the sufferers to treat different mental issues and even considering su.icide has been one of the most searched skin concerns since 2013 by people living in Paraguay, Colombia, Peru, Guatemala, Puerto Rico, Bolivia, Mexico, Honduras, Ecuador, Singapore, Panama, Philippines, El Salvador, United States, Canada, Venezuela, Costa Rica, Chile, Australia, Netherlands, Ireland, New Zealand, Kenya, Dominican Republic, Sweden, Portugal, South Africa, United Arab Emirates, Brazil, United Kingdom, Uruguay, Italy, Denmark, Spain, Norway, Pakistan, Malaysia, Belgium, Nigeria, Hong Kong, India, France, Indonesia, Switzerland, Finland, Saudi Arabia, South Korea, Thailand and Egypt.

From September 23 2013 to September 23 2018, people in these countries sought knowledge on specific information that could help them in overcoming the disease.

People have equally interested in knowing solutions that could get rid of acne mostly from Jamaica, Trinidad & Tobago, Mauritius, Canada, United States, Philippines, New Zealand, Singapore, Australia, South Africa, Pakistan, Kenya, United Arab Emirates, Ireland, United Kingdom, Lebanon, Malaysia, Sri Lanka, India, Nigeria, Bangladesh, Norway and Hong Kong.

Whether the world likes it or not, acne is one of the skin problems that would continue to impact quality of life if not treated immediately, especially having preventive solutions rather than reactive ones, Alexander Nylander, Ewa Cosmetics founder, notes.

The use of reactive solutions have made and still contributing to the people’s high cost of getting rid of the disease. Many people have bought expensive products to mositurise their dry and peeling skin without getting expected solutions.

Many people have missed job interviews, being with their colleagues in social gatherings because their face is itching and swelling with acne.

These problems and others need to be solved with improved preventative products manufactured with less chemical to help the estimated 200-300 million acne sufferers in India, particularly children between age 6 and 14 experiencing severe acne.

"80 percent of adolescents and young adults aged 11 to 30 years in Hong Kong needs preventive products.

"85 percent of Trinidad & Tobago’s population between the ages of 12 and 35 who have varied types of acne every year need preventive products. 60 to 70 percent Filipino women with dry and sensitive skin need preventive products

"About 85 percent of New Zealanders between 15 and 25 years experiencing severe acne need preventive products. Adults in Singapore with severe acne need preventive products.

"About 85 percent of Australians and half of men and women with acne in their 30s need preventive products. Young South Africans’ females with inflammatory acne, especially in Durban, KwaZulu-Natal Province needs preventive products.

"About one-fifth of Pakistanis who visit dermatologists and individuals aged 13 to 35 years need preventive products. 92 percent of women in Africa who experience acne between age 12 and 30 years need to patronise Ewa cosmetics. Parents of adolescents in Nigeria need to buy preventive products for their children.

PAY ATTENTION: Read the news on Nigeria’s #1 news app

"People suffering from acne in Ireland need preventive products. Adopting preventive products by Irish will go a long way in reducing 180 deaths associated with the disease each year. People in United Kingdom, Malaysia, Sri Lanka, Bangladesh and Norway also need preventive products for preventative solutions.

Inherent benefits in preventive products

While looking for preventive products, people experiencing the disease need to consider products that solve oily skin and oily T-zone, as well as acne prone skin, due to its lactic acid and citrus concentrates and eliminate surface bacteria, prepare skin for further treatment and leaves a refreshed clean surface.

They equally need to purchase products that protect oily skin from moisture loss, provide UVA and UVB protection. Skin will benefit from wrinkle fighting Peptides and aid the prevention of dehydration while helping to close the pores and refine the skin.

Mutiu Iyanda also develops tailored messages or contents using the news media platforms such as traditional and new media that appeal to different categories of audience.

He grows new businesses and accelerates growth of start-up through development of varied strategic tools ranging from business, growth plans to investment pitch deck.

He could be contacted via: +2348062544816, www.infoprations.blogspot.com

The views expressed in this article are the author’s own and do not necessarily represent the editorial policy of Legit.ng.

Legit.ng welcomes writers, bloggers, photographers and all sorts of “noise makers” to become a part of our Bloggers network. If you are a seasoned writer or a complete newbie – apply and become Nigeria’s next star blogger.

Send us some info about your career, interests and expertise and why you’d like to contribute to the Blogger Network at blogger@corp.legit.ng Also, please send us the link to your blog and three examples of your work.

More details in Legit.ng’s step-by-step guide for guest bloggers

What must President Buhari do to regain the trust of Nigerians? - on Legit.ng TV

Subscribe to watch new videos

Source: Legit.ng

Mailfire view pixel