Uloile is a start-up from Nigeria that intends to bridge the gap between property owners and those interested in purchasing properties. It is a real estate online marketing platform. UloIle is from two indigenous Nigerian words both meaning a house; Ulo from Igbo and Ile from Yorba language.
The six months old company that is personally bootstrapped will have to take on international competitors like www.lamudi.com.ng, http://www.nigeriapropertycentre.com/ and www.privateproperty.com.ng; and the first step taken is to have a name which is as short as the shortest of them.
But the length of name alone is not enough, registered Real companies can make listings for free on Uloile.com. Marvelling you think? So did I. How then would they make money? Uloile’s founder Nweke Arinze believes that the company is in its early stage and all that matters now is the creation of real value, championing the cause only treaded by the different. “The market is large enough and UloIle is willing to take its own portion of the share,” he says
Since real estate is a hugely capital intensive project, how then would Uloile effectively protect their customers? “Apart from ensuring that a companies who make listings are verified before doing so, we also advice our audience to apply a diligent level of care. There is a disclaimer notice at the end of each listing, however we are working hard to ensure a two-factor authentication system to boost the confidence of our customers” reveals Arinze.
Arinze who hails from Anambra State says that Uloile work currently with over 500 real estate companies. He is a 5th year student of Medicine and Surgery from the University of Lagos and believes that “with doggedness, persistence and passion; aspiring entrepreneurs can end up at the top”
In five years time, Arinze sees UloIle as a major player in Nigeria’s real estate sector and spreading gradually to other parts of Africa.