Trustcrow, a leading property technology firm, has launched its flagship products, Title Search Report and Property Inspection Report, as a way to provide buyers with intelligence on properties so they can eliminate uncertainty in property transactions and fight back against property fraud.
With the unveiling, property buyers who want to acquire houses, lands, completed, uncompleted and even ongoing buildings can now have access to a reputable, fast, and affordable online platform to conduct background checks on properties. The basic plans for the Title Search Report costs N100,000. The company’s primary target audience are first time home buyers and diaspora buyers, while their secondary target audience are the investors who are bent on doing things differently and more efficiently.
Speaking at the launch event, Managing Director of Trustcrow, Mr. Joseph Orji said “Trustcrow’s mission is to provide buyers with the tools to purchase property safely and protect their interest.”
According to Orji, both products which are currently available in Lagos, Abuja and Ogun States, are tools for property buyers and renters to conduct background checks on properties.
Because Trustcrow built the products for both the domestic and diaspora Nigerian markets, Orji stated that subscribers can conveniently purchase them from anywhere in the World.
Orji further informed that what inspired the idea was the pain that people go through in the process of buying a property in the country.
“Pain inspired us to launch these products. We’ve seen property buyers get de-frauded; they lose time, money, and go to court with lots of pain.
Those tragic incidents inspired us. So based on these problems we said there was a need and we asked what products can fill that need. So to verify title we developed the Title Search Report and to validate build quality we developed the Property Inspection Report”
Although Orji stated that both Title Search Reports and Inspection Reports have been commonplace for decades, he stated that, “Trustcrow’s unique offering is that their online products makes it more accessible and streamlined for buyers (and renters) to get intelligence on properties.”
In her presentation, Trustcrow’s Product Manager, Haleemah Folagbade said that the company built these products based on market research and the pain points from buyers in the Nigerian real estate industry. Beyond helping buyers fight back against property fraud, Folagbade also pointed out that the web app is user friendly.
“The good thing about our due diligence products is that it’s not only for people looking to buy property, but it’s also for people who own a property and want to conduct investigations on the property,” Folagbade added. “We have clients who have ordered Title Search Reports and Property Inspection Reports on property they already own because they wanted to either get information on the property’s ownership history or build quality.”
Folagbade pointed out the collaborations necessary for Trustcrow to develop their due diligence products. “We partner with property lawyers to conduct precise and detailed title searches reports and we partner with structural and MEP engineers to conduct thorough property inspection reports. And on the government level, we partner with the Land Registry Office and the Surveyors-General Office to conduct our property background checks.”
“We work with governments so the information in our title reports is directly from the government registry and we work with licensed engineers so the facts in our property inspection reports are accurate.
With this data, you have the intelligence to decide to move forward or not with your property transaction. Alternatively, you can use our reports to negotiate a lower price or better terms in your transaction.”
In his remarks, Trustcrow’s Sales Manager, Michael Okonkwo, said that Truscrow’s aspiration is to be known as a platform that unapologetically has the interests of property buyers.
“We want buyers to be able to use our verification tools to conduct background checks on properties and knock-out any fraudster in the path between you and your dream property,” Okonkwo said.
