Frequently Asked Questions

Our platform utilizes advanced AI and Machine Learning algorithms to analyze a wide range of property-related data, such as location, size, features, market trends, and more. These algorithms have been trained on millions of real estate data points to provide accurate and data-driven property valuations.

To ensure the algorithm’s accuracy and reliability, we implemented a rigorous process of real-world testing and validation. This crucial step allowed us to quantify the algorithm’s predictive prowess and measure its performance against actual property market data.

1. Observed Value (VO): Clients provided us with properties that had recently sold in their respective areas. These properties served as the “Observed Value” (VO), representing the real market prices. For instance, a 3-bedroom apartment in Old Ikoyi sold for ₦250 million.

2. Predicted Value (VA): We then ran these properties, using the same details and specifications, through the algorithm. This generated the “Predicted Value” (VA) of each property. For example, the algorithm predicted the Old Ikoyi property’s value to be around ₦247 million.

3. Accuracy Assessment: With both the Observed Value (VO) and Predicted Value (VA) in hand, We compared the two figures to determine how closely they aligned. Using the formula (VA - VO) / VA X 100, we calculated the algorithm’s accuracy rate. For the 3-bedroom apartment in Old Ikoyi, the algorithm demonstrated a 98.8% accuracy. Another example was a 3-bedroom detached duplex in Magodo that sold for ₦46 million, with the algorithm predicting ₦45 million. This level of precision, with accuracy rates consistently exceeding 98%, solidified the algorithm’s reputation as an indispensable tool for property valuation and investment decisions in the real estate market.

Our property valuations are based on a comprehensive analysis of both historical and current market data, which helps us achieve a high level of accuracy. However, it’s important to note that valuations may vary due to factors like market fluctuations and unique property characteristics.

Real estate agents can benefit from our platform by gaining access to quick, affordable, and data-driven property valuations. This allows them to make more informed decisions, set competitive listing prices, and provide clients with accurate insights to enhance their selling strategies.

Our platform integrates data from various sources, including public records, recent sales data, property listings, tax assessments, and local market trends. By analyzing this diverse data, our AI models generate comprehensive property valuations.

We understand that real estate terminology and investment metrics can be complex. To help users make the most of our platform, we provide educational resources and explanations to demystify these terms. Please visit our Definitions which provide a full list of all terms used on the platform.

Our goal is to empower users with the knowledge needed to interpret valuation results and investment metrics effectively. Additionally, we offer customer support to answer any questions and clarify uncertainties, ensuring that users can confidently navigate through the information provided and make informed decisions about their properties.

While our valuations are based on robust data analysis and produces a 98.3% accuracy rate, we recommend using them as a starting point rather than the sole factor in pricing decisions. Consulting with local real estate professionals and considering your own knowledge of the property’s condition can help refine the final listing price.

We regularly update our data on a monthly basis to reflect the latest market trends and data.

Our platform specializes exclusively in residential properties because we are subject matter experts in this specific domain. By concentrating our efforts here, we can deliver the highest level of service to our users. This dedication allows us to provide tailored insights, data, and valuations that are finely tuned for the residential real estate market.

For users seeking rental properties, we recommend visiting other reputable websites that specialize in rental listings. These platforms are designed to cater to the unique dynamics of the rental market, ensuring that users can find the most relevant and up-to-date rental property information. We always direct users to the best resources for their specific needs, whether that is residential or rental properties.

Commercial properties pose a very unique challenge for us due to their complexity. Factors such as varying lease terms, break dates, free rent periods, and specific arrangements with different occupiers make it exceptionally intricate to analyze and value these assets at scale. Each commercial property may have a distinct set of conditions, making it challenging to apply a reasonable one-size-fits-all valuation approach.

Moreover, our decision to focus on residential properties aligns with the investment trends we’ve observed. A significant portion of real estate investment, especially from diasporans, tends to flow into residential real estate and land. Therefore, by specializing in residential properties, we can better cater to the preferences and needs of our users, ensuring that our valuation services remain relevant and valuable.

When it comes to blocks of flats, the complexity arises from the diverse unit mixes within these properties. For example, one block of flats might contain 3 x 1 Bed Flats and 2 x 2 Bed Flats, while another nearby block might have 2 x 1 Bed Flats, 3 x 2 Bed Flats, and 1 x 3 Bed Flat. These differences in unit composition can significantly impact the property’s value and make direct comparisons challenging. To provide accurate valuations, it would require a highly customized and resource-intensive approach for each unique block of flats, which isn’t feasible to achieve at scale.

Therefore, our decision to exclude commercial properties and blocks of flats from our valuation services allows us to maintain the accuracy, efficiency, and consistency that our users expect when assessing residential properties.

Yes! We inform users of the strict filtering and rules we have implemented for property submissions on our platform. Each rule has been carefully designed to ensure the consistency and high quality of data on our website, benefiting both sellers and buyers:

1. Pricing and Size for Residential Land: Residential Land submissions must fall within the price range of ₦150,000 to ₦550,000,000 and have a land size ranging from 100 to 5,000 square meters. These criteria are essential to maintain a reasonable and consistent pricing structure for residential land listings, ensuring they align with market standards and provide accurate information to potential buyers.

2. Pricing and Size for Residential Properties: For Residential Properties, the Listing Price must range between ₦10,000,000 and ₦550,000,000, and the size should be between 100 and 1,000 square meters. These requirements help prevent unrealistic or misleading property listings and ensure that both buyers and sellers have a clear understanding of the property’s value and dimensions.

3. Rental Income Proportion: If you are listing a Residential Property that generates rental income, the annual figure you provide must be between 3% and 20% of the Listing Price you set. This rule aims to maintain a reasonable correlation between property values and rental income, promoting fair and accurate listings that benefit potential investors.

4. Listing Price for Residential Land: When specifying your Listing Price for Residential Land, it must represent the entire land area in question and not be on a square meter or per plot basis. This requirement simplifies the pricing structure and prevents confusion among users, ensuring that buyers have a clear understanding of the overall cost of the land they are interested in.

These rules are implemented to enhance the quality and transparency of our platform, fostering trust and efficiency in property transactions. We appreciate your cooperation in adhering to these guidelines, as they contribute to a better experience for all users and the continued success of our platform.