No More Overpaying: How Krent is Drastically Cutting Closing Fees for Renters

Since its launch in December 2023, Krent has been reshaping the real estate market in Nigeria by providing both renters and buyers with a transparent, stress-free, and cost-efficient solution. The platform addresses many of the long-standing frustrations faced by renters, such as time-consuming property inspections, countless outrageous fees, and inefficient processes.

For buyers, Krent simplifies the property acquisition process by offering detailed listings, virtual tours, and clear cost breakdowns, ensuring they make informed decisions without hidden fees or delays.

By leveraging advanced technology, Krent has streamlined and digitalized the entire property transaction process—whether for rent or purchase—making it more efficient, affordable, and accessible. In this interview, one of Krent’s co-founders, Temitope Ahmed, sits down with ThisDay Magazine to discuss how the platform is drastically reducing closing costs, and revolutionizing the way Nigerians approach renting and buying properties.

Renting a property in Nigeria often comes with a lot of surprise costs.  Krent seems to have found a way to simplify that. Could you explain how you’ve managed to cut down on all these costs?

Absolutely. If you talk to anyone who’s rented in Nigeria, they’ll tell you about the endless inspections, the sudden extra fees, and overall uncertainty in the process. We saw a chance to change that narrative. At Krent, we’ve been very intentional about removing unnecessary costs.  For example, we’ve completely removed inspection fees—something that often blindsides renters. If you’re renting a property managed by Krent, you’ll only pay an 8% administration fee, which covers agency fees and any other costs related to the property.

Even the caution fee is managed through an integrated wallet system, which guarantees renters will get it back once the terms are met. Our aim is simple: by the time a renter chooses a property, they’re only paying for what truly matters. We make sure all costs are upfront and transparent from the start—no unexpected charges down the line.  Plus, we vet every property and agent on our platform, so you know exactly what you’re getting, without paying for things you don’t need. We’re focused on creating a process that renters can trust, where they know their money is going to what really matters.

You’ve mentioned agent verification. Trust is a big issue for many renters in Nigeria. How does Krent build trust between renters and agents?

Trust is everything in real estate, especially in a market like Nigeria. At Krent, we take the guesswork out of finding a reliable agent. Every agent on our platform is vetted and registered under trusted housing regulators. We’ve set verification systems, so only professional and verified agents can list properties. This means renters don’t have to worry about being misled or charged unjustly. By building that layer of trust, we’re able to protect renters.

Many people say that the rental process in Nigeria is long, stressful, and full of delays. How fast can someone go from finding a property on Krent to actually moving in?

One of our key innovations is maximizing efficiency (shortening the timeline). With Krent, you can search for a property—whether it’s for lease, a property for sale, or even short let apartments—take a virtual tour, communicate with the agent, and complete the transaction all in one place—and all within 24 to 48 hours. The goal is to streamline the process so that renters don’t have to deal with unnecessary delays. We’ve cut down the steps and brought everything onto one platform. You could be sitting in your living room today and moving into your new place by the weekend. That’s the kind of efficiency we’re delivering.

Virtual tours sound like a game-changer. But with so many online listings out there, how do you ensure that what people see on Krent is really what they get?

Like I stated earlier, trust is everything in real estate. Every property listed on Krent goes through a verification process. We check the legal status of the property, the quality of the amenities, and the accuracy of the listing. In fact, before any rental is finalized, we send a third-party vetting team to physically inspect the property. So when someone sees a property on Krent, they know it’s the real deal. And with our virtual tours, they can explore the property in detail, saving both time and reducing the stress of multiple visits.

Renters often feel like they’re on their own once the lease is signed. Does Krent stay involved throughout the renting process

Yes,We do, and that’s something we’re very intentional about. Renting on Krent is an end-to-end experience. We don’t just stop at getting you into the property. We handle everything, from verifying the house and amenities to ensuring that all legal documents are in order to verifying the references. And if there’s an issue after the lease is signed, we’re still there to help resolve it. We’ve built a system where renters and property owners are supported every step of the way. Plus, as the lease approaches its end, our platform sends timely reminders, making sure you’re always prepared for what’s next.

You’ve talked a lot about the benefits for renters, but how does Krent help agents and property owners? What value does the platform bring to them?

That’s a great question. We’ve designed Krent to be as beneficial to all real estate stakeholders—developers, agents, and property owners—as it is to renters. First, Krent connects agents with clients from all over the world. Whether they’re local or international, clients can find and engage with properties directly through the platform. We’ve also built features that help agents complete transactions quickly and safely. With integrated payment systems and messaging features, agents can manage everything from lead generation to closing deals in one place. No more jumping between multiple platforms.

Additionally, we’re introducing a defined rental process that prioritizes speed and efficiency for both agents and property owners. Krent has revolutionized property management by introducing a groundbreaking solution that boosts security for both property owners and renters . We’ve developed a comprehensive system that not only verifies identities but also provides unparalleled protection, ensuring that properties are returned in pristine condition. These innovative features boost confidence for property owners and agents alike, transforming the way rentals are presently managed.

That’s really convenient. How does Krent simplify the day-to-day tasks for agents?

Agents can manage all their listings through our listing dashboard  in one place. They have full control over their property portfolio on Krent, including uploading new listings, updating details, and communicating with clients—all through a user-friendly dashboard. They can track the status of each transaction, respond to inquiries, and even share virtual tours with potential renters or buyers. Essentially, Krent provides a one-stop platform where agents can streamline their workflow, saving them both time and effort while improving their service delivery.

That’s great for efficiency. But another big challenge for agents is dealing with fraudulent clients. How is Krent addressing that?

That’s a valid concern, and it’s something we’ve worked hard to solve. At Krent, we’ve implemented a thorough Know Your Customer (KYC) process. Every client goes through a detailed verification to ensure they are who they claim to be, which significantly reduces the chances of fraud.

Moreover, our platform features a review system that allows agents to access feedback on client experiences. This way, if there’s been an issue with a renter in the past, it’s flagged for agents before they move forward with a deal.

We also conduct our own in-house verifications for both agents and clients, adding an extra layer of security. This system helps protect agents from fraudulent transactions and ensures that the entire process is safe and reliable for everyone involved.

It sounds like Krent is redefining the way Nigerians rent or buy. What’s your broader vision for the platform?

Our vision is to make renting and buying in Nigeria not just easier, but better in every sense—faster, more affordable, and more transparent. We aim to be the go-to platform for anyone seeking to rent or buy in Nigeria, whether it’s a student, a family, or a business professional. We’re focused on reducing costs, redefining the process, and enhancing efficiency while building trust every step of the way. We see a future where renting and buying property in Nigeria becomes a smooth, hassle-free experience that can be completed quickly and confidently—all through Krent.

It’s exciting to see how Krent is transforming the rental and buyinh experience. Thank you for sharing these insights!

Thank you. We’re excited to keep improving the rental and buying process and making life easier for everyone .