Episode 90: Formalizing & digitizing the back room market in South Africa
In today’s podcast episode, we talk to Teko Mothlabi, founder and CEO of Roomsta, a digital marketplace (web-based) that connects tenants to back room rentals.
Teko started this business after seeing that almost every house in the location or Black neighborhoods in South Africa had a back room and that most young people felt under pressure to move into the suburbs and pay higher rent the moment they started working.
He noticed that the market had changed - young people no longer see the suburbs as the only option and don’t mind renting back rooms as they move from different provinces for work purposes.
At the same time, most back rooms have changed and have become way nicer, which makes them more attractive.
This is where Roomsta comes in - no one caters to this market, no one connects the tenants and landlords and the landlords run their real estate business in an informal manner so they’re not able to qualify for funding and get money from the banks to buy more property.
In this episode, Teko shares with us how he was able to grow this business and some of the challenges of building this platform and getting people to use it.
Click to listen to the podcast and leave us a comment in the comments section below.
Episode 101: How to raise R331,000/ US$21,000 in 5 weeks in a property stokvel/fund
Episode 100: Celebrating 100 episodes and using creativity to build a profitable property business
Episode 99: What happens when one discovers that property investing is not for you
Episode 98: Building a property portfolio using predominantly cash
Episode 97: Growing a property portfolio using different investment strategies
Episode 96: How to build an international property portfolio as an African
Episode 95: How Commercial Property Management is being changed by Covid
Episode 94: Life- changing lessons for building a successful property investment portfolio
Episode 93: How to ensure that the wealth you build through real estate is passed down from generation to generation
Episode 92: How to build 21 units in 2 years using other people‘s money
Episode 91: How to turn a 6.5 hectare plot of land in Zimbabwe into a US$2.5 million (R36 million) business without taking on debt
Episode 89: How to grow a property from scratch during the pandemic
Episode 88: How home staging can help you sell/rent your property faster
Episode 87: Identifying real estate investment opportunities in Nigeria
Episode 86: How to improve your credit score & grow your portfolio with bank money
Episode 85: How to accelerate the growth of your portfolio by buying properties cash
Episode 84: How to invest for appreciation and cashflow
Episode 83: Building a profitable portfolio of 12 short term rentals at the age of 23
Bonus Episode: How to own property in South Africa without Bank Funding
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