Meet 25-Year-Old Ghanaian Who Established A Real Estate Company That Makes It Easy For People To Rent In Ghana
- 25-year-old Bill Cobbinah is blazing the trail for other young ones to follow by establishing a real estate company that helps Ghanaians to rent easily
- Speaking to YEN.com.gh, Bill says he took on the heavy burden of solving Ghana's accommodation issues because of the urgency of the rent problem
- The young man spoke about his experiences starting a company and how the journey has been like for him
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A young Ghanaian man, Bill Cobbinah, spoke to YEN.com.gh about how he started a real estate company called "Edanra" that helps people rent easily in a country with a housing deficit of about 2 million units.
Source: UGC
Bill was inspired to take action after his National Service program when he heard stories of how people had suffered at the hands of evil people posing as real estate agents to scam unsuspecting victims. So Bill started Edanra with two other co-founders, Alfred Asare Amoah and Jerome Cordjotse.
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How The Journey Has Been Like
According to Bill, the journey has been both positive and instructional. He explains that Edanra started as a free platform that facilitated the process of finding decent accommodation in Ghana at a commission. Now, the company is transitioning from a third-party free classified platform to a financial service that helps tenants pay monthly rent.
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Source: UGC
Most landlords in Ghana charge a rent advance of one or two years, which makes it difficult for people to afford a decent place to live. Therefore, monthly payment of rent will be a huge breakthrough in Ghana's rental sector.
How Resources Were Mobilized To Launch Edanra
Bill Cobbinah told YEN.com.gh that he was lucky to have friends and family that supported his vision, seeing that some of them have been victims of accommodation fraud. He said:
Because of how glaring the solution is, it struck a chord with the friends I shared with and this helped with the mobilization of technical and financial resources.
He further explains that the company has a core team of six people who see to the day-to-day running of the business.
Edanra's Impact On Ghana's Housing Industry
Bill exclusively discloses to YEN.com.gh that since March 2021, Edanra has seen a cumulative unique user count of about 17,000 people. In August 2021, Edanra also launched its flagship initiative of providing accommodation for the teeming number of NSS personnel looking for a place to stay in Accra and Kumasi.
Source: UGC
The company became the go-to place for NSS personnel seeking accommodation in Ghana, with hundreds of requests coming through during the start of NSS last year.
What Edanra Is Working On Now
Bill discloses to YEN.com.gh that his team is working to reduce the financial strain in finding and renting properties in Africa. He explained:
We are working towards cutting down middleman complications and providing a robust credit facility that will cushion tenants against advance rent payment
He added that the affordable housing projects initiative that we have now would complement their vision. Bill says it will help them boost their inventory and ease the pressure of the tenant demand.
How People Can Use Edanra's Services
Bill Cobbinah explained to YEN.com.gh how their system works. He said that all people needed to do was visit their web app, which is accessible online. Then, they can search Edanra's available inventory of rental units, after which people can schedule property viewing.
Bill disclosed that Edanra is working on features allowing tenants to book for property viewing and apply for rent financing autonomously.
Biggest Challenges Faced Daily
Edanra's biggest challenge, as revealed by Bill, is a supply problem. He claims they have more prospective tenants reaching out than they could satisfy with properties. The two core challenges that Ghanaians face, which they are working hard to resolve, are paying exorbitant fees such as viewing fees or commissions to find a rental unit and paying one or two years' rent advance.
Biggest Lessons Learnt So Far
Bill Cobbinah says people will learn many things when they start a real estate company. For him, two lessons stand out. Firstly, people should listen to what the market wants and not assume to know better. Secondly, people should not avoid making bold decisions and taking bold steps. He added that it is also important to look out for teammates who equally own the burden of the vision.
Future Plans And Expectations
Bill says that the future promises to be exciting for him. He revealed that he sees himself as a wealthy man in the foreseeable future who provides access to financial inclusion to more young people on the African continent.
Advice To Young People
Bill says it is easy for young people to complain about societal issues. However, every perceived problem has unique opportunities for people to discover, which become solutions to the problems whiles generating income.
The "Toa House" Story: Meet the Young Ghanaian man Building Homes out of Plastic Waste
In an earlier story, YEN.com.gh wrote about how a young Ghanaian man is building homes out of plastic waste. Paul Coffie Beboru is breaking new ground in Ghana's real estate sector by constructing "Toa Houses" out of plastic waste bottles.
His plan finally came to life when he saw similar concepts used in other African nations and beyond. As a result, Paul wants Toa House to become the top supplier of affordable housing in Ghana and throughout Africa.
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Source: YEN.com.gh
