GetHostel Services: A startup helping students, property owners and the young working class, to get accommodation space in Lagos #VentureHuntStartupFocus

GetHostel Services was launched in November 2017 by Okereke Bright and Odunbaku Oluwatimilehin Adigun, students of the University of Lagos.

It started as a real estate agency, but now it has expanded to being a digital and non-digital real estate company that specializes in helping students get the best off-campus accommodation experience close to their institution.

The startup achieves this by employing focused real estate agency, creative property development with consultation, and top-notch facility management.

Its goal is to deliver all-round real estate services to students, property owners and young working class, providing the best off-campus accommodation experience with a solution-oriented approach. Its core values are Quality, Integrity and Customer Care.

Since inception, this startup has successfully catered to over 600 students, helped over 200 students of the University of Lagos get comfortable accommodation and housing. Currently, it manages 5 properties, with 6 full time staff and 15 contract staff on its payroll.

Since August 2018, it has generated over N25 million in revenue.  GetHostel was recently nominated for 25 under by SME 100.  It is working on building a its first two-storey building

Here are some of the things Okereke Bright, one of the co-founders had to say in a recently conducted interview with Venturehunt.

What was your motivation for Starting GetHostel?

I had the motivation to start a real estate agency at a time when I needed accommodation, and I couldn’t get any. I had 150k set apart, so the problem wasn’t money, but that I couldn’t find a suitable accommodation. So, I got the idea to start an agency that can provide ideal and conducive home environments.

Where do you see GetHostel in the next years?

We are currently working with a plan to build 1000 residential units between now and the next 5 years.

How has the CEO experience been so far?

Interesting and boring at the same time. While managing properties, I can be at the sites for extended periods, ensuring that everything goes smoothly. But some days are calmer. Real estate is seasonal, there are times when business is booming and we make so much money, and there are times we don’t make as much. As a CEO, I’ve learnt to find a balance, so I can save for the rainy days.

How have you been getting funding?

In 2019 alone, we have raised NGN3 million, and we hope to raise about N20m from now till June 2020.

How were you able to raise the funding?

Through individuals. We have an investment plan. An individual invests in GetHostel, and within six months, the person receives the money back with an additional 30% interest rate. The lowest possible investment is 250,000. We plan to start applying to grants, venture capitalists, and participating in competitions to get more funds.

Who are your Role Models in the Industry?

My role models are Olawale Ayilara, the CEO of LandWey Investment Group, and Grant Cardone, the founder and CEO of Cardone