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It is reported that more than ￡63 million every year in UK is lost to fake landlord scams. While following the government’s directions and guidelines before renting a property are helpful, they do not eliminate your chances of being scammed by a fake landlord. A London-based startup RentProfile is trying to solve the problems associated with fake landlords through its website where it lists verified renters and landlords. It also offers tenant referencing and other checks for rental agencies. For authentic tenants, landlords and rental agencies, it is fairly easy to create a profile and get started on their website.
Launched in 2016, this proptech startup is a one of its kind innovation in the realm of real-estate. One of the two founders of this startup was once a victim of a fake landlord scam where an ex-tenant posed as the landlord. As there wasn’t a reliable method for performing a landlord credit check, he became a victim to the fraudster. This led David Munday and his brother Paul Munday to start RentProfile for preventing such scams by providing measures such as tenant check, landlord credit check and faster tenant referencing.
Landlords, tenants and agencies must create separate user profiles on the website to avail its services. While tenants and landlords can sign up for free, agencies are charged for utilizing the platform as rental agencies typically require tenant referencing and further verifications such as a CCJ check. RentProfile has now evolved as a one-stop destination for all rental needs such as a tenant check, a tenant referencing or a landlord credit check.
In 2015 alone, over 3000 cases of rental fraud were reported to the ActionFraud. Regardless of measures such as a thorough tenant check, landlord credit check or tenant referencing, one might still encounter fraudsters on this platform. However, RentProfile lets you report a rental fraud or a bad experience from an individual or an agency listed on the platform and uses such information in the future.
Both tenants and landlords can create their profiles on this website and authenticate their profiles using a self-background check. Whenever a tenant comes across a landlord and wants to do a quick landlord credit check or check for the authenticity of ownership, he or she can visit the website and search for the landlord’s details on RentProfile’s landlord directory. Similarly, landlords can request for a ‘Tenant Check Report’ that will help them understand the tenant better as it contains various details and data from checks such as CCJ search and more. RentProfile remains free to tenants and charges while charging the agents and landlords for performing tenant check and tenant referencing in the form of ‘Tenant Check Reports’.
RentProfile has been recognised and lauded by the UK Government for its exceptional efforts in reducing the number of rental frauds. This startup is one of the few proptech startups operating in UK and is the first platform to provide online landlord background check. Startups such as these reduce the pains of finding an authentic landlord and make it easy to perform tasks such as tenant check, tenant referencing and landlord credit check. Growth and success of startups such as RentProfile clearly indicate that proptech is a lucrative field with a huge scope for growth.