The idea behind vacation rental marketplaces is to allow visitors to immerse themselves in the culture of the region they are visiting. However, the question of trust arises when it comes to renting another person’s property. Both host and visitor worry about a myriad of challenges such as spying via hidden web cameras or property damage by visitors. Many early investors passed up on rental property marketplaces due to the difficulty of building trust.
One solution that rental property companies could consider is using an escrow solution like Castler. By placing a deposit in escrow, reckless actions can be deterred, ensuring that the owner’s property is not in jeopardy. Companies must also verify the identity of both the host and the visitor to prevent fraudulent activity, such as squatting.
To verify the host’s identity, a communication channel should be created, where both parties interact before the renting takes place. Hosts must also be able to see the renter’s ID, so they know who is staying at their property. Reviews could also be checked, but this method might not be foolproof since reviewers may not be aware they were being recorded by hidden cameras, as was the case with an Airbnb in Miami.
Castler Escrow Solution could have prevented such situations by providing a secure environment to rent out a host’s property, reducing the risk of property damage and promoting trust between renters and hosts. Castler’s escrow solutions could be especially useful in the case of longer-term contracts.
Conclusion
Trust is the single most important factor for any rental property marketplace. Using an escrow solution like Castler can eliminate the factors that challenge this trust. Castler’s platform allows both hosts and renters to feel confident that their rental process is safe, secure, and free from any malicious activity. By implementing verification, escrow, and Castler’s escrow solution, rental property marketplaces can ensure that both hosts and renters are safeguarded.
