Streamlining verification for rental agreement

If you’re a landlord, you know the concerns that are associated with renting out your apartments and houses to complete strangers.

Landlords everywhere ask for some sort of verification before renting their houses out to tenants, but there isn’t any real guarantee that those details are always authentic. This is a common cause of concern for all landlords, and even big corporations who lend out factory/warehouse infrastructures to companies. The Aadhaar Card, to some extent, has solved this problem, but there is still a long way to go.

Startup idea:

The idea here is to create software or a website that serves as a middleman between owners and tenants to solve the aforementioned issue. It should help in the verification of the details provided by potential tenants.

The verification process, when done manually takes a lot of time and labour and causes undue delay, which is irksome for both parties. It is, therefore, necessary for some sort of system to be established to speed up the process so as to make the verification smooth and less time consuming. It will also root out those that might be lying about their identities, and eventually bring down fraudulent practices considerable.

There is an urgent need in the market for such a system.

Here are some suggestions about what the site could contain:

  • It should have clear cute grounds on which the tenant has to submit documents to get approved.

  • Aadhaar Card submission and verification should be included.

  • You can add a section where tenants can directly scan and submit digital copies of their Aadhaar card for verification and approval.

  • You can have personnel go and check some of the details provided by the tenants, about whether they are correct or not.

  • Submitting scanned copies of paperwork such as birth certificate, marriage certificate, etc. should be made mandatory.

  • Separate sections should be provided for the submission of important paperwork and other particulars.

  • Tenants should be asked to submit recent photograph for verification, and that should be checked against those in their legal papers for authenticity.

  • Your site could function as an integrated solution to all these problems.

  • You could also design your sites to function in a way that only 100% verified tenants could apply for houses and apartments that owners list on your sites.

  • For tenants to create an account with you, they have to go through steps and processes of verification, and get to apply for tenancy only when they qualify. In this way, owners can be assured that their houses are being rented off to 100% genuine people.

  • For security purposes, you could submit these verification processes and results to the respective owners, with regard to tenants.

We believe this is a good startup idea because there are legitimate concerns regarding tenancy. Authenticity verification is a difficult and time consuming issue and landlords would greatly appreciate the simplification of this process. Besides, they would trust this more because it is a computerized process and they don’t have to depend on others for results. It will give them a sense of security and trust. This would also mean less work for them as the site would do all the work and give the best results. Landlords will be willing to pay you for this service, and your enterprise will soon become quite successful, since a huge chunk of the urban population of India lives in rented structures. Also, if you market your content right, you will attract massive amounts of traffic to your site because millions of people in India are constantly looking for housing opportunities. This means you will get a lot of sponsors to show ads on your page and that will be a great way to generate revenue. Thus you can see that this is a good idea, and will be profitable to not just you, but also a huge section of the Indian population.