June 1, 2021 | BY Andrew Kitchell
The rapid growth of the short-term rental sector has transformed the travel landscape, to its very core. For many property owners, the idea of ‘renting out rooms’ has seemed both lucrative and easy – but it’s the latter point, that has really posed a threat to the STR space.
The problem is, that despite its growing demand in the market, the STR sector remains one of the largest unregulated entities. There is simply ‘no barrier to entry’; which leaves the door wide open for fraudsters, who feed on the innocence of travelers and holiday makers.
However, since the inception of I-PRAC – the industry’s only verification and membership platform, there is hope for a promising future, filled with safety and trust. I-PRAC Approval not only guarantees 100% protection against fraud for travelers; it is a huge step in the right direction for the short-term rental sector, at large. Legitimate hosts and property owners can easily differentiate themselves from scammers after being fully certified; and in turn, increase their bookings in an ethical way.
So, in the spirit of positivity, we’ve rounded up the four key benefits that users have experienced, thanks to I-PRAC’s verification process.
In 2018, Action Fraud claimed that a devastating £7 million was lost to holiday rental fraud, with an average of only 3 out of 10 scams being reported. Clearly, the industry is starved of trust – which is exactly what I-PRAC guarantees.
The company is recognized as ‘The Bridge of Trust’ between legitimate hosts and travelers; and rightfully claims that ‘trust’ is fundamental to positive experiences and profitable business.
In a landscape that is rife with fake property listings, fake websites, and fake reviews, I-PRAC has introduced a meticulous verification process, leaving no stone unturned. As a result of this, travelers can book in confidence after seeing that a property has been I-PRAC Approved – and the host can reap the profitable rewards of placing trust at the heart of their brand and marketing.
In fact, due to I-PRAC Approval, property owners have reported that their conversion rates have shot up; as well as their direct bookings. It’s simple – the notion of trust allows for a win-win solution, all round.
The professionalism in I-PRAC’s partnership, is impossible to replicate. Among many things, is the company’s iconic membership logo – which comes with a unique ID number (one for every host) and cannot be recreated by fraudsters.
However, the benefits of partnering with I-PRAC go far beyond logos on a booking site. From day one, the company honor their every commitment and work alongside their partners to help them grow, and position them in the best possible light.
Above all, I-PRAC has an inspiring vision that it is working towards every day – and that is, to be rid of scammers and fraudulent activity entirely in the short-term rental sector. Those who partner with I-PRAC become ambassadors of this excellent cause, and help protect innocent travelers, holiday makers, and legitimate hosts.
It takes just a simple Internet search to know of the horrific scams that have taken place on large, third-party booking sites. Naturally, this means that travelers require reassurance when making a booking; otherwise they will simply not part with their money.
With this in mind, I-PRAC offers 100% payment compensations for travelers and holiday makers alike. Their priority is to secure a paying guest’s transaction and ensure that their travel plans are not put at risk, in any way. This is why an I-PRAC Approved member’s full name, contact number, bank account details, and proof of property ownership is all recorded in their official profile.
So, in the very unlikely event that an I-PRAC member commits fraud, the guests will receive 100% compensation and I-PRAC will even help the travelers find alternative, legitimate accommodation.
You simply cannot put a price on peace of mind. While numerous reports claim losses of thousands and thousands, because of short-term rental scams – this does not even scrape the surface of the real damage caused.
Finding yourself victim to fraudulent activity is hugely scarring, especially during a time that is supposed to joyful and memorable – for the right reasons. So, while the short-term rental sector remains unregulated, I-PRAC has stepped in to literally take all the stress away (for both travelers and legitimate hosts) and protect the emotional wellbeing of all parties involved.
Surely, there is no better way to travel – nor do business?
While this is just a simple overview of the benefits of I-PRAC Approval, it certainly paints a bright picture of what we can expect for the future of the short-term rental sector.
To find out more about I-PRAC and how it guarantees trust for travelers and higher conversion rates for legitimate property owners, visit: www.i-prac.com