Peer 2 peer renting & Trust
Peer rentals have started to grow sharply in the past few years. There are many reasons for this, such as awareness of climate change, saving money, sources of various passive incomes, and a desire to help others. Still on the list of reasons why many have not gone out to try enough different pain points. This is influenced by various factors such as trust and knowing the other party, insurance, damage, theft and the impact of the living environment. Although no direct solution can be found to some of the pain points yet, ways have also been devised to facilitate peer-to-peer rental in many areas.
Trust in a peer 2 peer rents most often refers to the behavior of the other party in the rented property. For example, “What do I do if someone damages or breaks a item I rent?” or "What if my item is stolen?" are the top questions in peer 2 peer renting. These issues are important and relevant in the case of a rent where the other party is an individual and not a company.
Modern platforms and solutions also seek to take advantage of different login and authentication methods so that services cannot be used completely anonymously. This also generates credit and security among users once some sort of identity has been verified from them. Different verification and authentication methods can be used, for example, text message authentication, logging in with a social media channel profile and strong authentications with a picture of ID or bank ID credentials.
The responsibilities and obligations of the parties of the rent can also be described in more detail in various agreements, such as a rental agreement. Fulfilling the agreement can increase trust and safety between the parties, as both have understood the terms of the rent. Some service providers may also offer a downloadable rental agreement and you may want to check it with your rental service provider. Today, more detailed agreements are less common especially in smaller rentals, especially if the rental service provider includes insurance.
Some personal insurances may also cover damages incurred in the rental business, but there has been no direct solution to the insurances or they are different depending on the rental service provider. Today, there are already a few rental companies on the market that offer insurance for peer 2 peer platforms so that platform users can conduct their rental business reliably and securely. Typically, the insurance takes a small commission on the insured rental. However, it is a small price to pay to be able to engage in and rent within a rental service provider safely and knowing that the insurance is part of the rental transaction.