Badi: What to look out for when renting in London
UK / London: AI room rental platform Badi has pulled together a list of tips to spot rogue flat listings and landlords when looking for a new home and crucial advice on how to avoid them.
More than 5.2 million renters have lost money to rental scams by dodgy landlords. By 2025, it is predicted that 60 per cent of London’s population will be renters so what are the top three watch-outs that renters should be aware of?
It is 2020 and with a new decade comes a host of new ways to scam consumers.
As well as having great benefits for the time-poor, the world of online convenience can also have a serious downside. An estimated 5.2 million renters [Business Insider] have lost money to rental scams as “dodgy” landlords take advantage of us having less time to work out who we are really dealing with.
As we are continuing to rent for longer, more than half [60 per cent] of those living in London will be renting by 2025, property rental platform Badi has compiled the following list of tips:
- Complex, confusing and difficult to follow payment process
The offer: Your ideal flat is just a deposit payment away. They accept payment via the post or wire transfer – they assure you it is easy.
The reality: An obscure deposit payment process should be an immediate red alert. Platforms that regularly book rooms have a comprehensive process to protect deposit and monthly rent payments. They are exclusively processed on the platform, not via a wire service or through the post.
- Multiple listings at the same location and listings with the same images
The offer: You have been lured into the dream property in the right location, but there seem to be several available so you are bound to get one. Or, it could be that you have seen the same images but perhaps with a different price – one that is better for your purse.
The reality: Rogue landlords can list properties across multiple room rental sites, hoping to get a bite – you might miss out on your dream flat and scammers may even steal images of real properties and list them illegally. It is always worth reverse image searching an adverts images. Make sure you always book via a secure, trusted site.
- Too good to be true
The offer: Scrolling through a listings site and finally, you find your dream flat, in your dream location, at your dream price – what are the odds?!
The reality: If it is too good to be true, it probably is. When looking for a property, it is worth getting a feel for the market so that you can negotiate appropriately, but also recognise red flag pricing. What might look like a bargain could turn out to be nothing like the pictures, an unreasonable tenancy agreement or even a deposit scam.
In January, the marketplace announced it had surpassed the milestone of 300,000 room rental listings in Barcelona, Berlin, London and Madrid respectively.
New platforms such as Badi say they are paving the way for a simpler and safer way of renting for busy city dwellers.
Badi has last minute cancellation protections and satisfaction guarantees – to ensure you are happy with the room. If not, Badi will refund your deposit and work to find you an alternative room.
When it comes to keeping your money secure, funds are held by Badi for the first 24 hours, giving tenants time to check they are happy with the room. All payments are processed via a payment platform in a secure online environment – giving peace of mind to those when booking a room.
For more information, visit the Badi website here.
