Case study: Spotahome
How Spotahome increased its offering by launching a new product
Spotahome focuses on finding a home for stays of a minimum of 30 days. They are a 100% online booking platform, offering an exhaustive list of apartments, rooms, studios and student residences.
The Spotahome experience removes the need for in-person viewings, saving both tenants and landlords time an expense. They play a pivotal role in eliminating communication and language barriers between local landlords and foreign tenants by offering excellent customer support in several languages on both sides.
Spotahome needed to qualify tenants across Europe, while offering their landlords a rent guarantee. Insurance companies don’t offer continental services, as a result Spotahome would have to use a different insurer in each country. This would be both time consuming and difficult for a business that operates in many European countries.
On top of this, Spotahome wanted to offer more products to its client base and produce new revenue streams. This new stream included offering properties to tenants without deposits. In addition, they wanted to increase their security. With everything online tenant, landlords were wary who was in their property and they needed to mitigate risk.
Spotahome teamed up with Homeppl to qualify and guarantee rent on a global scale. Using Homeppl allowed Spotahome to launch the Spotahome Plus Plan, which offers their landlords safety and profitability. With this plan the landlords have a guaranteed payment, whether the tenant pays or not, because Homeppl is responsible for collecting the guarantee after having carried out a financial verification and anti-fraud process, it is Homeppl's responsibility to collect the guarantee. Spotahome embedded the Homeppl tenant and guarantor services in this new 'Plus Package' for its landlords. So far, Spotahome has seen more than a 96% approval rate and is live in 8 countries.
The partnership helps support rental mobility across Europe, enabling tenants to explore new cities and rent with greater freedom, while protecting landlords from any financial or legal risk. All this allows Spotahome to focus what things really matter to their customers.
Alejandro Artacho, Chief Executive and Co-Founder of Spotahome, explains: “This new service offered to ‘Plus Spotahome landlords’ in partnership with Homeppl, makes Spotahome the only platform offering rentals with no deposit and landlords guaranteed across multiple countries in Europe and it is just a step towards making rentals more accessible, and at the same time more secure for both tenants and landlords.”