Introduction:

LATE Lens is a credit check system online and app which provides services for both tenants and landlords. For the tenants, it will have data of landlords to ensure that the tenants can check the services provided and the history of the landlords before renting the property. For the landlords, it will have data of tenants to ensure that the landlords can check the credit history of the tenants before letting the property to the tenants.  

Addressing Significant pain:

Property rent is a potential benefit for both landlords and tenants, however, many issues may erupt from both parties.

For the landlords, tenants may cause severe damage to the property which may lead the landlord to pay a lot of money to repair the damage which could be beyond the tenants’’ deposit.  Further, some of the tenants cannot pay reliably the rent, or bills is one of the biggest risks of owning rental property. Other tenants who are chronic late payers can be a really constant source of stress, this would put you in financial hot water. Lastly, if the tenants’ issues are raised to a court, then there will be other expenses including court costs and Legal fees.

For the tenants, Landlord may not provide a good service based on contracts including repairs of the damaged parts and conducting regular maintenance. Further, the landlords could be abusive in terms of increasing rent prices, discriminating, or entering the house without permission.

The benefit of the LATE Lens:

The LATE Lens provide will provide a landlord with history information on each credit land financial issues for a tenant, including unpaid bills, the current balance and credit limit, number of late payments, or delinquent and sent to collections. Also, the LATE Lens will provide the landlord with a solid financial history and is considered trustworthy by the tenants. In addition, the landlords can report in the LATE Lens system about an issue that they faced with the tenants, and the system will create a red flag for the tenants, so they will be prohibited from renting in the system until they clear their past credits. Similarly, with the tenants, the LATE Lens system will provide historical information on each credit and negative feedback from the landlord. Also, the tenants can report in the LATE Lens system about issues that they faced with the landlords and the system will create a red flag for the tenants, so they will be prohibited from advertising their property for rent in the system until they clear their past issues.

The LATE Lens screening process could help both tenants and landlords avoid any issues with the prospective of property letting later down the line. The LATE Lens system will help in reducing court issues related to property and it will help to create a culture of responsibilities and care for both tenants and landlords. Overall, this system will improve the tourism and economic sectors  

Disadvantaged communities have special consideration.

Non-obvious/ Creativity/Disruptive:

Both Landlords and tenants can access the system after payment via the PKI system. The system will provide only detailed information held on public registers and historical transactions such as bills and custom notes, evidence of the tenant’s and landlord's name and address, Insolvencies or Country Court judgments (CCJs), formal judgments from the County Court that the owes money and Fraud convictions. Also, the system provides a score (including Flags: Green, Yellow, and Red) for each tenant and landlord, so tenants and landlords can make their choice.  The system will be based on four factors: Data, Networking, experience transformation, and evolving digital technology.

Marketing size/scalability:

Based on the data from Muscat and Dhofar municipalities (2020, 2023)   the total tenancy agreements were registered at 168777 agreements. If we multiply only these contracts three times, the market size will be 506331 OMR annually. If we widen the scale or replicated it to include other governates including Al Duqm, then the profit scale will be very high annually.

Business Model/ Potential ROI:

Both tenants and landlords, need to pay for the services to get the required information. The data can be accessed once per payment/one transaction.  For prices as low as OMR3 per check to get all the information needed to enable to make an informed decision about tenants and landlord. It will be based on a subscription model and customer-value based.

Technology:

 The LATE Lens will be based on a website and app integration system with Artificial intelligence, customer networks, Big Data, and the Internet of Things. Also, Initially, the proposal is to integrate the LATE Lens with other government sectors including PKI and  ROP  as well as private sections including real estate products and services companies,  telecom providers, and electric and water for bills history.

Property rent is a potential benefit for both landlords and tenants, however, many issues may erupt from both parties. For the landlords, tenants may cause severe damage to the property which may lead the landlord to pay a lot of money to repair the damage which could be beyond the tenants’’ deposit. Further, some of the tenants cannot pay reliably the rent, or bills is one of the biggest risks of owning rental property. Other tenants who are chronic late payers can be a really constant source of stress, this would put you in financial hot water. Lastly, if the tenants’ issues are raised to a court, then there will be other expenses including court costs and Legal fees. For the tenants, Landlord may not provide a good service based on contracts including repairs of the damaged parts and conducting regular maintenance. Further, the landlords could be abusive in terms of increasing rent prices, discriminating, or entering the house without permission.

The LATE Lens provide will provide a landlord with history information on each credit land financial issues for a tenant, including unpaid bills, the current balance and credit limit, number of late payments, or delinquent and sent to collections. Also, the LATE Lens will provide the landlord with a solid financial history and is considered trustworthy by the tenants. In addition, the landlords can report in the LATE Lens system about an issue that they faced with the tenants, and the system will create a red flag for the tenants, so they will be prohibited from renting in the system until they clear their past credits. Similarly, with the tenants, the LATE Lens system will provide historical information on each credit and negative feedback from the landlord. Also, the tenants can report in the LATE Lens system about issues that they faced with the landlords and the system will create a red flag for the tenants, so they will be prohibited from advertising their property for rent in the system until they clear their past issues. The LATE Lens screening process could help both tenants and landlords avoid any issues with the prospective of property letting later down the line. The LATE Lens system will help in reducing court issues related to property and it will help to create a culture of responsibilities and care for both tenants and landlords. Overall, this system will improve the tourism and economic sectors Disadvantaged communities have special consideration.

Landlords, Tenants, Tenancy Agreement, Credit Check

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