Chris Maughan breaks down why property owners lose money: not verifying guests and skipping security deposits. He built IPRAC after six months of research to solve this, offering host verification, an approval logo, and a booking registry that records reservations and distributes copies to all parties.
Questions this video answers
Six months.
The reservation details and the member's ID number via the "register booking" section.
Chapters
What we're talking about from property owner point of view, I think they think they're too eager to accept the booking. And I think that comes from a, from a varial, you know, various points of view when, I mean, listen, most people who are looking to rent their property, they're not doing it for the. Because they love it, you know, they're doing it for the incomes. Let's be honest. Some of them want to maximize their incomes and do as many rentals as possible. So some choose certain periods to minimize and just pay certain taxes and different things. But I think generally is that they tend to not do enough checks on whether these people are the right people. You have to cash the caution because checks just, you know, I mean, we all know the difference in checks, but the day you cash the caution is that's when you know that your client is serious about protecting your property and doing the right thing, because they know the caution is going to come back at the end on checkout. So make sure you get the right documents and follow the points of making sure that they pay the caution.
Can you just explain a little bit more of exactly how IPRAC works and who and how it benefits from both the guest and for the host? So, yeah, big chance here just to sort of delve into it.
I realized that something had to be done that could protect consumers from fraud. And the way to do that was by building. And I building, I track. But I mean, it certainly wasn't overnight. You know, we had six months of research to find out whether there was anything on the market that was doing what we, what we planned to do. We certainly looked at the costings of it. How could it, what was the metrics of it? How could it be built? Who would it benefit? How could it benefit? So there's a lot that went into that. And then when we came up with the platform, it turned into that we could protect consumers but also offer a platform for legitimate operators to show their credibility through the IPAC approval, through the IPAC logo and online verifications.
How does it work in terms of when the booking is made? So say somebody comes and finds it, makes a booking, booking goes off to the pms, the channel manager, the booking engine at. What part do IPRAC get involved in this? Part of the booking process?
One of the ways, because this was part of our development when we were building iprac, we had to find a way that could verify the booking. And when you go onto the IPRAC website, you will see there's a section on there which says register booking when you go to that point on the page, you actually put in all of the details of the reservation that you have with that member, and you put in the ID number of that member and register the booking. And when you register it, I practice a copy. The owner receives a copy directly and also.
