Introducing FOHO: Enhancing Rental Safety for Foreigners in Korea with Escrow and AI

FOHO is an innovative housing platform designed to facilitate safe rentals for foreigners in Korea, addressing issues like scams and language barriers. The motivation for creating FOHO stemmed from personal experiences with rental fraud and a troubling statistic indicating that foreigners are three times more likely to encounter rental fraud. After interviewing 122 foreign residents, common challenges such as legal uncertainty and a lack of assistance for new tenants were identified. FOHO offers several features: AI-based matching, verified listings with optional escrow for rent protection, auto-translated lease terms, and post-move-in support including utility help. The platform boasts over 1,500 monthly users and more than 1,000 listings, with significant organic traffic growth. The tech stack includes Next.js and MongoDB, along with AI tools for translation and contract management. The team, experienced from previous failures, actively engages with users for feedback, exploring potential expansion opportunities.

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