Safehomes

Safehomes, operated by Terrapai Inc., is a prop-tech and social venture company founded in South Korea to address information imbalances in the real estate rental market. The company was established in July 2021 by CEO Jeong Dong-hoon. The founder, with a background in real estate investment, was motivated to start the company after witnessing a tenant nearly lose their life savings due to a fraudulent contract. This experience led to the company's mission: "to create a world where anyone can find a home with peace of mind."

Safehomes develops technology to mitigate risks associated with real estate transactions, particularly for tenants in South Korea's unique 'Jeonse' (lump-sum deposit) rental system. The core service is an AI-powered platform that provides a detailed risk analysis report for rental properties. By simply entering a property address and deposit amount, users can receive a report in as little as 10 seconds that assesses the safety of their deposit. The report includes analysis of the property's title registration (deunggi), building ledger, information on the landlord, and the property's market value to diagnose the risk of 'kkangtong jeonse' (a situation where the sale price is lower than the deposit). The service also verifies the landlord's status, checking for inclusion in bad landlord lists or tax delinquencies using public data.

The company's business model revolves around providing these risk analysis reports and other related services through its application. Key features include pre-screening for deposit guarantee insurance eligibility from providers like HUG, HF, and SGI, and 24/7 monitoring of property title changes for subscribers. Safehomes also collaborates with law firms to offer legal support services, such as drafting legal notices and registering leasehold rights. The company has formed strategic partnerships, including a collaboration with Woori Bank to offer its 'Jeonse Protector' service within the bank's mobile app and an MOU with law firm Choi & Lee to enhance its title analysis reports. Since its founding, Safehomes has achieved several milestones, including being selected for a pre-startup package in May 2021, launching its core report service in June 2022, and securing its first seed investment in November 2022.

Keywords: prop-tech, real estate, tenant risk management, Jeonse deposit protection, AI analytics, property risk report, landlord verification, rental fraud prevention, real estate data, deposit insurance analysis, kkangtong jeonse, housing finance, leasehold rights, legal tech, South Korea real estate