How a Blockchain-Powered Platform Will Improve Rental Experience Globally
Finding an apartment is such a stressful activity. As a person who has lived in over 5 major cities, including Los Angeles, Dallas, New York City, and Chicago, moving has become commonplace for me and my family. The most stressful part is managing the communication throughout the rental process, as well as the transition of security deposits between my new and former rental property. Even once I find the apartment or home, securing it because of the lack of communication is incredibly difficult.
The good news is that the long-term rental space is the last industry waiting for disruption and there is a company that is taking a lead in that direction. A real estate startup Rentberry, known for its transparent and fully closed-loop rental platform taking its business one step further by integrating blockchain and smart contracts technology.
Wonder what’s in that for you, an average landlord or tenant?
According to Rentberry’s CEO Alex Lubinsky, since its first day Rentberry has been building its business practice with social responsibility at heart:
‘We wanted landlords and tenants to enjoy a transparent and seamless rental experience where properties are always rented out at their true market price. That’s why we invented a price-negotiation algorithm and developed online solutions to all rental tasks ranging from listing/searching properties, signing rental agreements, requesting/providing credit history, paying/collecting rent, and more.’
Today, as Alex Lubinsky explains, Rentberry is ready to offer its users even more by leveraging blockchain technology and launching solutions that are radically new to the entire industry. The use of blockchain technology and its fast-growing community enables Rentberry to become even more socially-minded, allowing tenants unfreeze $500 billion that are now blocked in rental security deposits. Tenants will have an option of only paying 10% of security deposit and the rest would be crowdsourced via Rentberry’s community who in return will receive rewards - interest rate paid by the tenants. So, for example, if security deposit is $3,000 USD, one can save $2,700 upfront and block only $300 instead and pay estimated $7 USD per month to community members who backed him/her.
To do this, Rentberry is issuing its own cryptocurrency - BERRY tokens. Users will be able to use tokens throughout the rental platform, for services such as, paying for applications, property promotion, paying membership fees and crowdsourcing rental deposits.
Rentberry Today vs. Rentberry Tomorrow
Launched in 2016, Rentberry started as a platform to streamline and make the application process transparent. Some rental platforms offer the ability to pull credit histories, and submit payments, but Rentberry developed the technology that creates long-term value for the end users. Tenants are able to receive transparency, which does not normally exist in the application process. This transparency leads to saving 10-12 hours of valuable time during the application process. Based on the competition, renters could submit educated offers or counter offers, saving on average between $300-$400 in rental application fees.
However, with a recent $4 million dollar seed round from investors, Rentberry is the first long-term rental platform that is moving to blockchain. The company is now in the process of doing one of the largest Initial Coin Offerings and was selected as TOP 10 ICOs of 2018 by INC.
On December 5, 2017, Rentberry plans to conduct Initial Coin Offering (ICO) and has already subscribed more than $20 million in just 14 days. According to information on the website, Rentberry offers early-bird bonuses for both pre-sale and main-sale stages of their ICO. More details can be obtained from their website ico.rentberry.com.
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