- Rentberry— Evolution of the Rental Marketplace
Real estate in its purest form is known as one of the best investment opportunities from the dawn of civilization. People never stop renting places and those rented places never run out of customers as people are constantly moving from place to place changing fining job opportunities. So the renting business never run out of fuel but the rental long lived rental industry has remained stagnant without adapting the technological revolution despite the heavy influence caused to the retail, transport and other sectors rental industry remains untouched and lakh innovation and that is exactly why Rentberry is here. Keep on reading to know how Rentberry aims to revolutionize the rental industry and many more about this amazing cryptocurrency.
Rentberry is having its ICO at the moment and it is promising to shake up the rental property industry using blockchain technology.
Essentially what Rentberry are aiming to do is take the middle man out of the equation and allow the rental process to happen seamlessly and efficiently online.
In that sense they have been described as the “Uber of Renting” and if they could achieve even a fraction of that company’s success then it would be quite an accomplishment.
Below we are going to take a look at how exactly the Rentberry platform will work and the details of the ICO.
What is Rentberry?
Rentberry is a decentralized home rental platform with the tools for landlords and tenants to complete all the tasks necessary for renting a property.
- The application process
- A rental auction process where people can bid for a rental property
- Signing the rental agreement
- Organizing rent payments
- Setting up utility bills
- Paying the deposit using crowdsourcing (more on that below)
So quite a comprehensive system there and it will allow people to organize a rental without the need for a real estate agent.
That will be great news for people who are fed up with paying exorbitant fees from agents who don’t do seem to do very much.
Encouragingly, Rentberry already has an established customer base with 120,000 users, 224,000 properties on their books and over 4,000 applications processed. Their user base grew by over 53% in the third quarter of 2017 alone.
Rentberry’s ICO is going on at the moment and will end on 28th February or earlier if the hard cap of $30 million is reached.
They already raised $4 million in a pre-sale and have a range of institutional investors in the project which is a good sign.
The token name for Rentberry’s token is the BERRY and for the ICO it is priced at 1 ETH = 2500 BERRY, which at the time of writing is equivalent to about $0.44 per token.
The minimum purchase is 0.1 Ethereum or 250 BERRY.
In terms of the distribution of tokens, 70% will be distributed to the community, 20% will go to the company reserves and 10% to the team. All unsold tokens will be burned.
The tokens will have a number of usages on the platform. All of the payments on Rentberry’s platform will be made using BERRY tokens. Landlords will even be able to collect rent in BERRY tokens.
They could then use those tokens to pay for things like advertising their property on the platform or for services such as cleaning and maintenance.
Tenants will be required to pay 1000 BERRY tokens for each application to give landlords access to all the information on them available via the blockchain.
If their application is successful, 950 of the tokens will go to the landlord towards the first month’s rent and 50 will be retained by Rentberry as a fee for their services. If the application is unsuccessful, the 1000 tokens will be returned to the tenant.
Companies will have to pay 150 BERRY tokens to manage more than three properties on the platform.
One of the most innovative features of the Rentberry platform is that it will allow people to have their security deposits crowdfunded.
At the moment, over $500 billion annually is locked up in security deposits on properties around the world and this money could be much more usefully funded and used by a wider community.
At the same time, large security deposits can be restricting for some people and prevent them from being able to rent properties.
So Rentberry will allow people to pay for security deposits using a crowdfunding model. How this will work is that instead of having to put up the full deposit in advance, tenants can ask for other people on the Rentberry platform to help crowdfund their deposit.
Then the tenant will pay these people back gradually for the amount that was crowdfunded, plus interest. The interest rate will be bid for but is expected to be around 5% in most cases.
The Rentberry team is made up of 23 members with a range of skills and experience.
- Alex Lubinsky — CEO & CFO: Former investment banking executive who founded and sold several companies. Berkeley graduate.
- Lily Ostapchuk — CPO: Marketing expert who has managed and operated properties in the US and Europe. Columbia graduate.
- Aleksey Perfilov — CTO: A full stack engineer whose previous roles include at Hi5, Altera, Phoenix Technologies, and Amazon.
They also have a number of developers working on the platform including three blockchain developers, two backend site developers and five frontend site developers, as well as experts in marketing, business development and a range of other skills.
So it appears they have a good team to be able to take the project forward.
Conclusion — An Industry Ripe for Disruption
There is little doubt that the rental industry is ripe for disruption.
Anyone who has been involved in renting a property — either as a landlord or a tenant — will have experienced the high costs and significant amount of hassle that is normally involved.
The sector is crying out for someone to come along and cut out the middleman and allow everything to be done online at a fraction of the cost and without a lot of the hassle.
So Rentberry are offering a solution to this by designing a platform that will allow the whole process to be dealt with online using blockchain technology.
Plus they will offer the ability for security deposits to be crowdfunded and paid off over time, which should be very attractive to tenants.
Overall then this looks like a great idea and if Rentberry are able to execute their plans successfully and get widespread take-up of the platform, they could well become the “Uber of Renting” and cause a major disruption of the rental industry.
You can check out their ICO here, which ends on 28th February.
FOR MORE INFO ABOUT RENTBERRY :
Website : https://rentberry.cryptonomos.com/
Twitter : https://twitter.com/Rentberry_
Author : Liana Kurniawan
- Date of publication:
- Tue, 02/13/2018 - 22:04
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