By Jay Moar 07/30/2018
Up and coming rental blockchain company, PlaceToRent (PTRT), has big plans to revolutionize the rental industry. Their innovative idea of introducing Smart Technology into their platform, with features such as Smart Tenancy Contracts, has the potential to shake up and transform the way tenants and landlords engage with each other in the rental market.
But what are Smart Tenancy Contracts? Smart contracts are self-executing digital contracts allowing an exchange of value in a secure and transparent environment. The PlaceToRent platform will enable landlords and tenants to enter into a digital smart tenancy contract. This will be able to be completed easily on their computers or even more accessibly on their smartphones. By doing this, it will eliminate the need for a landlord (or property agent) and a tenant to meet in person.
To further streamline this process, tenants and landlords in negotiation will be able to communicate to each other via a chat feature embedded in the PlaceToRent app.
To kick the entire process off, tenants searching for a property will have the ability to tender an option on a prospective rental along with their application. This Best Offer Tender will be "sealed" (shielded from other potential tenants bidding). This will avoid any bidding wars prevent drastic increases in rental rates for a hot property. The tendered offer will have an expiration date of three business days. During this period, the landlord can either accept or decline the offer, or let it expire altogether.
By giving tenants the direct ability to negotiate their rent, PlaceToRent believes this will help to ensure optimal rental rates. It will also greatly assist property rentals that have been lingering on the market as vacant for some time.
Once a tenancy is in place, landlords will be able to grant the new tenant access to the rental property via a Smart Door Lock. This technology will be extremely useful in that it can provide a hassle-free, easy, and secure property access for tenants without having to pick up a physical key.
But what can a Smart Lock do? With a Smart Lock, tenants will enjoy convenience and security by confirming the lock status of their apartment on their smartphone at any time. It will also allow tenants to assign electronic keys to family, friends or welcome third parties, as well as giving them the ability to revoke access to their property at anytime. Landlords will be able to hold open houses for prospective tenants without being physically present at the location by sending an electronic key to their prospective tenant's smartphone. Electronic keys can also be granted to allow service workers to access the rental property for maintenance and repair work, and then be set to expire at a specific time.
And regarding third-party service providers, PlaceToRent will allow them to register on their platform by creating a digital profile which lists their services and rates for both landlords and tenants. This means that companies such as insurance firms, notaries, building assessors, movers, dry cleaners and maintenance workers will be able to market their business directly to both landlords and tenants.
PlaceToRent hopes that these Smart Technology innovations will greatly streamline rental market processes and make renting property a more enjoyable experience for all parties involved.
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