PlaceToRent is the new thing on the blockchain, they have created a blockchain based solution to the rental market problem. They plan to solve this problem by reducing intermediaries who hipe up rental fees by taking unnecessary commissions, thereby making it hard for younger and low-income household to find a space.
The blockchain technology has been able to solve many problems in the various businesses. Rental market can also utilize the features of the blockchain to solve many of the problems that make it hard for young household and low-income household to find a space.
Intermediaries in every business play less significant role but they end up being the gainer. Intermediaries take a lot of commission from both the renter and the landlord, this cause rental fee to go up.
THE PROBLEM
Rental services are going up every year, with over 31% of the population looking for a space to rent. This most time includes young households and low-income households. But most times it is even hard to find a space that they can rent. The young household that has no experience of renting don’t really know who to trust. The internet is the place for everything but most of the information found on the internet is just not accurate enough.
FINDING A PLACE AND TRUST
Finding a place is very easy nowadays, with the use of the internet someone can easily find a space to rent. There are many websites that offer this kind of services where properties can be listed and renters can easily find information about the properties and also choose from varieties of properties. The problem with this kind of listing is that most of the information here is outdated and they are not accurate. Though these websites give access for modification of information of these properties, most of these properties are listed by intermediaries and most of them just list properties they haven’t seen before.
imagine someone that is in the UK listing a property in the US and taking commission for the rental of the property.
This is the problem caused by intermediaries, they will not even allow renters to meet the landlord because of their commission and they will not want a long-term rental service so that they will keep collecting commissions for new occupant. These conditions are not suitable for the young and low-income household.
INTERMEDIARIES
In many sectors, intermediaries keep gaining more than business owners and they are always the cause of price increase. This is because they take commissions and often mislead other business participants. Intermediaries in the rental services perform less significant role but they make sure that they always have their gain no matter what even if it will make it less attractive to tenants. As said before they will not allow tenants to meet landlord because they will have hipe up rental fee because of their own commission.
In this part of the world (Nigeria) we call the caretakers and Agents, after taking charge of the house they will double the price of the house or property. After finding someone to occupy eventually they will collect consultancy fee as their commission from the tenant, then they take the half to the landlord as agreed and the landlord also end up paying them a commission for work done.
To me this is too greedy and cruel, so what if there is a platform where landlords and potential tenants can meet without intermediaries? What if there is a way that both tenants and landlords can have a safe transaction without fraud and misinformation?
PLACETORENT THE RENTAL BLOCKCHAIN SOLUTION
PlaceToRent is the next generation rental platform automating the rental process and leveraging artificial intelligence and machine learning to assist households with invisible credit/work history in gaining access to rental opportunities and affordability. Our goal is to bring significant value to the rental industry and offer to all rental market participants a fair, secure and less costly experience within the rental process by providing transparent and secure transactions while reducing the need for a third-party oversight.
PlaceToRent has designed an integrated ecosystem of commercial and residential rental marketplace powered by blockchain decentralized technology, self-executing smart contracts, and utility tokens with the aim to reduce the bureaucracy associated with renting a space, capitalize on major opportunities within the rental market, and provide users with new beneficial features. In particular, our platform will provide tools for such underserved segments of rental market participants as younger and low-income households (with invisible credit and work history) to stand out in low vacancy markets.
PlaceToRent initially founded in 2006, PlaceToRent was established as a state-of-the-art Internet-based listing services (ILS) website with the goal of capturing the U.S. online rental market. This platform is now being moved to the blockchain to allow seamless and fast transactions. PlaceToRent platform will allow Landlord and Property managers to be able to list their properties and potential renters too can see properties and choose which one they want.
PlaceToRent will strive to increase the level of rental market inclusion and expand the number of alternatives for the underserved. For each executed lease with a tenant who has no credit or work history, PlaceToRent will incentivize landlords and property managers by reimbursing any previously charged related listing fees and rewarding them with PTRT tokens.
PTRT TOKEN
The PTRT token will be the only way to rent and will be the only form of any settlement on the platform. Token details below:
| Token | PTRT |
|---|---|
| Price | 1 ETH = 500 PTRT |
| Bonus | Available |
| Bounty | Available |
| MVP/Prototype | Available |
| Platform | Ethereum |
| Accepting | BTC, ETH |
| Minimum investment | 0.2 ETH |
| Soft cap | 1,000,000 USD |
| Hard cap | 30,000,000 USD |
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