The world of cryptocurrency and blockchain technology is put to use to revolutionize the way real estate contracts and transactions are done in this business objective. SmartRealty feels that a secure and transparent way of dealing with real estate contracts and agreements can help reduce contractual disputes to a large extent. The concept begins by applying the smart contract methodology to forming agreements. The goal of the business would be to use this technology in order to form residential leases which can later apply to commercial real estate transactions as well.
Business idea behind SmartRealty
SmartRealty proposes to offer a platform through which landlords can execute residential leases. They can use the platform of the business to advertise their rental accommodation as well as offer the same to tenants who apply through this platform. The smart contracts would govern the transactions and their terms can be set and made transparent to both parties. The platform plans to include commercial transactions in real estate as well, which would include sales, rentals as well as lease option or owner financing agreements. The platform would also work with the existing real estate sales and rental portals and allow users to execute transactions with these platforms as well.
How would it work?
The platform would enable the sale and rental of different properties that are registered on this network. One could be a property owner or simply a user who is looking for a one-year rental. Parties who use the SmartRealty platform would have their agreement terms secure of the platform. The different conditions of a standard lease agreement such as the amount to be paid, dates of payment, penalties for noncompliance, length of the agreement would be set through smart contracts formed in the system.
The platform would help manage the relationship between the two parties. Payments can be made using the platform’s token or fiat currencies as well. The contract would be pre-programmed to serve notice when payments are pending, lease term is nearing expiration and other instances of breach of the terms. Contracts can be renewed and necessary steps carried out in this framework.
The team behind SmartRealty
The senior management of the business comprises of leaders like Ernie Wong and Val Kleyman who are supported by others in the roles of contract law consultants, smart contract developers, community outreach managers and so forth.
ICO program of SmartRealty
The company launched their ICO in the month of February 2018 which is ongoing still. The ICO will help raise the capital to have a viable business established as the model comprises of setting up partnerships with other real estate portals in the business. Once the partnerships are formed with the different real estate sites this business model would be set up with the right clientele to offer users a wide variety of real estate property to choose for sales or rentals.
Should you opt for SmartRealty Investment?
The business model makes viable business sense and there is definitely scope for such a business to take off in making real estate transactions easy, secure and transparent in the online world. However, the expertise and capabilities of the management team would show in how successfully they can execute the business idea.
Token details
ERC-20 Compatible
Total supply: 160, 0000
Symbol: RLTY
ICO Start date: 15th Feb 2018
ICO End date: 15th May 2018
ICO Price: 0.8 USD
Links
Website: https://smartrealty.io/
Whitepaper: https://smartrealty.io/wp-content/uploads/2018/01/SMARTRealty-Whitepaper-v1.pdf
Telegram: https://t.me/smartrealty
