Renting or finding a place to live is an extremely stressful task for many individuals, especially to those who’ve just graduated or don’t have a stable job to boot.
This situation is even more prevalent in major cities like New York where not only is rent expensive, the processes involved in renting a house are also extremely tedious and cumbersome.
Why is that so?
An essential part of any landlord-occupant is the communication throughout the rental process with things such as deposits and documentation involved in the process.
For many, communication is extremely difficult and inconsistent; deposits may cost a lot and occupants will only receive their deposit back after a certain period of time.
All of these problems bring up a gap in the market to be filled with an efficient solution that addresses all of these restrictions.
Launched in 2016, Rentberry is a platform that eliminates all inefficiencies present in long-term rental application processes by the making the process extremely smooth (and equally fair) for both landlords and occupants.
The platform is already an established name in the scene with it having more than 120,000 users and over 200,000 properties in the platform; the California-based Rentberry is also VC-funded which shows the market’s confidence in the team’s ability to deliver.
Rentberry will also introduce a much-needed solution to a pressing problem in real estate by enabling tenants all over the world to unblock $500 billion in rental security deposits.
This is an extremely common issue as deposits are usually frozen for more than 20 years until individuals can finally buy their first property.
Rentberry’s other goals include:
- Eliminating middlemen in the rental process by allowing landlords and tenants to connect and execute tasks directly in the platform.
- Establishing a global standard for rental procedures that will benefit expats and migrants across the world.
- Providing a crowdsourced security deposit network that reduces the burden of security deposit costs for tenants
A unique advantage of the platform is that Rentberry employs an auctioning protocol for occupants. Occupants then have the ability to customize offers based on demand and competition for the property they’re interested in easily.
The auction protocol helps to gauge the true value of a property while Rentberry’s proprietary scoring oracle helps to add another layer of transparency to the landlord-tenant dynamics.
This score is intelligently calculated based on several metrics such as rental history, reviews, as well as public information.
Rentberry is taking the platform to the next level by implementing the blockchain and smart contracts in the platform; this eliminates intermediaries in the rental process which means landlords and tenants connect directly with one app.
The use of the blockchain will allow for a seamless rental experience as well as allowing tenants to have the fair right of unfreezing millions of dollars tied up in rental security deposits.
A tenant’s personal information, stored on the blockchain, will only be made visible to the landlord when the tenant makes a rental application using their private key/wallet on their mobile and/or web app.
The key goal of Rentberry is to deliver maximum value to both tenants and landlords.
To achieve this, transparency is maximized in Rentberry as tenants have access to information that was previously hidden or unmentioned in traditional rental processes.
Other than making the relationship a trusted one, full transparency in Rentberry also drastically shortens the time needed to process a rental application (the platform estimates that it will save 10-12 hours throughout the process).
These tenants then have the freedom and knowledge to send offers to landlords; with the blockchain, tenants can save a significant amount of money in rental application fees as it the cost is negligible in Rentberry.
The biggest benefit of the decentralized Rentberry platform, though, is to tenants as the platform allows tenants all over the world to unfreeze an estimated $500 billion that is currently blocked in rental security deposits.
Previously, tenants would have to pay expensive security deposits for rentals regardless of their history. With Rentberry, the platform provides ratings for each renter based on their financial behavior and history.
Rentberry matches the interested tenant to lenders within the platform who then pays the security deposit for the property.
Lenders profit from this process as tenants have to pay the lender a fixed amount over a period of time including interest rates.
This also benefits tenants as they have the option of only paying 10% of security deposit instead of the whole amount up front; the remaining amount will be crowdsourced by the platform’s community who are rewarded with the tenant’s interest rates as they repay the deposit.
For example, a renter may have a $3,000 security deposit for his rented apartment but with Rentberry, he only needs to pay $300 at the start—a staggering $2,700 saved during the process.
After that, the tenant is estimated to pay only $7 per month to the Rentberry community who’s responsible for paying the remaining amount of the security deposit.
The platform also introduces several features to both landlords and tenants such as:
- Searching for properties and making offers
- Screening candidates for property renters
- Negotiating terms of the rental
- Unlocking security deposits for occupants
- Digital contract signatures
- Paying and receiving rent instantly
- Submitting maintenance requests to landlords
- Communication system for landlords and occupants
All of this is done in one user-friendly and super effective platform for convenience.
The official utility token of the Rentberry platform is the BERRY token which will be sold during the platform’s token sale.
BERRY tokens are used by landlords to promote listings, increase reach and visibility while all transactions in the platform are powered by BERRY.
Here are the details of the upcoming BERRY token sale:
Token name: BERRY
Token base: Ethereum (ERC-20)
Token supply: 150,000,000
Token sale duration: 5th of December 2017 – 28th February 2018
Token sale target: 30,000,000 USD
Token exchange rate: 1 ETH = 2,500 BERRY (tiered bonus system)