PlaceToRent (PTRT): ICO Review

What is PlaceToRent?

PlaceToRent is a ‘decentralized global residential and commercial rental platform’ that aims to ‘revolutionize’ the rental industry, making full use of the blockchain fundamentals with ‘near real-time settlement of transactions,’ ‘reliable data and reducing risk’ for homeowners and tenants. This ‘peer to peer (P2P) global platform’ boasts a ‘secure and transparent environment’ to reduce the ‘risk of fraud, abuse and manipulation’ faced by certain market participants when dealing with online listings and intermediaries.

Aspects

  • Free efficient property search: PlaceToRent platform aims to provide truly accurate and precise property information that is entirely complete. The platform aim is to remove any ‘discrepancies’ when ‘property searching’ and entitle landlords to manage their listings to ‘promote data democracy.’ The peer to peer network will encourage transparency making a ‘digital property profile’ which ‘provides clear and verifiable details on property location and address, ownership history, tenant history and details, historical rental rates, property age, repairs, maintenance activity and title data providing tenants with more usable and reliable information.’ This advanced property search can provide efficiency and create faster decision making for the onlooking tenant.
  • placetorent icoSmart identity contracts: Users will have to put their information, such as ‘multiple moves for tenants and landlords’ on to their unique profile which they will control, ‘with trusted users verifying its authenticity.’ The user profile will be ‘secured immutably on the blockchain’ which will enable information integration with the property listings. Furthermore, the smart identity contracts will also consist of a ‘short bio, references, credit score, verified income and contain reviews and recommendations from landlords and/or property managers.’ This type of user profile landlords with a better understanding of creditworthiness as more information is available. Landlords must also create their own profiles containing information about ‘reputation reviews from former tenants, security deposit disputes, maintenance and tenant eviction cases etc.’ This method of user profiling promotes transparency and trust between both parties as both parties know what/who they are dealing with. PlaceToRent will use all information provided and incorporate it into an artificial intelligence (AI) bot to create a performance rating system that will rate each user profile to ‘make smarter and more informed decisions’ in the overall PlaceToRent process.
  • Issue Reporting Resolution: PlaceToRent will incorporate a messaging service between users so that tenants ‘can report any issue to their landlords’ such as a leak or pest infestation. The report will be able to be rated depending on its urgencies and will encourage the landlord to resolve the problem so his user and property ID can improve and be stored on the platform for future tenants.

What Issue Does it Solve?

PlaceToRent simplifies and reduces any bureaucracy with renting a certain space. Using artificial intelligence to create a broader credit rating tool that generates greater efficiency for decision making exhibiting distinct applicants. This method is a ‘responsible and innovative tool’ that provides an ‘ incentive to landlords’ with PTRT tokens once they have listed their property on to the platform. The platform also provides peer to peer transactions so rental payment can be made with PTRT tokens directly between tenants and landlords that are ‘near real-time’ removing the need for ‘a third party’ increasing speed and efficiency throughout the rental industry. Transactions made through the platform alleviates any ‘risk of double spending, fraud, abuse, and manipulation of transactions’ due to the beauty of blockchain accommodating all records of transactions.

Token Sale Information

Disclaimer: All information on this post is made to educate our readers. Don’t invest in any ICO unless you’re confident about its capabilities and do so at your own risk.

Bounty0x profile: @jeremycole

Positives
  • PlaceToRent can provide an alternative method of funding rental payments
  • Improves rental property search with a very detailed history of property and landlord
  • Removes the need of a third party or intermediary which would likely take high commission and promote higher rental fees to gain higher commission
  • Incentive to landlords if they list their property on the platform and ease of tenant screening

Negatives
  • Transparency on the platform will only work if both sides of the party are fully honest with anything that occurs within the duration of them existing on the platform such as number of days before issue was solved. Tenant may have lied as he/she was scared of the landlord

PlaceToRent
4.2

Summary

PlaceToRent is a great new innovative platform that can truly ‘revolutionise’ the rental industry. Trust and transparency is engraved into the platform due to user and property profiles being so informative and up to date, issues being able to be resolved and an alternative payment method aimed at millenniums, PlaceToRent could be the new global Zoopla that actually works.

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