# Operations

### What happens after an IRO?

The property will undergo a traditional conveyancing transaction to transfer the title from the existing landlord into the SPV. A SPV Director will be appointed to manage the SPV and a property manager from an established firm will manage the property.

### How do you ensure transparency?

Transparency will be achieved via the property management protocol.

After a successful Introducing Real Estate On-chain (IRO), all qualified property managers will be invited to submit a proposal to manage the Real Estate and that proposal will include projections for the next 12 months in terms of expected rental income, operating cost, and property management fee.

* The property manager who submitted the highest projected rental yield will automatically be appointed by the SPV director.

       $$Rental Yield = Rental Income - Operating Cost-PropertyManagementFee$$

* During the next 12 months, if the property manager underperforms significantly from their projection, they will automatically be replaced with the property manager that submitted the next best proposal.