# 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.citadao.io/intro/how-iro-works/operations.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.