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The DAO appoints a property manager to handle day-to-day operations. These managers are experienced independent Real Estate firms such as JLL, Knight Frank, CBRE, etc. and will be engaged to resolve all issues and matters including tenant disputes.
If the property manager is not performing, they will automatically be replaced by the SPV Director.
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.
- 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.
Approximately 1% will be deployed to convert fiat rent on-chain. This will also depend on the platforms used to make the conversions.
The Real Estate Token (RET) holders of a successful listing will bear the cost of the nominee director and the setting up of the SPV structure.