A look at the existing property market reveals that tenants are facing numerous issues. For instance, many landlords today refuse to carry out the necessary repairs in a timely and efficient manner. Apart from this, quite a few of them demand the tenant to make an initial deposit. This further increases insecurity among tenants. Also, the initial six months of tenancy keeps them protected, but after that, they can get evicted for virtually no reason, and that too within an eight weeks notice period. It is here that PIF or Property Info File comes into the picture!
The platform intends to transform the rental property market/ecosystem by providing the tenant, landlord, property manager, and building contractors with a blockchain-based system that is efficient, transparent, and fair.
CONTINUE READING TO FIND OUT HOW PIF BENEFITS THE TENANTS.
MORE ABOUT THE PIF PLATFORM
Based on a hybrid blockchain system, the PIF platform can transform, enhance, and streamline the property management process permanently. By incorporating the blockchain within the PIF platform and procedures, PIF plans to set up an innovation ecosystem that is both accurate and quick, thus making the lives, homes, and the working environments of the tenants, landlords, and property managers both simple and transparent. In other words, it intends to assist all the end-users in a manner that they choose better by using their time and money.
The system is designed to help the tenants, landlords, property managers as well as building contractors to manage and improve their functioning. Thus, with the Property Info File platform, reporting the flaws, fixes, as well as support matters to the proprietor or property manager, becomes quick and hassle-free. With PIF, reporting the faults, defects, repairs, and even maintenance related problems are simple and convenient. On the other hand, property managers or landlords can forward any work-related order with the help of smart contracts to the checked, vetted as well as verified tradesmen.
For example, when a toilet isn’t flushing and requires a fresh flush system installed. The plumber who is close by can be picked on a pre-decided hourly fee and an invoice will be raised instantly as well as paid in advance and kept in the escrow account until the job is completed. Apart from this, the work must be signed off along with photographic proof and added to the PIF blockchain, and payment is released only thereafter.
With the help of the PIF blockchain as well as the integration of smart contracts, it is easy to update or renew the rental contracts. In addition to this, it is also easily set up and collect automatic reminders, rental payments, statements as well as keep records.
Apart from this, important safety certificates like electric and gas-related insurance records, as well as personal information like id verification of landlords and tenants can be easily updated through the system. Thus, PIF safely maintains, records as well as manages every single information needed for managing rental properties.
Every action taken on the PIF platform gets recorded on the blockchain and prompts physical action like photographic evidence for the completion of the action. Also, the task manager sends necessary reminders to all the parties involved and prompts them to respond until the necessary, evidence, and complete information is updated in the PIF system.
HOW PIF CAN HELP TENANTS?
Finding an ideal rental accommodation aside to ensure that the concerned property is in good shape and safe to stay can be challenging for the tenants. Every individual who is looking to rent a property wants to be treated with honesty. As the tenant of a property, you want to avoid expensive six-month advance deposits. It is because after the tenancy comes to an end, tenants often lose all their deposited amount unfairly.
However, with the PIF platform, this particular problem is easy to solve. The PIF system provides the tenants with an opportunity to check out the previous history of the landlords as well as the agents. It also helps them to check whether they have quickly carried out the necessary repairs in the past every time they were required to do the same.
Using the PIF platform, the tenant can also check whether the landlords have ever taken unfair deposits or whether they will have you evicted in case the toilet requires replacing. Thus, it allows you to make an informed decision before you enter into any rental agreement.
Given that the real verifiable, as well as checkable proof, will be present, landlords will need to improve their game, aside from treating the tenant fairly and with greater transparency.
The PIF platform manages the complete rental journey, right from the time the tenant moves into the time they move out, and even after that. This helps to alter how the property rental credit checking is done, making them cheaper and fairer as well as eliminating expensive deposits aside to 6-months advance rental payments.
At present, credit checking happens based on credit agreements like loans, car purchases, mobile phones, credit cards, etc. However, what they do not revolve around is whether the tenant makes the rental payments on time each month or not. Remember, payment of rent is more important than paying for car payments or mobile phones. Also, landlords are more concerned about receiving their rental payments on time. Additionally, they also want the tenant to take good care of their property.
The existing manner of performing credit checks does not leave tenants with safe rental properties and instead leaves them tangled with slum landlords or slum properties and homelessness. Many of them are left feeling uncertain with a short six-month tenancy or rental agreements with bad landlords.
Thus, even when the tenant pays the rent on time, an improper credit reference indicates that you have been marginalized and excluded. When you have a poor credit portfolio, it automatically denotes that there is some problem with you, whereas in reality there is none.
The PIF platform, however, intends to change this and provide you with an opportunity to rent fairly, affordably as well as transparently. Thus, the tenant who has an excellent credit file gets an amazing opportunity, which is also as per the requirements of the UK government’s housing proposals that requires longer tenancy/rental agreements to become the new norm.
As a result, when the tenant gets a longer tenancy/rental agreement, it becomes much easier, safer, and affordable for them to settle down and enjoy their lives. With the PIF platform, the need for making huge deposits can be eliminated. Instead, it gets replaced with a lower monthly insurance-driven bond which ensures that landlords are still protected in case anything goes wrong.
Besides, when the deposit has been paid, then rather than keeping the money in the rental deposit account, and allowing the deposit holding firm to earn the interest, it can provide the tenant with interest, which he/she can further save in their property savings account and use it for buying their property. Remember, the deposit is actually a tenant’s fund and it only becomes that of the landlords when the tenant is unable to make rental payments or cover for the damages to the property.
Another issue that tenants face is that whenever they request a repair, the entire process becomes extremely lengthy. This happens because they are required to make repeated phone calls or emails to the landlords or have to chase them down or catch hold of an agent. Further, the property agent or landlord must search for the right tradesman and book them for a repair after consulting the tenant. With PIF, however, all the repair-related concerns or requests get automatically reported, authorized, organized as well as booked in just a few clicks.
Since all the property/landlord records, such as the property maintenance and the number of times a property owner/landlord has claimed the deposit is made available to the prospective tenants, they can view whether the landlord is responsible for property maintenance or not in advance.
It also goes a long way in establishing whether the landlord takes good care of his/her tenants, or whether they have to be avoided. Besides, auto rental payments could be collected, set up as well as directly paid by the PIF system to an agent or landlord, thus allowing tenants to control their funds.
HOW WILL THE PIF ECOSYSTEM WORK?
The tenant will buy PIF tokens and store them in his/her wallet. Next, they must apply for rental accommodation and allocate 1000 PIF digital tokens to the Application Deposit Smart Contract. The landlords will then pick their preferred tenant, following which 950 tokens are taken away from the winning tenant’s Application Deposit Smart Contract and transferred to the Rental Deposit Smart Contract and is considered as the down payment. The remaining tokens are transferred to the PIF wallet as part of the service fee. Also, all the losing tenants get a refund of their PIF tokens. Furthermore, the rental agreement between the landlord and tenant is tokenized, as well as updated on the PIF platform for reference purposes.
In a nutshell, the PIF platform (http://www.propertyinfofile.com/) and the token is perfect for resolving all the issues that tenants face today. The unique system ensures effective and uninterrupted communication between the landlords and the tenants as well as other parties engaged in the property rental and leasing ecosystem. The system ensures total transparency, traceability, and compliance, thereby ensuring that everyone who is a part of the ecosystem gets a fair and honest deal.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
Earnings Disclaimer: The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.