Added Value Spotlight
While the essence of the real estate industry focuses on assets and properties, PRIMARY focuses on people. Be it landlords, who lease out rooms in their properties to unknown people and suffer from a lack of control over the screening process of their tenants, or be it tenants, who in most cases move into a flat and share it with people they have never met before or know very little about, in a neighborhood or country they never visited.
In the “traditional centralized market”, rental scams and fraud in which tenants transfer deposits to reserve non-existing properties are rampant.
In Florida, 18 families fell victim to a rental scam by the same culprit, as each family transferred upfront a deposit of $1000 to secure the same property, only to discover that it was not available. In another instance, expats in Spain and Gibraltar fell victim to scammers who tricked prospective tenants into sending them €1000’s in total deposits before fleeing to Italy. In the UK, in London, an online scammer deceived 17 victims and embezzled their paid deposits for a room which he was supposedly offering online.
A democratised platform, harnessing community-elected oracle nodes and utilizing immutable records in which transactions, properties, and profiles are authenticated, is virtually impervious to scams and fraud by external sources.
Lower costs and higher yields
Landlords will benefit from the elimination of expensive third-party intermediary costs, including brokerage commissions and service fees. This will enable landlords to lower rent prices without lowering their income levels, boosting their liquidity by creating more attractive offers for flat-seekers and garnering greater visibility for their leased properties in the marketplace.
Landlords paying on average 12% in annual fees to brick-and-mortar management agencies and centralized online platforms charge up to 17% from both parties – landlords and tenants.
Landlords who know that had they received their rent in 2020 in Bitcoin or Etherium instead of in Fiat, their annual yield would have quadrupled if not more in 2021, but need an intuitive gateway to make the transition into the crypto space.
As growing numbers of users benefit from lower rent prices due to the platform’s intermediaries-free ecosystem, the expansion of the platform will intensify, this growth will increase the reach of the PRIMARY platform among users and the usability of their PRY tokens.
Simplified regional bureaucracy accessible
With each country and city having different local regulations, tenants might not be familiar with the various requirements for concluding lease agreements, which may include: “credit scores”, “residency permits”, “letters of reference”, etc.
PRIMARY will address this issue by partnering with local teams for the development of regional interfaces per city or countryside, and rewarding local contributors with PRY tokens.
Pay and Collect Rent in Crypto
Our vision is to be the first digital marketplace for decentralised management of real-estate, whether actual properties or virtual ones across the metaverse.
As a next-generation platform aimed at mass adoption where tenants and landlords can send and receive rent payments in crypto through integrated wallets, tenants will be able to send rent payments in a cryptocurrency of their choice from a predefined list to their landlord. Landlords who decide to collect rent in crypto can reap the benefits of accumulating and holding cryptocurrencies should they appreciate compared to their current Fiat value. Landlords not interested in accepting the tenant’s cryptocurrency of choice can opt to receive the payment in another currency such as USDT.
Sending and receiving rent through the blockchain eliminates the need for intermediaries and middlemen such as banks, allowing the tenant and landlord to hold control over their funds and benefit from secure and private access to the crypto space.
As technology progresses and more blockchains mature, the associated costs will lower further.
Earn on staking and deposits
When leasing a property, a deposit often equal to around two months of rent will be required as a guarantee by the landlord. PRIMARY will seek to enable depositors to earn on these deposits via 3rd party partnerships if both parties to the rental contract agree. In addition, participants in the platform can also act as validators and be rewarded with tokens upon launch of the arbitration and resolution module.
As an initial step, PRIMARY will offer Ethereum-based staking on Uniswap with an accelerated rewards program running till May 2021 for early adopters and community supporters.
The initial beta launch of the platform in December will also include the marketplace structure for metaverse properties, which will evolve to contain an aggregator of virtual properties and an analytical toolkit for optimising commercial leasing agreements and trading transactions of properties across metaworlds.
As an ecosystem with a real-life presence across cosmopolitan cities worldwide, PRIMARY will be collaborating with local artists to mint limited edition ERC-721 collectables celebrating unique cultural landmarks and experiences.
Novel Applications and highlights
Benefit from different reward programs and stake your PRY either on Ethereum or Binance Smart Chain. Each of the staking programs offers different incentives in addition to the network’s liquidity provider fees. Choose between MetaMask on Uniswap, Bancor, and Pancakeswap to stake PRY.
Stake your PRY now and get rewards: