The REIQ is about to begin the roll-out of a world-first project that will see residential tenancy agreements transformed into digital smart contracts, including automated payments associated with the agreement.
The proptech innovation will result in the REIQ becoming a world-leader in residential leasing contracts via our well-regarded Realworks product.
The REIQ has been a trailblazer in the contract space for many years, which has ensured a high level of confidence in the real estate profession among consumers.
However, the continued paper-based nature of real estate documentation generally remains a relic of a bygone era and no longer reflects the expectations of consumers.
To drive this innovation into reality we have partnered with local cutting-edge tech firm, Igloo, to create a new generation Realworks product that will allow real estate professionals to better serve their customers, while reducing administrative burden.
With almost 400,000 form 18a’s (residential tenancy agreements) generated each year through Realworks, property management was a logical place for us to start.
Since that time, Igloo have conducted numerous in-depth discovery sessions with some of our members and other property managers in the industry to thoroughly understand the sector’s pain points.
The results confirmed that the process needed a serious overhaul to streamline the creation and management of new residential tenancy agreements – especially the collection of bonds, rent in advance as well as management of ongoing rental payments.
The first phase of the project will be progressively rolled out from August, with Realworks subscribers having access to an updated user interface that simplifies the input of content into tenancy agreements.
The second phase of the project, released in coming months, will enable residential tenancy agreement to be executed as a smart contract on the blockchain, which is set to revolutionise property management around the globe.
Fundamentally, the end product will provide property managers with an irrefutable source of truth for every event that is associated with a tenancy agreement – slashing the time it takes to prepare for disputes and giving them immediate surety over what has happened every day of every single tenancy agreement on their rent rolls.
As a world leader in the application of this technology for residential leasing we’re very conscious that we’re in unchartered territory that requires a steady hand in the implementation.
Rest assured that the REIQ has worked tirelessly behind the scenes to transform this vision into a reality that is set to transform the property management sector.
We can’t wait to share more of the journey with you so please keep your eyes open for more information soon.