Who manages and makes decisions regarding the properties?
All owners of the property (i.e. the NFT holders) participate in property management decisions (such as selecting a property manager, affirming a lease and tenants, setting rental amounts and handling repairs) by voting in the DAO. We want all NFT holders to have a say and enjoy the rights and privileges that come with property ownership. All votes are cast on the blockchain and publicly viewable, so there is transparency in all the decisions that are made. The property manager for each property will be entrusted with day-to-day operations regarding the property, including overseeing repairs, collecting rents and other similar matters, so you don't need to get physically involved. However, any major expenditures that would cost more than 5% of the initial purchase price of the property will be put to a vote to all NFT holders of that property.
As a holder of NFTs for a property, you are a part owner of the property and you will have a say in the important decision of when to sell the property. Any NFT holder can propose a sale at any time. Once an NFT holder proposes a sale, all other NFT holders of the property will receive a notification via our platform to either vote in favor of or against a sale. If a sale is approved by a majority of the ownership interest in the property, we will list the property for sale. All offers to purchase the property will be presented to the NFT holders for a vote. If an offer is approved by a majority of the ownership interest in the property, the offer will be accepted. If multiple competing offers are approved, the offer with the highest approval percentage will be accepted.