Why Worbli and which industry? I am proposing a Dapp idea which I believe can really disrupt the property development market, affordable housing and governing properties. In this article I will outline the basics and will not go into too much detail as it will cause a massive disruption when it comes on the market and has to be looked at in great detail to iron out the fine print and legal hurdles.
First lets have a look at how the traditional property development works. I am looking at Australian market and narrowed down to where I live – Canberra. I have had a few meetings with local property developers when I was studying Urban Planning, so I know how the market works here. I would say the formula is pretty similar around the world:Developer acquires land in an auction bidding against other developers. The concept design is presented to the public for submissions of interest. Before the developer starts building the general rule is you have to sell 80% of the units. Once units have been sold the building begins where they have less than a year to complete the development. Last 20% of the units are sold of which is usually the profit margin. Building management is sold off to a third party.
The problem with this model is that smaller developers, community organisations for affordable housing as well as general public are priced out of the action. Community members have little to no say what type of development is going to be built. Also. buyers and investors have no say in how the building is managed and have little control of the management fees.
Companies that take control of the management put a margin as well as a fee on top of every contract. Changing a light bulb, a cleaning contract or any bigger improvement on the building are all subject to this extra commission. The fees are paying for a salary of 50k-75k/y for a facilities administrator, as well additional expenses for Facilities Coordinator 50k-75k, Facilities Manager...