A popular real state agency that normally deals in arranging for cheap residential accommodation for families as well as for students has started to collect monthly rental payments through virtual assets. The firm, which is a South African company namely Quorum Holdings has suggested that by doing so the end benefit will be to the tenants in case there is a price surge in crypto assets.
There was a time when cryptocurrencies were taken for granted. But the time has changed completely today as most of the global investment is going into none other than cryptocurrencies. The adoption of cryptocurrencies has grown manifold throughout the world in a couple of years. Particularly, when unorthodox circumstances took up the world like the Covid-19 pandemic. With limited opportunities for trade during a pandemic, investors turned their gaze upon crypto assets. This then enticed the institutional sector to join the crypto economy. At this very point in time, crypto acquired the confidence of the whole world and became the top investment vehicle of the world. Even to date, crypto adoption is on its highest level worldwide.
One of the quickly crypto adopting sectors these days is the real estate sector. There have been selling off properties against the payment of virtual countries in many parts of the world. The recent adoption from the real estate sector has been witnessed in South Africa. A company namely Quorum Holdings is an agency from the real estate sector. Normally what this company does is that it offers temporary accommodation solutions for the tenants. It usually serves families as well as students/bachelor’s accommodation as well. It has been preferred by many of the intended tenants because the accommodation this company provides is relatively cheaper compared to others.
The company has several registered properties for letting for short and long-term periods on behalf of local and foreign landlords. The monthly rental incomes are collected by the firm from which it takes out its share of rendering services. The rest of the rental income is deposited directly in the accounts of the landlord. However, the firm has incorporated a new payment method. Reportedly the company is now accepting rental incomes even if they are paid in cryptocurrencies of the tenant’s choice.
Quorum Holdings said that the initiative has turned out to be very effective. It said that most of the benefit of crypto payment is for the tenant. When there is a price surge in cryptocurrencies, then automatically the amount of rental income drops. Therefore, the tenant is the one having most of the benefits. Similarly, the profits are for the landlords as well because the same principle applies to them as well. However, only a handful of landlords have agreed so far to accept rental incomes in crypto. But the firm is fully accepting crypto payments and then converts the same into fiat and transfer them into the landlord’s account.
At presently, the firm has started the initiative with only a couple of cryptocurrencies on board. However, it is committed to introducing more virtual assets over time.