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Tenant Management

At ReCoop, we run our own custom software, built by us, for us. It incorporates a unique program that rewards tenants for paying rent on-time.

What a tenant needs​

  • Silver or Gold Pass to book a unit in our ecosystem.
  • Tenant Profile to verify identity upon check-in, where necessary.

Mechanics​

A potential tenant connects their Aptos wallet to our site. They request a free Silver Pass sent to their Aptos Account. They then create a tenant profile, which qualifies them to book a room.

Using their pass, they make a reservation for an available unit. Passes cannot have overlapping booking dates. This is because the passes are staked upon check-in and will become the digital key to your unit. Also, so multiple reservations cannot be made on the same Gold Pass in a period.

Check In​

Upon check-in to the unit, our Aptos Smart contract will:

  • Take a payment
    • Full payment if booking is less than 30 days
    • Partial payment if reward is greater than or equal to 30 days
  • Pay the tenant reward
  • Move the tenant security deposit to escrow account
    • This escrow is owned by the property manager
  • Move the selected pass to seperate escrow account
    • This escrow is owned by the tenant

As long as the pass is held in escrow, the tenant has a digital key for the unit. You will be able to make other bookings on this pass while it is checked-in.

Long-Term Bookings​

Long term payments are are qualified for period payments (similar to rent). Tenants are given notifications of payment due dates and a portal to make payments.

If the booking is qualified as long term, base periods are set to 2. This means a 30 day booking can be paid every 15 days.

As the booking increases by 30 days, another period is added. This means a 60 day booking is divided into 3 payment periods of 20 days each.

fun calculate_periods(nights: u64): u64 {
    let min_days_per_period: u64 = 30;
    let base_periods: u64 = 2;

    if(nights >= min_days_per_period) {
      let extra_periods = (nights - min_days_per_period) / min_days_per_period;
      base_periods + extra_periods
    } else {
      1 // If booking is less than 30 days, consider it as a single period
    }
  }

Rewards for each period payment are subject to a due date. Rewards can changed based on the following payment terms:

  • Full payment made within 1-5 days of due date

    • Qualified for maximum rewards

  • Full payment made within 11-15 days of due date

    • Qualified for 2/3 of maximum rewards

  • Full payment made within 11-15 days of due date

    • Qualified for 1/3 of maximum rewards

  • Full payment after 15 days

    • Not qualified for rewards
    // Dock rewards depending on late fee terms
    if (late_days > 5 && late_days <= 10) {
      mint_amount = mint_amount * (2 / 3);
    } else if (late_days > 10 && late_days <= 15) {
      mint_amount = mint_amount * (1 / 3);
    } else if (late_days > 15) {
      mint_amount = 0;
    };

Check Out​

Upon check-out, our Aptos Smart contract will:

  • Check remaining balance owed
  • Pay remaining balance from security deposit
    • *This payment is not qualified for rewards
  • Move pass from escrow back to tenant account