We are facing great growth in the last few months, and more particularly this summer, which is, of course, excellent news for us, and which is essentially due to your support, but which is also associated to various changes in the team.
At RealT, and in order for us to continue to grow efficiently, we are constantly working on technical and procedural improvements. These developments aim to facilitate, automate, and consolidate daily tasks in order to make our work more efficient and give us the ability to keep up with RealT’s exponential growth.
Since the beginning of the summer and until now, rents have been paid weekly (every Wednesday night, New York timezone), these payments have being made only and exclusively manually by a team member. We realized, that with the speed of recent sales and the constant growth of our investors, we need to automate certain tasks in order to maximize time and also avoid potential human errors, the human being is more fallible than a programmed software, especially in repetitive tasks. An almost fully automated system was created and it will make the exact calculations of each individual and the detailed share of each received income by each owner.
Rents in details
Each week we distribute approximately 5,500 USD in rents to our investors, currently, rents are 25,000 entries to process, from 21 properties, at 1,200 ETH addresses over 7 days. Knowing that rents are accounted for the day following the purchase, one of the automations is to launch each day, with the new software, the instant distribution of the amounts of each address with the tokens of each property, this process is initiated at random and in several times, 24 hours a day, to avoid potential abuse.
You will find HERE a PDF that lists all rent payments made with the data of each property in order to make it transparent and verifiable.
More precisely, we recover by Etherscan all the addresses of the owners per properties, to create a line with ETH address with the count of the tokens of each property, adding the amount of each day between 2 payments (here 7 days), then an automated sheet Excel calculates the amount of payments to be made at each ETH address per property and, finally, the sum of all payments in one with an accuracy of 6 decimal places makes the single payment for each holder over all their investments in RealT.
The distribution is then realized, as in the past, with the Disperse Dapp, which will send payments by batch, so it sends hundreds of transactions in one and only, which allows reducing at least 5 times the GAS cost.
Currently, for obvious reasons of simplification, we have taken advantage of a simple calculation, only in a long timeline.
As you know, we are working on version 2 for the distribution of rents, which is slightly delayed, mainly because of the consideration related to the price of GAS and the integration with Aave.
So, from the beginning, we proceeded like this to calculate the rents, leaving you with our Marlowe as an example:
To find out how much you can earn per token, in dollars, we need to make some accounts.
The gross rent per year paid by tenants is 10,740 USD.
We have 1000 tokens for Marlowe, which corresponds to 10,740/1000 = 10,74 gross USD per year.
The liquid amount is calculated as follows: 10’740 — annual charges (insurance, taxes, etc.) or 7’901.16 USD liquid per year (see details on capture and property sheets).
The value used for calculations per token is 7,901.16/1000 or 7.90116 liquid per year per token.
Then, we simply divide that amount by 365, which gives us 0.021647014 per day.
If for 7 days you have a constant balance of 10 Marlowe tokens, you must do 10*7*0.021647014 = 1.515290959 for 7 days.
In the case of buying or selling, imagine the following case, you have a balance of 10 tokens in the first 3 days, then in the fourth you buy 5 tokens, you must calculate ((3*10)+(4*15))*0.021647014 = 1.94823126 for 7 days.
Taking consideration about GAS costs, sending the tokens you have purchased may take more than 24 hours, in this case, the software does not see them on Etherscan, they are not at your address, they do not count, a manual adjustment is made systematically and it will always be done. Until now these adjustments were made daily, but, from now, they will be made only once a week, on a day to be defined (either Monday or Friday), in order to aggregate the largest number of transactions possible to limit the GAS costs and scrupulously choose shipping times according to GAS cost.
We are also working to provide more clarity and transparency about the amounts you receive, with a reorganization of payment addresses to help you identify the cause of payment and to make accounting easier for us.
One more time, to speed up time, the contracts you receive will already be signed. So you don’t have to wait any longer, HelloSign will send the final document in just a few minutes/hours after your signature, to the new properties (the old ones will gradually migrate to the new process). Therefore the validation of the purchase legally is almost instant after its payment and signature, which obliges us, contractually, to respect the clauses of the contract.
“One more thing”
Finally, the web and blockchain development teams also worked on back-office and server improvements to optimize the flow of visits during the sale.
We will also test a property sale in two stages, 50% in the morning and 50% in the evening (Paris timezone), in order to favor all time zones and all of our investors around the world.
All these changes guarantee a better customer experience, facilitate the work of our team, but above all, they come to help support our growth.
Soon we will provide additional information about Uniswap and Balancer, we have our partnership with Aave almost completed, which is very exciting for us, as you can imagine, and we have one or two small surprises prepared for you, in addition to what you already know about this topic.
Oh, and since today the blog is available in Portuguese! Share the news with your contacts from Portugal and Brazil! 😉