Inspiration
The inspiration behind bringing REM to the market was that we noticed a gap in the real estate sector. The processing times are way too long and the possibility for ownership is diminishing with the high costs to invest.
What it does
The REM platform provides; access to lucrative fractionalized real estate investments, process rental payments, manage your real estate portfolio, and same day settlement for real estate transactions.
How we built it
We split the platform into two parts, the frontend and backend. The frontend was coded using React and NextJS, it included functionality to add listings and invest into listings, along with searching for listings according to their location. We also coded functionality to search for real estate listings for natural language, however we unfortunately did not have enough time to integrate it into the main app. As for the backend, we used Solidity to write up the smart contracts. The frontend listing information was stored on Firebase.
Challenges we ran into
One of the challenges we ran into during building REM was navigating through compliance in each jurisdiction in an area that does not have a framework built yet. REM is working closely with regulatory bodies and legal teams to create a real world asset framework. Another challenge we faced was integrating the backend web 3 technology with the front end user interface to provide a seam user experience.
Accomplishments that we're proud of
An accomplishment that we are proud of is the traction that we've received once creating the project. Real estate developers loved the idea of fundraising from global markets and renters believe that a weekly or biweekly payment schedule could provide more affordability.
What we learned
One thing we learned was to build around the experience from a users perspective as opposed to being strictly profit driven. This expanded our vision and changed the core services offered from our platform. We learned that collaboration between different parties helps us to build a strong community centered around the same vision.
What's next for REM
This week we are looking to complete our MVP, begin onboarding users, and list the first tokenized real estate properties from our pipeline. In the new future we are looking to grow our community and we are excited to launch globally.
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