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Author Topic: Las Vegas Property Management Co Accepts Bitcoins for Rent Payments  (Read 4527 times)
Tuxavant
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March 24, 2012, 03:45:30 AM
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They own about 100 physical properties here in town..


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March 24, 2012, 03:59:56 AM
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Here is as close as you'll get to that screen shot without being a tenant: http://haerandempsey.com/tenants/

He's going live with another Bitcoin project next week that I'll post in a different thread.. It will be a relatively popular site from what I can tell.


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March 24, 2012, 04:21:24 AM
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Uhhh, freaking awesome. Are you responsible for this?

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March 24, 2012, 04:23:44 AM
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Nope. Just friends with the developer. His wife runs the property management company. He does software development. My eyes popped out of my head when he showed me this (and a few other things).

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March 24, 2012, 04:42:03 AM
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I'm browsing and it goes from 15k penthouse to 20k vacant lot. Of course the lot is yours for a lot longer.

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March 24, 2012, 07:46:20 AM
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This is a notable milestone, and I've added it to the list of Firsts:
 - http://en.bitcoin.it/wiki/Bitcoin_Firsts

This not only broadens awareness of Bitcoin to a wider audience (each of the 100 properties will see "bitcoin" on the website's menu), it also works as an endorsement giving Bicoin needed credibility.  Hey -- if my landlord accepts bitcoin is must be legit!  And, of course, a tenant that receives bitcoin (e.g. from an online store, or mining, etc,) now has a place to spend those without having to convert them into fiat.  

That's how bitcoin goes from just being a digital currency to being real money!

His wife runs the property management company. He does software development.

Is that custom software for that company, or is that a vertical that is sold to other property management companies?

Also, out of curiosity some questions.  Assuming the lease is in terms of USDs, then the amount of rent is calculated based on the current market exchange rate when it is paid, or the market's "open" price on the first of the month, or ??   And does the landlord include a fee (to offset the exchange fee the property manager has) or perhaps a discount (as bitcoin costs less for the property manager than the debit card payment method).    Additionally, does the payment method allow partial payment in bitcoins with the remainder via other methods?

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March 24, 2012, 01:09:27 PM
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This not only broadens awareness of Bitcoin to a wider audience (each of the 100 properties will see "bitcoin" on the website's menu), it also works as an endorsement giving Bicoin needed credibility.  Hey -- if my landlord accepts bitcoin is must be legit!  And, of course, a tenant that receives bitcoin (e.g. from an online store, or mining, etc,) now has a place to spend those without having to convert them into fiat.  


This has been a real problem for me when I'm trying to "sell" bitcoin to local merchants here in Las Vegas. The question ALWAYS comes up as to what they can do with the Bitcoins and stuff like "Well, it seems like a cool idea, but Bitcoin's don't pay the rent and utilities". Now, I have a response for them. This is going to make selling Bitcoin to merchants infinity more easy.


Is that custom software for that company, or is that a vertical that is sold to other property management companies?

Also, out of curiosity some questions.  Assuming the lease is in terms of USDs, then the amount of rent is calculated based on the current market exchange rate when it is paid, or the market's "open" price on the first of the month, or ??   And does the landlord include a fee (to offset the exchange fee the property manager has) or perhaps a discount (as bitcoin costs less for the property manager than the debit card payment method).    Additionally, does the payment method allow partial payment in bitcoins with the remainder via other methods?


Great questions. As far as I could tell:
The software was created for his wife's property management system - so it's proprietary to his operation. I will ask him if he's considered selling his management system to other property management companies.

I did not see a method to specifically split payments, but I recall it seemed plausible that a tenant could submit two payments. Bitcoin and, say, paypal.

I did not see any option for discounts if paid by Bitcoin. Exchange rate was calculated at time of payment. My friend is long on bitcoin and doesn't expect a lot of tenants to actually use Bitcoin. If someone did, he'd keep the bitcoins (probably to support his poker interest).

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March 24, 2012, 04:42:04 PM
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This is really cool, thanks for posting!

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March 28, 2012, 06:44:23 AM
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How to register ?

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March 29, 2012, 01:10:07 PM
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You have to be a tenant to see more than the login site... But if you're interested in renting property.. visit the realtor's website. They have received at least one request from a Bitcoiner already..

http://haerandempsey.las.mlxchange.com/


Still working on getting a property list of some sort.

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March 30, 2012, 01:41:44 AM
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They have received at least one request from a Bitcoiner already..

This should be the point driven home to every merchant and ecommerce site out there.

The merchant is not doing bitcoiners a favor by accepting bitcoin.  Merchants that accept bitcoin are doing themselves a favor by accepting bitcoin.

The fifth or fiftieth property management company to accept bitcoins won't get much bang from it, but the first one certainly is, and will continue doing so.

It's like Meze Grill in Manhattan.   How many of us know what that is yet couldn't name another restaurant within a ninety mile radius of there.

The fifth restaurant in your town to accept bitcoins won't get as much bitcoin business as the first one will have received though.  Each metro area needs the first before there will be a fifth but the biggest benefit goes to the first mover.

And the thing is, they don't even need to go in full throttle (i.e., modifying the software for the web interface) like this property manager did.

A brick and mortar business can print up and laminate a few bitcoin address QR Codes using My Wallet ( http://BlockChain.info/wallet ) and set the account's notification settings so that an email alert is sent (email or to an SMS / mobile text message number if nothing else) so the merchant will automatically know whenever a payment is made.  

Yes, that does involve doing a manual calculation to figure the amount of bitcoins for the sale but if that occurs enough that it becomes a problem then that means the experiment is a fantastic success -- time to move up to using Bit-Pay's or Mt. Gox's mobile point of sale app or one of the many options available.

But getting that first one of each is key.

I'm just not sure what will need to happen before there is a "first of each" in each city for each category.  In this case, the business owner is a bitcoiner (or at least is married to one).  Is that the only hope though for getting the "first of each" onboard?

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March 30, 2012, 01:56:46 AM
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I'm just not sure what will need to happen before there is a "first of each" in each city for each category.  In this case, the business owner is a bitcoiner (or at least is married to one).  Is that the only hope though for getting the "first of each" onboard?

I can tell you, selling Bitcoins to merchants is a tough tough job. I've been denied doing this about as much as I've been denied by the opposite sex and it gets really depressing. But I love talking about Bitcoin so much, and the hardon I get when something like this property management thing does happen, it becomes worth the misery and depression (lol).

And I also know that this will infinitly increase my probability of success when I pick up talking to merchants again.. I think this GirlsGoneBitcoin thing will have me occupied for a good while though because of the volume of good and publicity its doing for the community. It hardly makes it worth it to trod around town knocking on countertops and explaining this stuff when all these hot girls are being brought up to speed and passing it along through all their social networks.

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March 30, 2012, 02:15:38 AM
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It hardly makes it worth it to trod around town knocking on countertops and explaining this stuff when all these hot girls are being brought up to speed and passing it along through all their social networks.

Old marketing vs. new.
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