It is being reported by CNBC that ManageGo, a Williamsburg Brooklyn based rental payment platform being used by property managers with over 6,000 buildings in their portfolio throughout New York City will be accepting Bitcoin to their list of acceptable payment arrangements for the service. The company will also add payments through Bitcoin, Ether or Litecoin.
The way it would work is that the paying tenant who uses bitcoin and will the app ManageGo which will convert the bitcoin to dollars using Coinbase, a digital cryptocurrency broker. The landlord will gets the rent payment in dollars and the value of the exchange is locked in at the time of the payment. Executives at ManageGo believe that it is only a matter of time before property managers and landlords jump in on using the payment method. The demand for the use of the payment method has been low and there is a belief that larger landlords would be reluctant to use it until there is a higher demand and Bitcoin becomes less volatile.
According to Chaim Lowenstein, vice president of business strategy at ManageGo, the company has already received interest from landlords. “We lead in innovation, so we saw bitcoin was something that’s going to happen and become a standing currency sometime in the future. Right now there are types of clients we have, their tenants fit the profile, and we wanted to offer it as the new amenity beyond a fancy gym or a new couch in the building.” Lowenstein also believes that this ability to accept payments of this nature can make them stand out from the competition.
Blue Harbour Property Management does not currently accept payments through ManageGo and will monitor the utility of the service going forward. We are a full service NYC property management company managing buildings in Queens, Brooklyn, Manhattan and the Bronx. If you are in need of professional property management you can reach us at 718-843-1185 or at [email protected]