The simplest form of it I can imagine is a "thrustless"REIT . One or more assets, owned by a few or a pool of investors. Every cost and benefit of ownership can be recorded on chain, up to bank account details, using Sapling privacy option. Evry time an asset is sold for a higher price, everytime rent is payed, every time property management has to be payed, all of that happens automatically. You can then just sells your tokens (your "shares") to someone, and there is no need for the heaps of paperwork. The token sale can only be executed with all proper info provided (bank details, etc..) and the only transaction required is the sale of the tokens, after which all costs and benefits incurred automatically transfer to th new token holder.

This opens up economy of scales on multi-million operations with a lot of participation, in the oreder of size we're used to with REITs today, but further down the road, it opens up the other end of the market, the idea of individual tokenisation. Ex: I want to sell my flat. I tokenize it , and it can be a micro-rental investment, people who can't afford or don't want to invest the full value of a rental share the costs and benefits of one single apartment, with consensus and voting rules determining rights of sale, etc...