If there’s one industry that will benefit from the most recent developments in technology, it’s real Estate. At some point in the future, it’s inevitable that transactions for the buying and selling of homes will largely be done online, mainly thanks to blockchain and its capabilities. The process of buying a house could be nothing more than a virtual tour online and a quick transaction through an online real estate company. This is an exciting prospect for the industry.
What is This New Approach?Traditionally, when going through the process of selling your home or investing in real estate, you work with an estate agent who helps you find the perfect property. Then you finalize everything through your residential conveyancing solicitors to make sure all is satisfactory. This process can take months or even years depending on which real estate company you use and the type of property you’re buying. The new approach to real estate is to move the operation entirely online. One of the company’s pioneering this move is Shelter Zoom, a blockchain-based real estate application currently based in New York.
Is It Safe To Move Online?Is moving the operation online wise? For many, the online world presents a wealth of problems that just wouldn’t occur in typical Estate Agents. However, there have been some steps taken to ensure the process remains safe even when moved online. For example, although everyone can access the records, information will be encrypted, along with the user’s personal details. This will hopefully bring transparency to the process, making clients feel reassured that their personal data isn’t being compromised.
Additionally, all documents are sent electronically and may be signed and returned via the portal. The only setback is the fact that monetary transactions are not able to be processed by the application.
The Impact of Blockchain in Real EstateIf the real estate market is ready to move to a more efficient way of working, then the impact could be huge. Those who have the funds to invest in overseas properties will find the process more comfortable than ever with online real Estate Investment. It gives a step by step insight into the stages each party is at; from the estate agent’s submitted documents to solicitors signing paperwork and sending it back. There is potential for this way of working to be rolled out on a broader scale, where it eventually could be adopted by real estate agents across the globe as a universal standard of buying and selling a home.
The Future of Real EstateThere’s no doubt that the future of real estate investment is online. One of the only things standing in its way is the intimidation some agents will feel by this new technology. Adopting new technology can be scary at first, making many reluctant to use it to its full potential. Once real estate agents come around to this new blockchain-based system, the benefits are endless. Time will tell just how soon this new technology will come into play.
Paul Matthews is a Manchester based business and tech writer who writes in order to better inform business owners on how to run a successful business.
You can usually find him at the local library or browsing Forbes' latest pieces.