Real estate is slowly paving its way to the digital world. It is gradually adapting to what technology can offer that betters real estate operations. There are ow real estate companies that invest in their online profiles to gain more customers. Real estate websites are designed to cater to the specific needs of their target market. Recently, real estate websites are integrating blockchain technology to better their operations.
The real estate business deals with a huge amount of cash all the time. Banking onto digital assets can be quite alarming for many. Additionally, face-to-face dealings were the norm when it comes to real estate transactions. Given that big money is involved, it is best to know the person you are dealing with personally to avoid problems. But, with the presence of blockchain technology, the real estate industry is slowly becoming trusting to the digital world. It introduces the industry to smart contacts technology while the real estate assets can be tokenised for more security of online assets.
The sole purpose of real estate in delving into the digital platform is to connect buyers to sellers and sellers to owners. Either way, it is the main reason why the industry integrated blockchain technology to help facilitate a secure and easy process. Now, online marketplaces are establishing a comprehensive real estate exchange that is easy, safe, and open for stock trading online. Typically, the platform will allow home sellers to tokenize their assets through liquidating the sale via tokens. When the selling process is complete, the exchange can be converted to fiat currency.
It is typical in the real estate industry to have a middle man of which sometimes causes z lot of miscommunication and internal issues. On top of that, mediators will have a substantial cut from the sale. With digitised real estate transactions, sellers and buyers can communicate and transact directly without having someone in the middle facilitating the deal. Blockchain technology takes over listings, payments, and legal documentation which makes real estate transactions easier and faster without compromising security.
Until today, real estate is still considered an illiquid asset and this is due to the long process of closing the deal. On the brighter note, with blockchain technology and tokens, buyers and sellers can transact faster since these assets are traded easily across the digital platform. Hence, now, buyers get a higher market value.
Due to the presence of blockchain technology, investors in real estate can buy and sell fractions of tokens while being able to manage and maintain leasing. It helps facilitate the process of investing in real estate and converting it into a more tangible asset.
The real estate industry will be able to fully adapt to the digital culture in a matter of years. Given the large amounts of money that flow in the industry, blockchain technology is one way that protects their assets, be it tangible or intangible.