With skepticism surrounding the credibility of cryptocurrency now overcome, the market has stepped ahead from being in the acceptance stage to the stage of mainstream application. One of the factors through which this is illustrated is with the security feature that it provides which is not only unbreachable but unmatchable too. However, this is just one factor out of the pool of features which cryptocurrency provides its users with. Another factor that we feel should be mentioned here is that numerous goods can be traded over it. However, over the past couple of years the waters of cryptocurrency have been anything but steady. Not many brokers felt patient swimming in these unsteady waters, but investors at large believe that cryptocurrency is the currency of the future and even though it is fluctuating now, it is going to see more stable times in the future.
Most real estate agents are realizing the potential of cryptocurrency in international property markets. An international real estate platform which goes by the name of Propy powered by blockchain creates a space for brokers, sellers and buyers to come together and take part in international selling and purchasing of property. The platform Propy has created is quite applaudable as it is an attempt to ease the barriers that come in the way of purchasing property abroad. With Propy the traditional problems that are faced by people like transferring the money abroad to purchase property and credibility of the seller have lain to rest. Previously, it was never the norm to buy high value assets such as property through digital currency, and nor people would make such deals without having a face to face interaction first, however, with the help of blockchain that has been changed.
With a little help from smart contracts, tangible assets such as land and houses can be tokenized and easily traded on the platform by using the famous currencies like bitcoin or ether. Platforms backed by blockchain eliminate the need for an intermediary to come and mediate the transaction between two parties. This also removes a lot of hassle and save both parties a significant amount of money. Needless to say, the benefits of blockchain technology in the real estate market are many and they make the market efficient by a tenfold if not more. Real estate transactions in international markets through blockchain is especially relevant when talking about monetary issues and where digital trust needs to be established.
Cryptocurrency for real estate especially appeals to real estate investors as for them the fluctuation of fiat money can be quite frustrating as the prices of it are dependent upon government regulated laws. However, cryptocurrency is much more stable as its prices are solely dependent upon the demand and supply. In addition to that, when real estate is used as the hard asset to back the cryptocurrency it becomes even more sturdy.
Tokenization vs other real estate investments
If you have experience operating in a real estate market then you must know all too well about the long and burdensome tasks that need to be done in order to acquire a property. The traditional real estate market requires you to deal with brokers, complicated documents and heavy fees. Even then, we can’t say that it is completely transparent or risk free. However, the upside of utilizing asset-backed digital currency is the instant and unmediated retrieval of the property that streamlines the whole process and cuts down the cost by eliminating the mediator. These asset-backed offerings also enable you to invest in multiple properties simultaneously to have a more diverse collection of assets which isn’t that easy in traditional real estate trade.
Famous real estate agencies which are especially known for serving international investors are constantly proclaiming that they allow the use of cryptocurrency. These agencies are geared towards achieving two main goals: being in the spotlight for foreign investors and to capture the market of homegrown cryptocurrency enthusiasts who are looking for an opportunity like this.
Cryptocurrency enthusiasts should not be overlooked by the real estate agents as it has been estimated that they are cryptocurrency fans with a major portion of their savings invested in cryptocurrency already.
It is predicted that within next 5 – 10 years all real estate transactions will be done through a blockchain powered platform by using cryptocurrency. It has become almost crucial for real estate agents who keep up with the technological trends to start experimenting with cryptocurrency and even start offering it as an alternative currency. As for real estate brokers looking to attract a different demographic, they can advertise the willingness to accept cryptocurrency for assets. This will really help them stand out and enable them to attract a completely different pool of people which will result into a much higher profit for them.
Tokenized assets combine the old world, more conventional property acquisition advantages, for example, rich insurance and creation with the new advantages of liquidity— representative of the modern world. As cryptocurrency turns out to be more typical in our everyday exchanges because of the spread of blockchain innovation that makes these exchanges straightforward, real estate brokers should focus on how their potential accomplices see digital money. Picking up on the know-how of the advantages of tokenized property investments will before long be a topic everybody in the world will know about.
We believe it is safe to say that perhaps the most commendable use of blockchain is its incorporation in the real estate market. Since cryptocurrency is transparent it removes doubts at both ends of the transaction and both the seller and the buyer enjoy peace of mind. This is especially relevant in an international market where people have barriers between them such as language, laws and customs. Cryptocurrency provides a safety net to people from these laws and ensures that people can have a safe, reliable and quick international real estate trade made.
We believe that as cryptocurrency grows, it is going to become even more viable in the real estate market.