The real estate industry is shifting, and coming changes will be significant for all stakeholders. For many years, we have associated the process of buying or selling properties with real estate agents, but technology is decreasing the need for these agents. Due to the latest technological developments, this change is now happening at unprecedented speeds.
Blockchain as the New Disruptor
Blockchain is a technology that can disrupt the way that the real estate industry currently functions. With blockchain, each transaction is stored in the form of records that are linked to each other. As a result, the information is secure and immutable. These features reduce the risk of fraud.
Since blockchain comes with advantages, more companies are tapping into this technology. Already, companies such as Propy are taking the lead on implementing blockchain. Using its blockchain-based system, Propy has successfully sold many properties to investors around the world. In the process, it has also helped buyers and sellers to save more than 25% on agent fees.
Changing Role of Real Estate Agents
Just as Tesla led the way for electric vehicles, Propy is leading the way in implementing blockchain for real estate transactions. In the future, the adoption of blockchain technology is only going to increase, and more companies will follow Propy in its footsteps.
Undoubtedly, the new technology will change the role of real estate agents. Instead of spending their time and energy looking for properties, finding the right buyers, and engaging themselves in the buying and selling process, agents can spend more time as “miners” who will support the blockchain infrastructure by helping to verify real estate transactions.
So, if you are a real estate agent or if you are planning to become one, start educating yourself on the changing role of real estate agents. Contact Propy to see how we can help with this transition.