Propy uses blockchain to streamline the real estate transaction process

Our daily lives seem to be run almost exclusively by technology. Whether its shopping or shipping products, paying bills and invoices, or communicating with other people, technology is used more today than it was two decades ago.

But, despite all of the positive impacts, a few holdovers from the old-guard way of doing business persist. Take, for example, buying and selling real estate.

As if the long, back-and-forth process leading up to the sale or purchase of commercial or residential property weren’t arduous enough, you can’t collect your funds or get the keys to your new property until you sit through an extensive closing process. And those keys feel an awful lot heavier after spending hours signing pounds of paperwork to the point where your hand and wrists feel numb from exhaustion.

But Propy wants to change all of that. In fact, the global blockchain-based real estate sales platform already hosts listings for more than 60,000 properties and has helped coordinate sales in Asia, Europe, the U.S., and several other territories using both traditional and digital currencies.

Furthermore, Propy was recently backed by the National Association of Realtors (NAR) through its tech investment fund, Second Century Ventures.

“The company’s vision is to solve a number of different problems that impact the real estate space,” said Chris Garrett, Head of Sales and Marketing at Propy. “But the main goal we want to achieve is to streamline the real estate transaction process in order to make property transfers global, faster, and cheaper.”

By conducting sales on the blockchain, the Propy platform allows buyers, sellers, and agents to seamlessly accommodate online transactions from any part of the world. That means no more exhaustive closings since you can complete entire transactions, from listing to closing, entirely online from anywhere you please. And, the Propy platform can adapt to the needs of all involved parties to satisfy a diversity of legal requirements in different cities, states, and countries.

“This takes the pressure off of finding local jurisdictions, finding trustworthy legal partners, operators, and payments,” Garrett said. “We are creating a single, adaptive online platform that is compliant across all legislation and will allow parties to conduct real estate transactions around the world.”

Garrett said that most buyers save as much as 25% when they use Propy to conduct a real estate transaction. And since the platform takes advantage of smart contracts on the Ethereum blockchain, agents won’t have to waste money on the many services and products they typically pay for to complete sales.

“What we’re trying to offer right now with our transaction management platform is a way to reduce the cost for brokers and agents who want to use this as a platform to process transactions,” Garrett said. “We do that by consolidating and combining a number of services that they’re already using into one platform so that they don’t have to spend money to use those multiple services.”

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