Cryptocurrencies in The Real Estate Industry
Neil Shekhter – NMS -Cryptocurrencies in The Real Estate Industry
It seems you can’t read a paper or have a conversation without the subject of cryptocurrency coming up lately. The digital currency had a few months of ups and downs. It was the large up when it reached over twenty-thousand a coin when more people started to really sit up and take notice. There are many people following the rise of crypto like Bitcoin, Litecoin, and others who believe it is the future of money. Some people have put their savings How could it affect the real estate market? If you’re looking at the industry of real estate there are possibilities for cryptocurrency to be used in many ways.
A global marketplace in real estate called Propy already uses the blockchain to bring together buyers, sellers, brokers, and notaries to make transactions easier and faster. This could easily be transitioned into other real estate companies and programs. People take steps daily to put their business on the block chain. In international markets where regulations could make real estate transactions more difficult, the digital trust created through blockchain would change the way real estate transactions were made.
The reason a shift to blockchain might make sense is that one of the benefits of using it is to eliminate the need to pay for a third party to help with digital transactions. When a transaction is made on the blockchain, it’s just between the two parties. This could benefit the real estate market in a couple different ways.
The first way using blockchain would be a good move for real estate is it will help make it easier to transfer titles. It also would make MLS information more accessible. The global market is changing with China setting new rules up to make it more difficult for their residents to buy real estate in the United States, for example. The blockchain would allow them to invest in a different way since cryptocurrency is not currently regulated.
This could be true of any foreign market when they put monetary restrictions into place that affect the purchase of real estate. If China has decided to put a cap on their residents buying real estate overseas then any country can. These restrictions take out a large source of clients for the real estate industry here so it’s completely plausible to think cryptocurrency and the blockchain is the future. Within the next ten years, real estate is going to move to the blockchain and the industry will need to adjust to working with the new normal.
NMS has offered quality rentals in the Los Angeles area for nearly three decades. Since 1988, NMS has developed and managed a large portfolio of premier apartment buildings and commercial properties in Santa Monica, West Los Angeles, Brentwood and the San Fernando Valley
SOURCE: NMS Properties, Inc.
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