With revolutionary tech products and services rolling out of Silicon Valley every day, it’s a good time to take a look at how Web3 is impacting the real estate industry. From cryptocurrencies to virtual reality to the Metaverse, Web3 is changing the way we all interact with one another through the internet, including how we market, buy and sell real estate, and it’s time to take stock and see how blockchain will affect home prices on your block.
While no technology has yet stood out as the killer app for Web3, brokers have started using new tools to connect with customers via their smart devices, which was especially useful during times when the pandemic discouraged in-person meetings. Behind the scenes, innovations like chatbots and SEO make marketing more efficient, while augmented and virtual reality (AR/VR) platforms allow clients to tour a property without leaving the comfort of their own homes. Here are a few uses that brokers have found for emergent Web3 tech.
From Crisis Comes Opportunity
One of the first uses of Web3 tech in real estate came thanks to the social distancing precautions adopted during the early phases of the COVID-19 pandemic. When showing homes in person became unsafe, many firms adopted AR/VR platforms, giving prospective buyers the ability to do a virtual “walkthrough” of a unit.
Serhant Creates UNIVERS
Reality TV broker Ryan Serhant announced his firm’s push into the Metaverse with UNIVERS, a virtual world where his agents will be able to “attend meetings, grow their teams, meet with our employees, interact with clients, perform workflow, and, eventually, show properties” as part of his firm’s push to become a mobile-first brokerage. Serhant believes that UNIVERS is part of a revolution in how brokers will interact with their clients, many of whom would prefer to transact exclusively via their devices.
Non-Fungible Tokens Get Real
In one of the more exciting uses of Web3 tech in the real estate world, brokers have been exploring ways to shorten the traditionally lengthy property closing process by using cryptographically secured digital wallets and non-fungible tokens (NFTs). In a test case written up in Forbes, the Silicon Valley-based proptech firm Propy facilitated a home purchase in Florida by a client who was traveling in Texas at the time of the sale: the seller and buyer made the transaction using a real property NFT, which is, in essence, a unique token that represents ownership of the real property in the digital space. While still in the early phases, tech like NFTs and smart contracts has the potential to create an entirely new real estate finance architecture completely independent of traditional mortgage holders and lenders.
With so much exciting new tech being integrated into the real estate industry every day, it’s important to find a team that values being current and up to date. Byson’s brokers balance passion for real estate with an eye toward innovation to secure the best deal for our clients, no matter what kind of tech is involved.