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CryptoProperties LLC – or “CPROP” for short – is aiming to deliver “unprecedented levels of trust and transparency” in the sector by removing “unclear and disjointed processes” that generate anxiety and frustration for buyers and sellers alike, such as repetitive paperwork that lead to unexpected delays and costs.
At present, the company claims paper-driven, offline closing processes are the norm worldwide. These “inefficiencies” can cause delays and in some cases, cause transactions to fail altogether.
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CPROP plans its plug-and-play platform will be used by leading property portals and brokerages websites, with users guided through every step of buying a new home.
Blockchain technology will be used at key points in the process, such as when buyers are usually required to “hold” a property with a good faith deposit during the due diligence phase. CPROP says its platform would use smart contracts to establish an escrow – providing users with “maximum protection and peace of mind.” Blockchain would also be used to authenticate documents generated during a transaction, including deed-related records to provide a back-up to government property registries.
CPROP will also offer a feature called Critical Path, which enables all parties involved in a transaction to focus on tasks that need to be completed so a deal can be closed “in the shortest period of time.”
“Ideal marriage of convenience”
When prospective homebuyers are perusing a property portal, they would be given the opportunity to start using CPROP’s service through a “Help Me Buy This Property” button. This leads them to a free onboarding process where they will be given the option to select user-rated service providers such real estate agents and lawyers, with guides and FAQs providing information and assistance every step of the way.
CPROP says real estate agents also stand to benefit from its platform because it will be configured with standardized document templates appropriate for local jurisdictions and a user-friendly task management system. As a result, the company says these professionals will have more time to focus on the activities which generate the most revenue: acquiring new clients and listings.
Other providers such as contractors, inspectors, mortgage brokers and decorators could also gain an additional sales channel through CPROP – as favorable user reviews left for them on the platform would be used by remote and international buyers to find a trustworthy, local service. Overall, the platform will provide all service providers with a cost-efficient way to gain visibility to prospective buyers they would not normally be able to reach.
The company says its plan to establish partnerships with existing portals and brokerages could amount to an “ideal marriage of convenience.” While CPROP would benefit from portals’ existing web traffic and listings, these companies would retain their relationship with buyers through the closing, positioning for additional revenue opportunities while having the chance to “differentiate their brand with a practical blockchain offering.”
The company’s initial revenue would be generated through membership fees, which are paid for using the specially created CPROP token. Other potential revenue streams for the future include archiving and retrieving data, advertising, and administrative fees when property deals are closed.
Positive reviews for demo platform
CPROP says a recently launched demo website has been “enthusiastically received” by property portals and brokerages – with the platform’s development continually shaped based on feedback the company is given. Beta testing is planned with “multiple parties” this year, paving the way for a commercial rollout in 2019.
While its initial demo is designed for the US, where real estate transactions are “complex, legally intensive and costly,” the company believes its platform can be easily adapted to other markets – and “active discussions” are underway with property portals in Europe and Asia.
One of CPROP’s leaders, Adam Koehler, has enjoyed past success as a co-founder of Dotloop, another property tech company. That company automated real estate purchase agreements – and it was sold to Zillow, a “major world player,” in 2015.The company’s ICO is planned for May 21 to June 10.
Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at email@example.com.