What gets disrupted a lot? Transactions. It was argued during the event how the process of transactions evolved in time, and how real estate transactions have evolved in a matter of 10 to 20 years. Oftentimes, and most especially these days, the one that has the information and the one that has the ability to process that information quickly will likely succeed.
Prosperna touts its product to be the only platform a real estate broker will need to sell faster and build better relationships. For example, it has its own website and landing page builder so that the broker can market properly. A CRM is also in place, allowing the user to better manage their contacts. Finally, features are in place to help the broker get found online and have listings be promoted on Facebook.
An important feature I found is how the platform can gauge a customer’s interest in buying or selling a property through a combination of factors; data collected (with permission) that establish their behavior whether they will likely buy or sell. This tells a lot to the broker. Should I pursue this customer or not. If data is positive that the customer is not in the market for a new property, then why would I go and talk to them? In short, the platform will allow the broker to make the most of his time. (Read More: [Blockchain and the Law] How Blockchain is Applied to Real Estate)
Again, the meat of the event are the talks from South + Main Homes founder and star real estate broker Randall Pena, Prosperna CEO Dennis Velasco, and C Estates Marketing Manager Jay Bonn Agbulos. Of particular note is Mr. Velasco’s talk on artificial intelligence, which he argues as something that is bound to happen and that at some point, the real estate industry will be disrupted. And it is slowly being disrupted now.
C Estates Jay Agbulos, himself a star real estate broker talked about using blockchain technology in real estate. C Estate’s tagline is “making real estate easy for everyone”. Thus, a perfect opener for Mr. Agbulos is when he asked if it’s possible to buy a property in Palawan with just Php 200,000. C Estates is introducing the concept of tokenization. A property is tokenized, then prospective parties buy the tokens and the ownership of the property is managed through a trust. Everyone who owns the tokens will earn from whatever income can be derived from the real estate property in the proportion of the percentage of tokens they own. C Estates run their own focus group discussions to help people learn more about blockchain in real estate. (Read More: C Estates)
But how can real estate be disrupted by blockchain? Payment is one obvious use case. But what about the other elements in real estate transaction, such as the papers, the administrative procedures, the negotiation? Check out one of our next articles that dives more into C Estates and other players in the “real estate on the blockchain” projects in the Philippines.
This article originally appeared on BitPinas: Prosperna and C Estates Discuss How Blockchain and AI Will Disrupt Real Estate