If there's one industry that will benefit from the most recent technological developments, it's real estate. At some point in the future, inevitably, transactions for buying and selling homes will primarily be done online, main thanks to blockchain and its capabilities. Buying a house could be nothing more than a virtual tour online and a quick transaction through an online real estate company. This is an exciting prospect for the industry. 

What is This New Approach?

Traditionally, when selling your home or investing in real estate, you work with an estate agent who helps you find the perfect property. Then you finalize everything through your residential conveyancing solicitors to ensure everything is satisfactory. This process can take months or even years, depending on which real estate company you use and the type of property you buy. So while all the conveyancing solicitors in the chain carry out those legal and administrative checks, it can be stressful. The new approach to real estate is to move the operation entirely online. One of the companies pioneering this move is Shelter Zoom, a blockchain-based real estate application in New York.

Is It Safe To Move Online?

Is moving the operation online wise? For many, the online world presents problems that would only occur in typical estate agents. However, some steps have been taken to ensure the process remains safe even when moved online. For example, although everyone can access the records, information and the user's personal details will be encrypted. This will bring transparency to the process, reassuring clients that their personal data isn't being compromised.

Additionally, all documents are sent electronically and may be signed and returned via the portal. The only setback is the fact that monetary transactions are not able to be processed by the application. Moreover, technology simplifies investing in real estate for passive investors. For example, if you want to invest in multifamily syndication, finding and vet syndicators, evaluating deals, and doing due diligence can be lengthy. However, now we see that real estate investor portals like this make investing in syndications more straightforward and quick because you can search and vet syndicators online, review deals, and even invest almost with a click of a mouse.

The Impact of Blockchain on Real Estate

The impact could be huge if the real estate market is ready to move to a more efficient way of working. Those with the funds to invest in overseas properties will find the process more comfortable than ever with online real estate investment. : It gives a step-by-step insight into each party's stages, from the estate agent's submitted documents to online conveyancing solicitors signing paperwork and sending it back. This way of working could be rolled out on a broader scale, where it eventually could be adopted by real estate agents across the globe as a universal standard of buying and selling a home.

The Future of Real Estate

There's no doubt that the future of real estate investment is online. One of the only things standing in its way is the intimidation some agents will feel by this new technology. According to Bathurst conveyancers, adopting new technology can be scary initially, making many reluctant to use it to its full potential. Once real estate agents come around to this new blockchain-based system, the benefits are endless. Time will tell just how soon this new technology will come into play.