Every real estate transaction is complex. Lawyers and agents can help one simplify the process, but collaborating with a group of individuals can also be demanding. In some cases, closings get delayed, expenses mount, and paper documents get misplaced and even stolen by bad actors.
To offer better outcomes to their clients, brokers have begun to turn to transaction management systems. The marketplace has various options, but Propy has emerged as a leader by accelerating closing times and bringing a new security standard to the real estate space.
The startup Propy uses groupware and blockchain technology to bring all aspects of the purchase process into one Transaction Management Platform. Groupware is any software that brings diverse collaborators (like agents and clients) into a single digital environment. Blockchain is the most secure digital encryption and storage technology available today. Real estate data stored within a blockchain can’t be hacked.
Blockchain has another interesting feature called “smart contracts.” These small algorithms are stored on the blockchain and automatically perform tasks like escrow. They help reduce human labor and eliminate human error, reducing time and costs.
Simple Digital Cooperation
Today, most real estate transactions are completed in person. Agents, buyers, and lawyers gather in an office, and many physical documents are signed. While some might be satisfied with this process, many others want a new digital option.
With Propy, every party in the real estate transaction virtually completes their part of the process. The buyer fills in financial information within the secure interface, and the workflow is passed on to the agent. The offer step can also be performed within the Propy platform.
Reporting and Analysis Tools
When any communication is made, it is time-stamped and immutably recorded within the blockchain. Propy has a complete suite of reporting and analysis tools that can fulfill various tasks, such as offer sorting and summary or performance reviews for agents.
Transparent and secure records are essential if a lawsuit arises, which is not uncommon in real estate. Propy’s recordkeeping is highly scrupulous, which can settle legal disagreements quickly. (Without Propy, another party would have to dig through unstamped PDFs and disorganized emails.)
Fraud is a significant issue in real estate. Typically, hackers access an agent’s or a broker’s unsecured email account and collect communications until the buyer moves to the property closing stage. The hacker then sends his or her own banking info to the buyer in hopes of tricking the counterparty into sending money in via wire transfer.
To combat this risk, all communication within the Propy platform stays within Propy. Unsecured email hacks are stopped. Third-party providers are also brought into this secure communication umbrella. Integration with programs like DocuSign makes the property transaction process convenient for all relevant parties.
No Hacking, Loss, or Disasters
Any signed document is immediately encrypted and stored within the Propy blockchain, bringing simplicity and security to the deed registration process. Agents no longer have to deliver a deed to a local government office physically. Instead, the seller sends a deed copy directly via Propy. The buyer verifies receipt, and the record is immediately protected from hackers, misplacement, and natural catastrophe risks.
Propy Without Borders
Blockchain solutions like Propy are of enormous benefit to foreign U.S. residential homebuyers. Propy lets these buyers have the same instantaneous access to transaction components, all with the same security that domestic buyers enjoy.
Propy even accepts international currencies like cryptocurrencies, as well as foreign currency. This benefit eliminates the time and expense of currency exchange. Additionally, Propy smart contracts can be accessed from anywhere on the globe.
Any modern brokerage should consider using platforms that streamline purchase processes and provide absolute security for clients. Propy offers these benefits and additional value propositions, putting it ahead of its competitors. Migrating to a new platform can be worth it in the rapidly evolving digital real estate landscape.