Cryptocurrencies: Poised to Change Real Estate?
One industry that I don’t feel has been largely affected by the changes we see happening in technology is real estate.
I also think that blockchain is going to play a big part in the way real estate deals are transacted.
You’ve got a lot of iBuyers out there like Open Door, Offerpad, and Knock.
We’ve had a lot of young investors who have made money during the crypto boom reaching out to us.
But we definitely wanted to make sure we were doing the right thing because there are still no regulations on how you can close on a real estate transaction via cryptocurrency.
We asked the title company how we could get the deposit in cryptocurrency—but understand, our title company is not educated on how to close via cryptocurrency.
I need to do a little bit of research because if the buyer wanted to buy the property entirely in crypto, how would that work and how would the title company process the transaction?
It’s amazing how the world is changing and what is happening.
How do you think real estate transactions will change in the coming years?