By Vanessa Saunders, CEO Founder/Broker-Owner of Global Property Systems (GPS)
Real estate transactions are complex and often opaque to the main players, the buyers and sellers. There are many intermediaries involved in the process of muddying the water. But now, things are changing thanks to blockchain technology and the methods GPS is integrating into their business practices. Our goal is to make real estate transactions more transparent, efficient, and secure.
We are a certified blockchain and crypto brokerage at GPS, but this article is NOT about cryptocurrency transactions. It’s about how GPS uses blockchain technology, combined with exceptional professionals, to ensure our transactions are transparent, whether handling low-end, middle-end, luxury, or even international transactions, with or without cryptocurrency being involved at all.
By integrating Propy.com, an Ethereum blockchain-powered platform, into our systems, buyers, and sellers can see all the details of their transactions in real-time, along with supporting documentation and disclosures. This creates a fair and transparent process where everyone can feel confident that their interests are represented fairly. Yes, even buyers with other agents representing them who make offers on our listings are kept fully informed. And our Sellers see EVERY offer submitted, not just those that their chosen representative, their Realtor, chooses to share. Scary thought, huh?
You see, there’s a reason why this profession has a bad rap. Sadly, it’s a fact that some agents use unethical practices to gain an advantage, especially in market conditions where there’s little inventory, such as the one we are in at this current time. Agents will ignore many things to take a listing to make a sale. Let’s take a look at a couple of examples. One of the main occurrences is that essential information is missing from the listing, such as not disclosing essential details about a property, missing paperwork, incorrect disclosures rendering the property unoccupiable, and can only be purchased with cash or perhaps a renovation loan.
At GPS, when working for sellers, we do our due diligence by ensuring our listings are clear and true, without surprises for potential buyers. As professionals, we can spot when something is amiss that could hold up a sale. That means we won’t list a property that can’t be sold. You may ask why anyone would. The answer is obvious; they are using the listing as buyer bait. Regardless, It’s amazing how many homeowners are unaware of or chooses to ignore the rules and regulations of home ownership. Either they honestly have no idea or hide that some “updates” they might have done aren’t certified, or perhaps they hope that a cash buyer will push that fact under the carpet and ignore it. As does their agent. Ask us about the pre-closing municipal inspections now in force in many areas for every type of sale, cash or mortgage. The saying “your sins will find you out” comes to mind! It’s just not worth it. Ensure all your ducks are in a row and have a professional work with you to ensure there are no surprises for you, the seller/owner, and buyers. Get your property ready before listing. You’ll save money in the long run.
For buyers, it is imperative that they have all the necessary information to help them make fully informed decisions. With the full picture, buyers will save time, and we all know time equals money, not to mention frustration and trust issues. Take those fisheye lens photos, for example. They have the same effect as a Tik Tok beautification filter. Or a Realtor’s photo taken 20 years ago! Our rule of thumb is No Surprises!
In addition to creating transparency, blockchain technology provides security for real estate transactions. It makes it less likely for fraud and other illegal activities to occur, regardless of the property’s price point.
In conclusion, blockchain technology combined with GPS’s team of professionals is changing how real estate transactions occur. We are dedicated to challenging the status quo of traditional real estate by being transparent, efficient, and secure in our local area and together with our global offices and partners worldwide.
Are you considering buying or selling a residential, commercial, or investment property, or interested in discussing a crypto transaction or a fractional investment opportunity?
Reach out to us at Global Property Systems to learn more about how we can help.