Aside from finance and banking, COVID19 is forcing various industries to enact different procedures moving forward. Technology is the main driver here as it helps companies mitigate risks associated with physical interactions. COVID19 has put a toll on industries like real estate, where the day to day operations rely primarily on physical interactions. A company called Propy understands the difficulties associated with real estate right now, and is leveraging blockchain technology to revolutionize the way deals are closed on a daily basis.
Propy
Propy is a Silicon Valley Proptech company that is disrupting the way real estate deals are carried out on a daily basis. By building on blockchain technology, Propy is preparing for a future where real estate deals are “self-driving,” and real estate professionals can rely on technology to make their job more efficient.
Blockchain infrastructure allows Propy to deploy smart contracts, which can automate the closing process on real estate deals. The company likes to call these “self-driving transactions” that can benefit agents, brokerages, home buyers, and sellers.
COVID19 is fundamentally changing the way industries operate on a daily basis. With future uncertainties mounting, industries like real estate are relying on technology to drive operations moving forward. Opposed to in person interactions, Propy is preparing for a future where real estate deals are carried out through paperless remote closings. In addition, it is believed that Propy solutions can save hours of paperwork for all the parties involved in a given transaction.
Taking a look at some of the core solutions offered by Propy
Offer Management
Through one platform, the offer management interface allows an individual to send and receive offers for client listings. With Propy links being embedded in MLS listings, agents can receive offers and be notified through email and text notifications. Buyer agents see the available listing, and can click on the link to submit their offer and other terms associated with the deal.
After the selling agent receives an offer, they can then either accept, counter, or reject the offer through one seamless platform offered by Propy. It is important to note that aside from the buyer agent submitting their offer, they can also attach other important documents such as pre-approval letters for review. The platform offers transparency to sellers by keeping them in the loop in terms of active offers / counteroffers that are active.
Consumer Transaction Interface
This interface is where all parties come together to automate the selling process in 3 steps. Without meeting face to face, the buyers, sellers, escrow, and title company can crack the deal remotely through the Propy interface. When a certain party is required to sign a specific document, that party will receive a notification on the platform.
Propy has worked with many local and state associations to offer 100+ different transaction flow templates based on the circumstances. Security is also important, as Propy infrastructure includes an anti-wire fraud payment gateway for an encrypted environment.
Transaction Management
The transaction management interface gives parties the ability to seamlessly track and manage all developments in the real estate transaction. This is where documents would securely be uploaded to carry out the deal. Instead of dedicating time to filing paperwork, all parties in the real estate deal can stay organized and efficient. By slashing work on the backend, real estate brokerages can focus on more volume on an annual basis.
Blockchain Integration
In a world that is embracing online transactions, Propy’s transaction management platform leverages blockchain to enhance client security. Data on the blockchain is hack-proof, and blockchain infrastructure allows the company to encrypt its client information.
The automation process relies on blockchain technology to enable smart contracts. These smart contracts can save time and money by initiating computer programs that automate various functions like the escrow process and other workflows involved in a given transaction.
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