As technology and innovation evolve, we keep on being surprised by all the new possibilities that it brings to our lives. One thing you might not know is that blockchain technology plays a huge role in helping the real estate industry as well.
In this blog post, we’ll go over the changes that blockchain is bringing to this traditionally slow-moving industry. We’ll also talk about how investors are able to leverage it for a better return when purchasing properties.
Blockchain is a system where transactions are recorded and stored publicly, which means that they cannot be reversed once executed. Contrary to what some mistakenly think, blockchain is not a bitcoin-trading platform. But yes, the technology can be applied in digital currency transactions.
On a blockchain, every single transaction is irreversible. The authority in charge of verifying the validity of a transaction only has the power to validate and query those records that have been made public. This is what enables the whole system to be decentralized. In addition, the distributed database that stores all the records makes blockchains very secure and difficult to attack.
Therefore, the demand for blockchain in real estate industry is becoming popular. But when it comes to choosing blockchain app development services, you should find a reliable blockchain app development company.
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Ways Blockchain Has Changed the Real Estate Industry
There is no doubt that raising finance for new real estate projects is quite challenging. We are aware that property development companies face interest rates as high as 29% when working with banking institutions as single-source loan providers.
If you are an owner of the property, there is a high chance that you may face challenges with multiple loan sources, as crowd financing can be difficult to administer. However, blockchain simplifies access to alternative financing models by facilitating investor management for developers and making sure investment transparency and continuous ROI tracking for investors.
Thus, the demand for blockchain app development is becoming more popular. First, however, you should hire a blockchain app development company that is committed to providing custom web development services. Here, we discuss the importance of blockchain in real estate industry:
1. Platforms and Marketplaces
Real estate technology has traditionally been primarily concerned with listings and with connecting buyers and sellers. But blockchain introduces new ways to trade real estate, enabling an online marketplace and trading platforms to support real estate transactions more comprehensively.
Real estate can be tokenized, and after that, it can be exchanged online like equities on a stock exchange. Thus, blockchain in real estate industry plays an essential role. But when it comes to choosing custom web development services, you should hire a reliable blockchain app development company.
2. Liquidity
Because sales of real estate typically take time to complete, it has traditionally been thought of as an illiquid asset. But it is not the case for cryptocurrencies and tokens since they can, in theory, be readily traded for fiat currencies through the exchange.
But you know that tokens in real estate can be readily traded. It means a seller doesn’t have to wait for a buyer who can afford the whole property to get some value out of their property. Hence, you should choose blockchain in the real estate industry.
However, it is not an easy task, so hire android app developers with years of expertise in custom android app development. It makes sure you will get good profit and high ROI.
3. Fractional Ownership
Blockchain technology always lowers the barriers to real estate investing by allowing fractional ownership. But you should require a huge amount to acquire property. With blockchain, investors would only need to open a trading app and use it to purchase and sell tokens of any denomination as they saw appropriate.
Moreover, fractional ownership always helps them avoid managing the properties themselves, like leasing and maintenance. Upkeep alone can add up to significant costs, and dealing with tenants may be troublesome. Moreover, it always affects related activities like lending, where property owners often have to put their properties as collateral for loans to get instant access to cash.
Thus, it is good to use blockchain in real estate industry. It makes sure you will easily boost your business and get a high ROI. First, however, you should seek the help of a mobile app development company for custom web development services.
4, Decentralization
Generally, blockchain commands trust and safety as a decentralized technology. Data stored in the blockchain is accessible to all peers on the network, making data transparent and immutable.
A decentralized exchange has trust built into the system. Since peers can verify data, sellers and buyers can have more confidence in conducting transactions. As a result, fraud attempts would always be lessened. Hence, it is great to choose blockchain in real estate industry. But developing a blockchain app is not an easy task.
Because blockchain app development requires skills, knowledge, and other essential things, android app developers have years of expertise and knowledge; they will do this task with ease. So, it is necessary to hire a reliable mobile app development company.
5. Cost
The transparency associated with a decentralized network can always trim down costs associated with real estate transactions. Apart from professional fees and commissions, there are many other costs, like registration fees, inspection costs, loan fees, and many more.
These costs even may depend on the territory that has jurisdiction. However, it can be reduced or even eliminated from the equation as the platform automates this procedure and makes them part of the system. With the help of blockchain technology, it is easy to access the market where transactions can be made more secure, transparent, and equitable.
Thus, you need to add blockchain in real estate industry. It ensures you will easily provide one of the best services to your valuable customers. In order to make this task more convenient, you can also seek the help of a mobile app development company that has years of expertise in blockchain app development.
How to Choose a Blockchain App Development Company?
We all are aware that blockchain technology has gained more popularity in recent years. Therefore, businesses are planning to use it. Blockchain technology is applicable in various areas, such as record-keeping and payment remittance. If you want to reap the advantages of blockchain technology, you should hire a blockchain app development company.
They easily add blockchain in real estate industry with years of expertise and knowledge. However, finding an experienced mobile app development company is not an easy task. Therefore, you should consider some important factors that will help you find a reliable agency.
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Focus on Quality
The quality of the blockchain app wil determine the type of services to expect. Therefore, you should make sure that you choose a reliable mobile app development company. In addition, many companies have a limited budget, so they are looking for a company that charges less for blockchain app development.
If you compromise on the budget, it may affect your project. So, you should ensure that the selected company never compromises on the quality of the services. For this, you need to make sure that the selected blockchain app development company has dedicated developers to add blockchain to the real estate industry.
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Ability to Follow Latest Trends
Blockchain technology is in its infancy. In order to boost a business, many companies are experimenting with technology. They are always looking for a way how they can get optimal advantages from it. With this, it is quite challenging to choose a trustworthy mobile app development company.
Thus, you should find out the best blockchain development company that has the ability to follow the latest trend to develop a blockchain app. This way, you will add blockchain in real estate industry.
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Assess Whether their Contract Conditions Meet With Your Business Model
Startup companies think that blockchain app development cost is high. But, you can develop a blockchain app even if you are on a tight budget. First, you need to request a mobile app development company to create a contract suitable for your model.
Hence, you need to find out a reliable agency that offers customized services. When you share your goals and vision with a mobile app development company wil create a customized solution as per your desire.
So, when deciding to add blockchain in real estate industry, ensure that the selected agency provides one of the best iPhone app development services that meets your demand and provides you with one of the best solutions.
Consider Security and Customer Support
You should also consider that the blockchain development company provides round-the-clock support. But, of course, a company needs a team that can understand a smart contract and the requirement to protect it during and after the implementation.
There is no doubt that every business needs a safe system, and that is the reason that businesses choose blockchain in the real estate industry. But, heavy transactions on the blockchain can pose challenges, so the mobile app development company you hire must assure you of total security.
However, a reliable mobile app development company provides many safety choices, for example, two-factor authentication. Thus, you should hire a reliable blockchain app development name that provides security and customer support.
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Check the Type of Technology Blockchain Development Company Uses
Apart from security and customer support, you need to check the type of technology blockchain app development company. For instance, ethereum and ripple are blockchain-based technologies with divergent roles. While businesses focus on smart technology, ripple is a token transmitting technology.
Then you need to hire a mobile app development company developing ripple technology. With years of expertise, experience, and technology, they help businesses add blockchain to real estate.
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Think Long Term
Because of the low budget, many startups tend to go for cheap short-term developers. While this is understandable, it is important to acknowledge the fact that it can be expensive. If you accept a mediocre job, you will, at some point, need to redo it.
Revamping a complete project is a costly affair that you may need to avoid. However, a reliable mobile app development agency will give you additional services, such as marketing your services. Hence, you need to contact an agency that provides you with one of the best services.
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Determine the Vision of Your Project
Before hiring a mobile app development company, it is important to map your vision. So, take time to understand decentralized technology. Always determine how an agency can help your business. Having a clear project vision helps you discuss it with developers.
So, select your vision and choose a reliable mobile app development company to add blockchain to the real estate industry. A trusted and well-known company will help you implement your ideas into reality.
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Make Sure Selected Blockchain Development Company Provide Consultation Services
Blockchain app development requires in-depth knowledge. Therefore, you should make sure that the selected app development company offers consultation services. It will inspire and improve your ideas. So, it is required to choose a reliable blockchain app development company with deep knowledge to add blockchain in real estate industry.
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Ability to Meet the Deadline
In order to boost your business, it is required to complete the project on time. So, find out a reliable mobile app development company to avoid any deal. The mobile app development agency you choose must be time-sensitive and strive to meet your deadlines.
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The expertise of Blockchain Development Company
The expertise of blockchain app developers is another essential factor for you to consider. An experienced agency has been in the market for quite some time. In order to check the experience of the selected mobile app development company, check their portfolio.
It will help you determine whether or not the selected blockchain app development agency is experienced and if a selected agency has years of expertise in adding blockchain in real estate industry.
Conclusion
We know the importance of blockchain in several industries. Even you can use blockchain in the real estate industry to improve your business. With the help of this technology, you can save costs and increase high ROI.
But when it comes to adding blockchain in the real estate industry, you need to hire a reliable mobile app development company that is committed to providing the best custom android app development and iPhone app development services. In addition, a trusted iPhone app development company will give you great facilities.