Detailed Plan
Real estate information is monopolized and controlled by the National Association of Realtors (NAR) across America. Only realtors and brokers have access to an MLS, which provides exclusive information on properties. By locking down the MLS, brokers and agents maintain a competitive advantage in the local housing market. This is a problem because realtors may prioritize profits and withhold certain information that can jeopardize their potential earnings. Having access to such information is unfair to those who are uneducated, to say the least.
The proposed business seeks to eliminate the need for a realtor. These realtors oftentimes charge a commission and require us to trust their word. When one comes to realize, these agents will have maneuvered a way to get more money out of a client. They benefit their pockets while cheating the uninformed. The livelihood of millions of people shouldn’t be jeopardized in such a manner.
The website’s goal is to provide transparency to the buyer and sell properties without the need for a middleman. It will challenge the MLS business by providing as much information as they do. Opening the MLS to the public would eliminate that competitive advantage. No competitive advantages should exist and information should be free and easy to understand. Sellers can list their properties on the site in two different manners. They can auction their properties live on the site or take offers. With the use of smart contracts, no fraudulent transactions would be possible.
Because we’re in the 21st century, 3D virtual tours and high-resolution pictures can be provided. This software will be able to scale to other forms of virtual tours in the future, such as tours done in the metaverse. If a buyer is interested in a property and wants to see it themselves, they can schedule a tour and visit the property without the need of someone “selling” to them throughout the experience. The buyer can create their own perception and not feel pressured by an agent. This leads to an overall smarter choice made by the buyer.
“What if the buyer and seller privately agree to make the transaction? How will your company make money?”
Buyers and sellers wouldn’t risk making such transactions without the use of smart contracts, which the website will integrate. These smart contracts ensure that no fraudulent activities take place and that both parties receive what corresponds to them. When a seller agrees to sell a property to a buyer, the smart contract auto-fills as much information as possible in order to make the transaction complete. The final step would be for both parties to sign the smart contract, finalizing the deal made. A 1% commission fee can be charged when selling properties listed on the site, however, this is still inconclusive as other earning methods are explored. Pre-approval can be sought from ADA lenders. Interest rates may vary depending on who lends you ADA.
This business will be challenging one of America’s largest industries and can be disruptive to the market. With this in mind, legal issues might arise because certain individuals or companies won’t like the disruption to their business, which has been operating for years now. Hiring a team of seasoned developers can get this website deployed by the end of 2024. Their pay can be in the form of part ownership of the company or cash payment, hence the reason why at least $55,000 will be needed. If all goes well, we’ll be able to observe the ripple effect that this website will bring as crypto becomes widely adopted. The success of this site relies on the success of Cardano. Thus, we have a bright future.