FILE PHOTO: Bitcoin (virtual currency) coins placed on Dollar banknotes, next to computer keyboard, are seen in this illustration picture, November 6, 2017.
FILE PHOTO: Bitcoin (virtual currency) coins placed on Dollar banknotes, next to computer keyboard, are seen in this illustration picture, November 6, 2017. Reuters/Dado Ruvic/Illustration/File Photo

Technology has transformed how businesses are done today, some in unrecognisable ways. With the advent of the Internet, the changes are significant—from the way businesses communicate to how they sell their products. For some sectors, however, the use of technology in the most disruptive way is still in its infancy.

Take real estate, for example. Technology has driven the industry’s evolution over the past decades. Zillow, Trulia, and Realtor.com are examples of how the sector has moved into the virtual market where deals and agreements can be done online. The Internet has also brought the peer-to-peer communication trend, allowing people to utilise online forums and social media to make deals. Soon, artificial intelligence, augmented reality and virtual reality can also shake up the industry.

The real estate industry has been using cloud computing to some extent in conducting transactions, but there is still a room for improvement. One company that continues to transform an old industry is RESAAS Services Inc. (TSXV:RSS, OCTMKTS:RSASF), which provides an award-winning cloud platform connecting real estate professionals.

Faster and more efficient communication

RESAAS has developed the first-ever compliant Pre-MLS listing data platform called RealtimeMLS. It is a cloud-based platform that connects real estate agents, brokerages, franchises and multiple listing services (MLS). This allows for faster transactions as they are able to communicate in real time globally.

The traditional process of listing a property on an MLS can take around 30 days, even months, but with RealtimeMLS, this can take just minutes. Real estate professionals also gain immediate access to data, which are also updated in real time.

Through a cloud-based platform, they can work on documents anytime, anywhere, cutting the need for a back and forth calls and emails to update each other. It also cuts the need for paper files, as all the information can be stored easily on a cloud.

RESAAS also offers BrokerOS, an online communication solution that makes managing brokers easier. This helps in ensuring that agents are connected and important messages are received with the aid of virtual bulletin boards and push notifications. It also provides a means for agents to share about lucrative opportunities, promoting engagement and collaboration among them.

Faster and efficient communication also translates to cost savings. Because the traditional cycle of listing can take months, the property may already have lost value by the time it is listed on the market. Hence, fast-tracking the process can help ensure that the buyers and sellers do not incur significant costs and they get the best deals for their properties.

Increased referrals

RESAAS is going beyond cloud-computing, tapping blockchain, the technology behind cryptocurrencies and an emerging disruptive tool for the real estate industry. The blockchain technology is poised to transform the industry in the next few decades. Based on how some startups have been adopting the technology to push the industry forward, blockchain has so far proven to bring improvements in areas such as the flexibility in the acquisition process for properties and the speed and ease at which these transactions can be conducted.

RESAAS has acquired Toronto-based Real-Block Inc., which has developed a real-estate Ethereum-based blockchain application. It will be integrated into RESAAS’ cloud-based platform to enhance and expand its agent referral services.

According to RESAAS CEO Tom Rossiter, this deal makes the firm the latest to join the expanding fray of companies that are embracing blockchain. Primarily, the adoption of blockchain is expected to enhance RESAAS’ services by enabling automatic transfer of referral fees between its agents using smart contracts.

Rossiter says the technology will allow funds to be transacted in US dollar between agents. Although, the allowed currencies may be increased depending on the adoption of the market of the technology.

The firm believes that its large professional user base and its significant levels of unique data ownership will provide the company with a distinct competitive advantage in the real estate blockchain space.

To add to the firm’s advantage is its broad and strong client relationships, making it become a more effective global real estate cloud platform. The primary purpose of RESAAS is decentralising agent license status, identification verification, and its agent-to-agent referral ledger.

Transparency and security

A lack of transparency is one of the issues the real estate sector is facing. Rotimi Akinlose, who founded the Residential Auctions Company (RAC), said that many real estate professionals are reluctant to share information such as real transaction prices. As a result, the industry is plagued with trust issues.

This is one aspect that RESAAS’ cloud platform and blockchain technology solutions can also address. With automated blockchain payment system, agents no longer have to wait a long time to get paid, which entails a lot of trust in each other.

Moreover, cloud computing and blockchain technology provide more data security. Although there are concerns about hacking and malware, cloud-computing services use encryption and can prove to be a safer information storage tool than other physical devices such as laptops and printed papers. Blockchain, which is like a public ledger, also makes it hard to be manipulated by unauthorised entities.

RESAAS’s solutions are available in 90 countries and 22 languages and support 45 currencies. Today, more than 400,000 real estate agents are utilising the company’s platform.

The firm continues to improve its cloud-based platform, and it believes that the real estate industry has many other aspects that can benefit from blockchain. RESAAS has implemented a phased strategy in applying blockchain technology to its existing cloud platform and plans to expand Real-Block’s blockchain technology in other applications in the future.

Although several solutions may emerge in the fast-moving world, it seems that technologies that utilise blockchain are best in addressing these seemingly perennial problems hounding the real estate. RESAAS is positioning itself as a competent key to lifting those barriers, with the company being the first in the cloud platform industry to infuse the much-popular blockchain to enhance its services. With the combination of its existing cloud-based platforms with blockchain technology, the future looks bright for RESAAS.

This article is from press releases sent for consideration.

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