Ivan Kv, the co-founder of KV LLC, believes that the real estate landscape and business models are changing. Ivan, a marketing expert and an experienced entrepreneur, strongly believes that the future of real estate is leaning toward automation.
What Is the iBuyer Model? How Does iBuyer Work?
The iBuyer model involves a company using technology to make an offer on one’s house instantly. This method is a more convenient way of selling properties. In simple words, technology estimates the price of one’s property. Then, the iBuyer company sends an instant all-cash offer to the property owner. The owner chooses whether to accept or reject the offer. Once the property is sold, the company fixes it and takes care of listing and reselling it.
Companies like Zillow, Redfin, and Opendoor are all working implementing the iBuyer model into their current business structures. Change is inevitable. Instant online property buying will soon become a new standard.
Blockchain to Improve Title Deed Registration Process
According to Ivan, distributed ledger technology is one of the key technologies that future real estate transactions will use. Benefits of distributed ledgers and blockchain technology include the speed of transaction and the immutability of records (including title deeds). This is important because the way that deeds are stored sometimes does not guarantee full protection of one’s property. Some municipalities still store data on paper. Thus, if for some ironic reason, the municipality building goes on fire and the title records burn to ashes, one might have problems verifying ownership of his or her deceased grandparents’ mansion.
All jokes aside, Ivan believes that for any industry to work in the ever-changing real world of tech, there is needs to be some sort of paradigm shift. Automation and blockchain are certainly game changers.
Ivan is not alone on this belief. Government organizations and even private firms like Propy are taking the reins of real estate transactions and transforming them with blockchain technology.