The challenges faced by the traditional real estate industries 

Overview

We all have seen the growth of blockchain technology and cryptocurrency over the past few years. It has become massively famous among the public, and it is due to the high profit returns. But do you know blockchain technology is also contributing massively in the real estate market sector? Yes, it is true, blockchain is one such technology that has the potential to take the real estate industry to new heights.

A custom real estate web development company can help businesses to integrate blockchain in real estate. It has been seen that among several industries like insurance and online quoting, banking, website security, and various others that have admitted to the importance and benefits of incorporating blockchain technology.

Do you know the  real estate industry, one of the most valuable and largest asset classes in the world? Yes, it is, and they have also accepted blockchain technology. The real estate market has been benefited by blockchain technology in recent years.

Blockchain technology has completely diminished the challenges that were faced by the traditional real estate market. If you are interested to know how  the real estate industry is using blockchain or how blockchain technology helps the real estate industry tackle the prevailing issues, then our blog post can help you. Here we have discussed some of the key issues faced by the traditional real estate market and how blockchain technology is helping to solve that.

The challenges faced by the real estate industries

The following are the issues that are faced by the traditional real estate market sector. But before we jump into the challenges we would like to recommend the Bitcoin Loophole crypto exchange platform. You can earn various cryptocurrency and buy property with that.

1. Having limited access

For a long period of time, the real estate market was only for the rich people. But with the market growth and considering the massive amount of passive income made many people intrigued to invest in this market sector. But the issue was that to enter into the real estate market requires a high amount and checks various aspects such as citizenship to credit score, financing to having international bank accounts, accreditation to cash requirements, and access to the right managers and various others.

But with the help of blockchain technology now any person can invest in the real estate market. If you have cryptocurrency you can easily get into the real estate market sector. broker fees, exchange fees, attorney fees, taxes, transfer fees, investment fees, and others.

2. High Fees

It is true that the real estate market has high fees rates, if you wonder why? Then you must know that it is due to the involvement of several intermediaries such as broker fees, exchange fees, attorney fees, taxes, transfer fees, investment fees, and various others. Due to all these charges the real estate procedure is very expensive.

3. Lack of Transparency

You might find it hard to believe but it is true that lack of transparency is also an issue that the majority of the public faces. But with the help of blockchain this issue has been resolved.

Conclusion

Hopefully, you have understood the challenges faced by the traditional real estate market.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 22/11/24

The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was…
Read More
Estate Agent Talk

The Architecture Of Attention Behind Social Media Addiction

In the digital age, social media platforms have revolutionized how we connect, share, and consume information. Behind their sleek interfaces lies a sophisticated architecture of persuasive technology.  These platforms employ intricate design patterns and technical elements to capture and hold user attention. From subtle visual cues to complex algorithmic systems, every feature serves a calculated…
Read More
Breaking News

2025 Predictions for the Private Rental Sector

Allison Thompson, National Lettings Managing Director, Leaders Romans Group (LRG) “As we approach 2025, the lettings industry is entering a phase marked by stabilisation and opportunity. Rental inflation has slowed to an average of 3-4% for new lets, reflecting the effects of affordability constraints; renters’ budgets are beginning to limit how much rents can rise.…
Read More
Breaking News

Response to Matthew Pennycook’s Statement on Leasehold Reform

Yesterday, Secretary of State Matthew Pennycook made a Ministerial Statement on the future of leasehold reform. Responding, Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP said: ALEP welcomes the ministerial statement which puts in place a timeframe and some objectives for the implementation of the Leasehold & Freehold Reform Act.…
Read More
Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More
Breaking News

Breaking Property News 21/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Helping clients raise capital at speed Press Release New York – Agora, a leading real estate investment management platform with offices in New York City and Tel Aviv, is announcing the launch of its Smart Questionnaire. This tool is designed to help real estate LPs complete…
Read More