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Nine Things To Keep In Mind About Blockchain In Real Estate

Blockchain is the next frontier of the real estate market, making inroads at a fast clip.

The use of the technology will make it possible to have transparent transactions that sellers and buyers will benefit from. From real-time ledgers to full-on shared databases and processes, blockchain throws the doors wide open with possibilities in real estate. However, does it come at a cost?

Some agents think it might, while others are embracing it with abandon. Yet, there is much to learn and consider before adopting blockchain into your business processes.

Nine members of Forbes Real Estate Council share the thing that everyone in their profession needs to know in order to safely and efficiently begin adopting blockchain or the tools it enables.

Read more from Forbes

 

 

Three Reasons Commercial Real Estate Professionals Should Be More Open To Tech

The real estate industry isn’t exactly known for being receptive to new technology.

Many in the industry view technology as unnecessary, as countless people have built real estate empires and made untold millions from hammering the phones. Today, though, it’s getting harder and harder to compete in real estate without technology. In particular, there are three distinct advantages of technology that should have real estate professionals more open to adopting new developments.

Read more from Forbes

Could cryptocurrency be the future of real estate buying?

In August 2014, a secret buyer contacted the realty arm of Martis Camp, a luxury real estate community in North Lake Tahoe in California, with an unorthodox deal: a purchase of land for 2,739 Bitcoins. At the time, the cryptocurrency that recently turned the Brothers Winklevoss into a pair of Bitcoin billionaires was worth about $580 per coin. Multiply that 2,739 times over, and the buyer paid $1.6 million for a 1.4-acre piece of land.

“Many of our buyers are in the tech sector and are early adopters of Bitcoin. We understand the importance of adapting to cutting-edge purchasing methods,” said Martis Camp sales director Brian Hull, who described the buyer only as a “Silicon Valley entrepreneur.”

That Bitcoin-financed real estate transaction was one of the largest, but it was not the first. Five months earlier, in March 2014, another secret buyer purchased a villa in Bali for 800 Bitcoins, or roughly the equivalent of $500,000. Two months later, a suburban home in Kansas City, Missouri, sold for the same amount. Last September, a buyer—identified only as working in the tech industry—bought a single-family home in Austin, Texas.

Most of these transactions involved the buyer converting Bitcoin into U.S. dollars to make the purchase—a liquidation of assets, much in the same way a first-time homebuyer might use investment dollars to afford a down payment.

Then, in late December, what was considered to be the first Bitcoin-only real estate deal went down when Ivan “Paychecks” Pacheco, co-founder of cryptocurrency website Bits to Freedom, transferred 17.741 Bitcoins ($275,000) to a seller to buy a two-bedroom condo in Miami. In early February, Bitcoin investor Michael Komaransky sold his Miami mansion in a deal where the buyer—again, anonymous—paid the $6 million listing price almost entirely in Bitcoins (455, to be exact).

Read the full article from Curbed

Smart tech becoming key to attracting renters

Tenants want more tech in their apartments and multifamily landlords and developers are putting in the technology to meet that demand.

While building-wide WiFi, electric chargers and rooftop decks remain popular among tenants, smart building technology is becoming the new “it” amenity.

From package delivery lockers to smart locks, landlords are turning to tech-enabled amenities to woo tenants who are willing to pay more for these features.

In a Schlage and Wakefield Research survey of 1,000 U.S. multifamily renters, 86% of millennials are willing to pay one-fifth more for a smart apartment. Gen Y renters are 61% more likely to rent a unit because of electronic access such as keyless entry, and 55% are willing to pay more in rent for a unit with a smart lock.

Smart lock systems, such as Latch, Kwikset, August Home, Schlage and Yale Locks & Hardware, are being installed in existing and new units throughout the country.

Read more from Bisnow

6 tech predictions for 2018 and how they’ll impact CRE

Technology is evolving faster than ever before. 

From Bitcoin’s explosive growth to drones buzzing in parks and construction sites across the country, 2017 was a year of rapid tech growth.

There’s reason to believe that growth will accelerate this year, and given how technology is impacting every segment of the industry, CRE professionals would do well to stay on top of unfolding trends—even those not directly related to the industry. From the fate of blockchain to increased job automation, here are six tech predictions for 2018.

Read more from Apto

4 Ways that Driverless Cars Could Impact the CRE Industry

Companies ranging from the big automakers in Detroit to tech firms in Silicon Valley are pouring research dollars into driverless cars, and this development is projected to completely change the future of commercial real estate. This transition creates opportunities for new investment as well as challenges for existing properties.

Read more from NAI Global

6 Ways Millennials Are Influencing The Multifamily Market Of The Future

As the largest living generation in the U.S., millennials play a major role in shaping multifamily real estate trends.

From apartment design and amenities selected, to the size of the units and the technology incorporated within them, this generation, which is anticipated to reach 70 million by 2024, is certain to influence housing stock across the country.

Read more from Bisnow

Ride Sharing and Driverless Cars Are Game-Changers for Real Estate and Cities

The coming wave of ride-hailing companies and driverless cars will push down levels of vehicle ownership, reduce parking demand, and transform the way that city planners, real estate owners, and consumers interact with urban space, a panel of experts said at the ULI Fall Meeting.

Consumer adoption of ride-hailing services such as Uber and Lyft has already started affecting how some private urban developments and municipal projects are built, but the large-scale implementation of autonomous vehicles over the next decade will have even more wide-ranging implications—both positive and negative—real estate and transportation officials said during a panel discussion in Los Angeles.

Read more from Urban Land Magazine

Why CRE will look totally different in 5 years

Thankfully, we don’t have to talk anymore about how the commercial real estate industry doesn’t use technology. That conversation is officially over. And now that CRE has adopted technology, we’re in the midst of a massive change.

The CRE industry will look completely different in the next five years, and there are a few key factors leading to that transformation.

Read more from Buildout

As Amazon moves in, demand for warehouse space climbs

As developers try to keep up with a surge in demand for warehouses driven by online retail, some are considering some unusual solutions. Some have begun to consider constructing multistory warehouses and demolishing struggling malls to make way for sprawling industrial properties.

Read more from San Francisco Busines Times