As we have all witnessed and experienced drastic changes over the past two years, there is one change in particular that has created a seismic shift in the way we will all move forward.
What is your request? Just the hottest topic in the world right now, the most revolutionary and transformational technology of our time – Blockchain. This life-changing technology behind Bitcoin has not only begun to shape our global economy, but in today’s aggressive market, will change the way wealthy buyers purchase luxury real estate.
Now that cryptocurrencies are entering financial portfolios, the floodgates have opened! I’ve had more conversations about digital wallet transfers than ever before, just in the first two months of 2022.
The real estate process is rapidly moving towards a fully digital and frictionless transaction, and possibly a 100% virtual transaction sooner than expected. Because let’s be honest, the world is changing drastically at lightning speed, and priorities have also changed rapidly for our global luxury buyers.
More than ever, we’re seeing savvy shoppers who need a quick, invisible sale with increased security and privacy; hence Bitcoin transactions have become very favorable in this new world of ours. Even with the wild fluctuations and uncertainties, both the seller and the buyer have their own advantages and advantages with this new option. They also have the power to set the price of crypto for wallet-to-wallet transfer that both parties are comfortable with and confident of the agreed upon value. Sometimes it can be a two-week average or a two-month average.
In recent discussions, I have advised our megamillion buyers to simply provide their earnest money deposit in a small amount of cash, first, so that we can open escrow and solidify all terms and conditions. purchase, then those funds can be used to potentially pay closing costs – which is preferred. However, sellers can still offer to pay all closing costs out of pocket for the buyer. Then we would complete the transaction using wallet-to-wallet transfer, and instantly the transaction is completed.
One of the biggest problems with online transactions is fraud. Blockchain comes with unprecedented security that minimizes the possibility of compromising personal information or transferred funds. Blockchain is a decentralized system, which means you may need to break into millions of networks to hack, which is next to impossible.
For them, using a cash system that allows direct transfer of online payments without an intermediary changes the whole ball game. Bitcoin offers greater transparency, security and simplifies the process throughout the purchase transaction, which is crucial in the sale of luxury homes. Now, individual properties can simply be assigned their own digital identity, with a documented and variable chain of ownership instantly secure! Plus, eliminating banks and lawyers also saves money and time, with increased security giving hassle-free verbiage a whole new meaning and buying power. And, those with new bitcoin wealth are hungry to turn their bitcoin investment into a tangible asset in real estate and this will impact not just the 2022 market, but the entire industry years. future.
“This isn’t the first time we’ve seen ‘digital disruption’ and it certainly won’t be the last,” said Leah Marie Monroe, Chief Marketing Officer/Owner and Co-Founder of Red Luxury. “Digital technology has shaken marketing to its core with nearly every marketing strategy today integrated into digital marketing across all platforms, and it was inevitable that a digital currency would follow. These are exciting times despite the trials and tribulations that also come with great change. But that’s what we marketers do, we thrive where there are challenges; and where there are challenges, there is potential for even greater impact.
In the United States, the IRS has classified Bitcoin as a form of real estate. However, it is still in its infancy and time will tell what a major disruptor it will be in the real estate market. If the insight of market leaders is any indication, it has the potential to heavily influence the digitization of the home buying process and how luxury real estate will be marketed and sold globally.
This week, my business partner, Leah Marie Monroe, and I announced the merger of Red Luxury Real Estate with Corcoran Global Living. This is another strategic step in redefining the role of a real estate broker.
“This new partnership not only gives clients true international representation with global syndication and an industry network that dates back nearly 50 years, but we can continue our passion as Red Luxury, the premier real estate marketing and production agency of Vegas luxury by being Corcoran Global Living’s preferred marketing agency, working closely with its top talent, enabling us to further strengthen the creative digital advantage that brokerages must lead in this new era. honored to align ourselves with like-minded and like-minded individuals to collaborate on next-level luxury marketing for Corcoran Global Living’s top Vegas brokers and agents.We couldn’t be more honored and excited for this opportunity. said Monroe.
Times are certainly changing and all industries are learning to modify, recalibrate or adapt to ever-changing technological advancements. Whether in marketing, financial institutions, real estate or beyond.
Michael Zelina is a Sales Broker and Partner at Corcoran Global Living, an independently owned and operated subsidiary of Corcoran Group, LLC. Previously, he was the broker/owner/co-founder of Red Luxury Real Estate, Marketing & Productions, a hybrid company encompassing both a luxury brokerage boutique and a marketing agency. Patrner Leah Marie Monroe is the Chief Marketing Officer/Owner and Co-Founder of Red Luxury.