Real Estate Firm Propy Gets Backing From US Realtors Association
A major trade association in the US, the National Association of Realtors, have announced their investment into Propy, according to Coin Telegraph. The organization invested in the blockchain-based real estate platform through its strategic investment arm, Second Century Ventures. The investment is a yet-to-be-disclosed amount.
The Second Century Ventures investment is part of its commercial tech accelerator REach. REach, having launched in 2019 is being hailed as the first of its kind, with the goal of bridging major tech disruptors in the industry. They aim to do this through the process of selection, where ten startups will get the chance to enter per year, according to reports.
Propy was one of the lucky few to get the nod of the company. Through Propy, Second Century Ventures wants to streamline operations through the use of blockchain tech in real estate transactions. The firm wants to do this because of the potential for "immutable" data storage, which makes it hard for others to look into the company's transactions aside from their clients and customers.
Perhaps, it's one of the actions of the National Association of Realtors to jumpstart the ailing US property market after an unexpected crash last April. During the time, the NAR's pending home sales index dipped to an average of 104.3, marking a 1.5% decline from March. The forecast since then was that home sales were due to rise by about 0.9%.\
US News reported that March's index had been 105.9, higher by 1.6. It was also good reading, the best since July 2018. Home contracts that have been pending have been also indicators of a due rise in the housing market because these are expected to translate into sales about one to two months down the line. Pending home sales during the time, however, were down 2.0%.
Propy intends to change that through their services. The platform was created to manage global real estate transactions and to facilitate these kind of transactions online.
The company managed to raise about $14 million in 2017 through an initial coin offering (ICO), designated as the PRO. It was designed to sustain a global ecosystem to track real estate ownership anywhere in the world.
Propy eliminates the need for a third party, being one of the main reasons behind slow transactions, which sometimes leads to disinterest from both parties. Propy has been listing properties in more than 30 countries. From this, they expect to rake in $4 million in annual recurring revenue by the end of this year.