There are several inefficiencies in traditional real estate transactions that can cause delays, added costs, and frustration for buyers, sellers, and other parties involved. Some of these include:
- Lengthy paperwork and documentation process: Real estate transactions involve a lot of paperwork, including contracts, deeds, and title documents, which can be time-consuming and confusing to navigate and provide opportunities for corruption.
- Limited information and transparency: In the past, it was difficult for buyers to access detailed information about properties they were interested in, making it hard to make informed decisions and leading to market inefficiencies.
- Lack of standardization: Different states and countries have different laws and regulations governing real estate transactions, which can make it difficult for parties from different jurisdictions to understand and comply with all the requirements.
- Reliance on intermediaries: Traditional real estate transactions often involve multiple intermediaries, such as real estate agents, brokers, and lawyers, which can add complexity and cost to the process. Transferring money internationally is a huge headache.
- Inability to easily track progress: It can be challenging for all parties involved to keep track of the various tasks that need to be completed and their status, leading to delays and confusion.
- Costs: All of the above problems lead to high transaction costs, as all intermediaries want a piece of the pie. Additionally, paying for 100% of a vacation property that is only used seasonally ties up lots of capital.
There are a few new technologies and platforms that are being developed to address these inefficiencies and streamline the real estate transaction process. These include online marketplaces, blockchain-based platforms, and digital signing and document management tools.
Weset is the only web3 platform that allows users the optionality of occupying the property or renting it for income while only paying for what they use. The NFT can also be traded at any time. All of this functionality is based on Weset’s belief that web3 is about ownership. It is time for you to own your vacation. Own your time. Own your peace of mind. Own your collection of exotic real world NFTs. The future of real estate is here and there’s an abundance of options and endless possibilities for early adopters like you.