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Date Archives: January 2022

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January
24

Home Office Tips

Whether you work from home full-time or sporadically, it's important to have a home office where you can be productive

Our real estate agents know that a home office that's functional and appealing optimizes your workflow and encourages creativity.

After working from home for a while, has your home office started to feel stale? Refresh your workspace by following these tips.

Click Here to Read More...

January
17

New England Winter

Every season offers a unique experience in New England. Our real estate agents love the brilliant colors of fall, the warm hazy nights of summer, and the blooming wildflowers of spring. But winter is a particularly special time. 

There's so much to see and do when the snow flies in New England! With all these fun activities awaiting in winter, there's no place we'd rather be. 

Click Here to Read More...

January
12

NFTs, Cryptocurrency, and The Blockchains Impact on Residential Real Estate

By now, most of us have heard about cryptocurrency and blockchain technology. Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies have entered the mainstream. Financial institutions like JP Morgan and Goldman Sachs are trading cryptocurrencies and creating investment vehicles for customers.

With the mainstreaming of Bitcoin and Ethereum and their adoption globally, blockchain real estate applications have transitioned from theory to reality! Blockchain technology has the potential to revolutionize numerous industries, including real estate. By using an advanced network of computers and algorithms, blockchain real estate applications are already beginning to disrupt the housing sector in meaningful ways.

In this post, we will explore and define cryptocurrency, NFTs, and how blockchain technology is impacting residential real estate and the real estate industry.

Cryptocurrency, NFTs, and the Blockchain Defined

If you are not familiar with this new technology, we will start by offering quick definitions of three major components.

Cryptocurrency – Cryptocurrency is a digital, virtual currency secured by cryptography. This makes it nearly impossible to counterfeit or double-spend. As a decentralized currency, it can circulate without a central monetary authority like a bank. Bitcoin was the first and is the most popular cryptocurrency. Today, there are over 4000 different cryptocurrencies.

NFTs – Bitcoin, Ethereum, and Litecoin are examples of fungible tokens. This means that there are many tokens, and all are exactly the same. NFT stands for Non-Fungible Token, and it is basically a one-of-a-kind digital asset that belongs to a single investor or small group of owners. Today, the most popular NFTs are artwork and music, but real estate can also be tokenized.

A Blockchain - A blockchain is a digitally distributed, decentralized, public ledger that exists across a network of computers and nodes. It is made up of blocks that contain many transactions. Every time a new transaction occurs a record of it is added to every ledger. A blockchain is a series of connected data blocks. The blockchain is a system of recording information in a way that makes it difficult to change, hack or cheat the system.

What is a Blockchain in Real Estate

Today, blockchain technology has become synonymous with popular cryptocurrencies like bitcoin, litecoin, and ethereum. However, the blockchain in real estate is not relegated solely to crypto assets. Cryptocurrencies take advantage of a blockchain's ability to act as an anonymous ledger across a vast computer network and its ability to track transactions and records. This technology can be used by cryptocurrencies and almost every industry, including real estate.

In its most basic form, a real estate blockchain uses a network of computers and nodes to act as a more secure and advanced escrow company. Instead of trading closing documents for s check, a real estate blockchain can extend to almost every facet of a deal. A real estate blockchain may help participants exchange currency, records, legal documents, ad other types of information over a secure, safe, encrypted network.

Let's take a step by step look at a blockchain real estate exchange:

  1. A seller accepts an offer and requests the money sent over a blockchain.
  2. The seller's request is facilitated by a decentralized network of computers known as nodes.
  3. For the exchange to take place, the nodes must verify the request.
  4. Verifications are determined by each party involved in the exchange
  5. The transaction takes place just once and can be verified – much like an escrow company.
  6. When verified the blockchain ledger is updated with a new block of data, forming an additional link in the chain of data (hence – blockchain)
  7. Once the newly created block of data is added to the blockchain it can no longer be altered in any way.

The Tokenization of Real Estate

Earlier, we defined NFTs or non-fungible tokens. These are unique individualized crypto assets that can make the concept of shared ownership easier. The real estate blockchain concept can be easier to understand if you view it through the lens of tokenization.

Tokenization is the process of turning equitable interest in a property (or another asset like art, music debt, or cash flow) into a token. Like any store of value, a token becomes a digital representation of equitable interest.

For example, let's say two investors form a partnership to buy a commercial property. If they tokenize their equitable interest in the asset on a real estate blockchain they will receive digital tokens equal to their ownership in the property. If they are equal partners, each receives the same amount of tokens. However, if their interest is different, for example, if one partner invested more, the tokens will reflect the difference. When added together, all of the tokens equal the asset's total value. Separately each investor's tokens represent their share of ownership. The tokens are used to document, store, and verify ownership of the asset.

Once a real estate asset is tokenized, it can be easily traded, sold, or liquidated via a real estate blockchain. The process isn't very different than a traditional transaction where assets are exchanged for fiat currency.

Homeowners are tokenizing their properties and, as a result, are able to gift a portion of their homes to family members using cryptocurrency and the blockchain. Tokenizing real estate and utilizing the blockchain is already happening. Tokenization facilitates quicker transactions more securely and eliminates the need for an expensive third-party escrow company.

The Impact of The Blockchain

The blockchain, cryptocurrency, and NFTs have begun to enter the mainstream and are changing the financial landscape. This technology has the potential to change the foundation of the real estate industry. Blockchain and decentralization can democratize the industry and make it available to just about anyone!

Blockchain technology and tokenization are already changing the industry for the better. As the platform develops blockchain technology will improve the industry by:

  • Creating trading platforms and online marketplaces for residential, commercial, and industrial properties
  • Eliminating the need for intermediaries
  • The blockchain will allow real estate to become a more liquid asset
  • The blockchain also allows for fractional ownership of properties
  • The blockchain will also cut costs and digitize documents

The blockchain is here and already changing the industry. As this technology and decentralized finance go mainstream, many industries, including the real estate industry, will change for the better.

January
10

New England Places

There is so much in Northern New England just waiting to be explored this year, no matter what you love to do for fun. Delve deep into the great outdoors at gorgeous, sprawling national forests, explore Maine's contributions to art in America, learn more about the family one of history's most notable figures, spend a day at the spa, or discover a new way to travel around Maine's stunning mountains. The choice is yours. Our real estate agents have all of the exciting details on 5 places that are well worth exploring in Northern New England this year.

Click Here to Read More...

January
3

Ski Resorts

While the summer months are glorious, Northern New England is just as scenic and exciting during winter. When our real estate agents are ready for some outdoor fun, they spend time at these incredible ski resorts in Maine, Vermont, and New Hampshire.

Plan Your Northern New England Ski Trip

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