By Riley Kaminer
AI and web3 and real estate – oh my!
You’re not in Kansas anymore, Dorothy. You’re in Miami, where three of the most buzzy, tech-fuelled asset classes are converging on November 3rd.
Local startup Propy is organizing its third summit to explore how the world of real estate is changing in the face of AI and web3 technologies.
“We want to bring the tech community and real estate community together in Florida,” Propy CEO Natalia Karayaneva told Refresh Miami. “We’re doing it both for locals and to drive talent to Miami to keep establishing Florida as the place for innovation.”
Karayaneva noted that the timing for this event is particularly auspicious. AI has been a major topic of conversation all year. Bitcoin has doubled in price year to date, while Ethereum has increased by around 50%.
And of course, the real estate market continues to be rocked by rising interest rates, where Karayaneva says ”an earthquake is happening.” Beyond these macroeconomic conditions, there have been a string of class action lawsuits brought against the National Association of Realtors that, in Karayaneva’s assessment, point towards a future where consumers have more power in the real estate business.
Propy is well-positioned to leverage this trend, with its platform that enables 100% digital real estate transactions. Its AI-powered platform automatically reads purchase agreements, creates a transaction tracker, and automatically starts closing processes. Propy also provides agents with a wide range of educational opportunities to enable them to leverage the latest technology to better serve their clients.
“Propy has been the first company to introduce smart contracts, cryptocurrency, and NFTs to real estate,” Karayaneva asserted. “For us, this event is a platform to share all our know-how and learnings in the industry.”
Speakers will include City of Miami Mayor Francis Suarez, Selling Sunset’s Maya Vander, and real estate mogul Elena Cardone. Karayaneva expressed particular excitement about the participation of traditional real estate brokers, who she believes are beginning to tune into the fact that tech like Propy is the future of the industry.
This year, Propy has continued to grow 20% month-over-month. That stands in stark contrast to the situation facing traditional title companies, which have experienced a 50% drop in transactions.
Karayaneva said that comparing Propy to traditional title companies is a bit like comparing Teslas to a normal car. “From the outside, it’s a car that requires the same license, drives on the same roads, and so on. But fundamentally, everything internally is different.” As Teslas are self-driving, so Propy aspires to be a fully automated system for purchasing a home.
Around six of Propy’s 30 full-time employees are based in South Florida. “We would like more,” said Karayaneva, signaling that she hopes to hire local talent with sales and real estate experience.
Karayaneva, who said that she expects a crypto boom to come in 2024, has broad aspirations for Propy to “put all titles in the world on blockchain.”
“I think this movement at some point will be unstoppable, just like Bitcoin. We believe that $280 trillion in real estate will become a seizure-resistant asset class on chain.”
READ MORE IN REFRESH MIAMI:
- Real and virtual worlds converge with Propy’s NFT-powered home purchasing platform
- From DEA agent to crypto crimefighter: Lili Infante’s journey to secure the blockchain
- Charting the future of crypto with attorney Lilya Tessler
- Hey, Luke and Leia, make room for Mickey and Minnie in the Cryptoyverse!
