With tensions remaining high between property agents and third-party listing portals over who controls the listed data, a New York startup is launching the first blockchain real estate multiple-listing service.
Imbrex, headed up by former commercial broker Stephen King, is a global Multi Listing Service (MLS) that is the very first company to syndicate data using the Ethereum blockchain.
Blockchain technology, claims King, will allow brokers to cut out the middleman –
“Instead of giving their information to a centralized portal or MLS, the agent or firm can essentially share information and not have to store it physically where [they] are,” he said.
They “can take advantage of the cloud-like environment that exists.”
Retaining control of valuable data
This decentralized blockchain real estate system is considered to be an alternative to the more traditional MLS networks that can charge for membership or advertising.
The guiding principle behind imbrex is the idea that portfolio owners and brokerage firms should not be relinquishing control of valuable proprietary data and the leads that result.
“The launch of imbrex represents a monumental shift in the real estate ecosystem,” said King.
“Utilizing blockchain technology, we have created open communication channels between the world’s real estate networks in a secure environment that is entirely owned and controlled by its valued participants.”
At the time of launch, imbrex indicated that more than 2,200 nationwide property listings from Toll Brothers, an award-winning Fortune 500 company were included, with Toll Brothers’ Chief Marketing Officer Kira Sterling commenting –
“We are excited to be an early adopter and look forward to long-term benefits from such a global, open source system.”
Information on Imbrex is shared via the Inter Planetary File System (IPFS), which is a peer-to-peer distribution protocol.
No monthly fees
Listing and transaction data isn’t stored on any third-party servers, which means that ownership, access, and control are never given up.
Those who participate in the system are incentivized with IMBREX tokens to “include, curate and maintain their listing data.”
There are no monthly subscription fees, and no syndication or distribution costs. All that is payable is an Ethereum transaction fee, which amounts to mere dollars per month.
An example would be a property agency updating their entire listing data feed every hour, seven days per week, which would come in at a cost of $7 per month, which is less than $100 per year.
Buyers will be able to confidentially browse up to the minute listings and directly connect with the listing agent, all at no cost.
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