Deedcoin enables home buyers and sellers to save money on real estate commissions
[18th November]: Commissions are part and parcel of any real estate transaction. Home sellers know that they have to pay a commission to two realtors, i.e. their agent and the buyer’s agent. The commissions add up to 6% of the value of the transaction, which is 3% for each. Deedcoin enables home sellers and buyers to save money on commissions by using their unique platform. Deedcoin offers coins that customers can utilize for reducing the commission they pay when selling a home, using Blockchain technology.
Blockchain technology is revolutionizing the digital world, from FinTech to Medical technology, and Deedcoin utilizes this technology to revolutionize the real estate industry.
How Deedcoin Works
Deedcoin partners with real estate agents across the country, with an agreement to work for 1% and a percentage of Deedcoin token. Each Deedcoin represents 1/10th of a commission percentage. As a result, home sellers have to pay 1% as commission rather than 6%. Realtors can cut the costs required to acquire new customers to zero, which usually add up to two-thirds of their commission. They are not taking a hit by accepting a lower percentage. Deedcoin currently has partner brokers in nine states and plans to have brokers in all 50 states by summer 2018.
For sellers, this process entails using Deedcoins they purchase either on an exchange or by participating in Deedcoin’s token launch event. In some instances, the buyer might not work with an agent not signed up to the Deedcoin network. Even in that case, the seller only has to pay 4% as commission, rather than 6%. They simply have to use 20
Deedcoins for the transaction.
The real benefit of Deedcoin is realized when the seller works with a buyer that is using a Deedcoin agent. In this situation, the seller only has to pay his/her agent a 1% commission, using 50 Deedcoins.
Buyers can use Deedcoin for saving money on any home purchase, regardless of whether it is a Deedcoin listing or not. When a buyer purchases a home using Deedcoin that is listed with a traditional agent, they can pay 20 Deedcoins and the Deedcoin buyer’s agent gives them 2% of the 3% buyer’s commission back as credit at closing.
According to a spokesperson for Deedcoin, “We are incredibly proud to announce the launch of Deedcoin. Our Deedcoin tokens will be available for sale in a matter of weeks, allowing customers to purchase the coins and use them for saving money on real estate commissions”.
On average, you can save $190 on a property valued at $225,000, which is the average home price in the US. Customers selling properties with larger values will save more by using Deedcoin. Purchasing Deedcoins is easy, as they will be available at the launch event to the public.
The Deedcoin platform features a formula that enables users to maximize savings by using fewer Deedcoins on smaller transactions if the price of Deedcoin rises to a point where the cost of the token would make using them on a small transaction not effective. The formula will prorate the number of tokens required so that IT NEVER PRICES OUT THE LITTLE GUY.
The company will be launching a Deedcoin pre-sale in a few days’ time. You can learn more about this by visiting their website.
About the Company
Deedcoin is a company that merges blockchain technology with real estate acumen to help home sellers save money on commissions. The company will offer Deedcoins that their customers can use to reduce the cost of their real estate transactions. You can learn more about the company and about purchasing Deedcoins by visiting their website.
Source: ICO Press Release