Real estate listings in markets that are popular with foreign investors, including California and Florida, are increasingly advertising that they accept cryptocurrency. The appearance of these listings is likely driven by two factors: a desire to capture the attention of foreign investors and a desire to attract homegrown enthusiasts who prefer to pay with cryptocurrency.
The latter is a growing pool of customers who real estate brokers shouldn’t ignore. A London Block Exchange study found that millennials are cryptocurrency fans, with 5% already investing cash in cryptocurrency, 11% “definitely planning” to invest in 2018 and another 17% “seriously considering” a digital currency investment by the end of this year.
It’s my belief that in the next five to 10 years, most real estate transactions will be conducted on the blockchain. For tech-forward real estate agents and brokers, now is the time to begin experimenting with cryptocurrency by accepting it as a viable alternative to cash financing. Real estate brokers who want to attract this customer vertical can advertise a willingness to conduct transactions with cryptocurrency to stand out in a crowded space and cultivate a tech-savvy brand. The volatility in the cryptocurrency market demands caution, but cryptocurrencies are poised to disrupt the real estate industry. Real estate brokers who want to stay ahead of the curve should prepare now.