11:03 16.07.2018

A new system will allow realtors to sell real estate items from the owners

3 min read

InCo Home company http://inco.com.ua/ , a leading operator on the real estate market, presented a new IncoChain software product. This is a system for conducting real estate operations for real estate development companies, sale and purchase market operators and for managing real estate, real estate agencies and realtors based on Blockchain technology. 

The system allows professional realtors to become full participants in the process of real estate items sale directly from the real estate development companies and developers.

According to Vladyslav Lisovyy, an author of this idea and owner of the system, "Up to this day, there was no a mechanism on the market providing clear and fair cooperation between the owners of large projects and realtors.     

“A group of IT engineers and participants of the construction market created a unique IncoChain platform. It will allow to build trust-based and clear relations between the market participants, work in the conditions of fair competition and fair distribution of bonuses," Vladyslav Lisovyy says. 

An operation principle of the system: a real estate owner puts it on commission sale by determining a commission that it is ready to pay in advance. The system registers a commission, and future relationship between the owners of real estate items and realtors are built in electronic format. Thus, all the information concerning deals and its results is available, and this is impossible to make any changes after the fact.

According to Ostap Skryshevskyi, a development team manager, "Publicity and "genuineness" of information in the system regarding a real estate item and deal will provide open and fair work."

“Blockchain offers a number of advantages for users. The system doesn't have one central site damage of which can crash the system. The operations are clear for the participants through entering all information into one database, and Blockchain technology guarantees the authenticity of information," Ostap Skryshevskyi says.

For the owners, the system is a new and clear sales channel, and for the realtors, it is an opportunity to sell real estate items that belong to real estate development companies.

As Yurii Sokolnytskyi said, a managing partner of InCo Home, an owner is basically a developer, and a sale is not its core business area. And if a real estate item is in the IncoChain system, then a sales department of an owner will be modified into a broker administrator who will be able to sell real estate items on the secondary and primary markets through the system. Developers will do their business - they will develop projects, and brokers will do their business - they will sell those projects.

"There are agreements with some big owners who are ready to put the real estate items on sale through IncoChain. Another task that the system can solve is a sale of collateralized property of banks, real estate items in particular. Banks are interested in using IncoChain for providing clear sale and maintenance of fair price on a collateralized property.  Moreover, a bank can cooperate with a broker through the system by selling mortgage lending products," Yurii Sokolnytskyi says.

An owner and operator of the system say that approbation of the system through the sale of some real estate items with the participation of big real estate agencies which will give a start of IncoChain penetration at the market will be the next step.