Review: AgentMile decentralized real estate marketplace
AgentMile is a decentralized real estate marketplace that allows real estate owners, agents and brokers to list real estate property and lease them to customers. It also offers enhanced management of listed and leased property through smart contracts as well as reporting. Using blockchain, it not only helps build a connected real estate marketplace around the world, but also eases and quickens real estate ownership and transfer; and facilitates easier property payments, property search, and performance of due diligence.
Founded in 2015, the company specializes in both residential and commercial brokerage services to more than 1,000 real estate professionals in 20 countries around the world. The company serves both independent brokers and real estate global franchise networks such as Coldwell Banker and Century 21.
AgentMile help customers to solve a number of problems in commercial real estate industry today such as difficulty in investing in overseas property, inaccuracy and unverified property listing data (or inability to easily verify accuracy of listed data on traditional listing services), unavailability of property history on traditional property listing databases, the fact that industry data is kept behind closed doors, and the poor management of cash flow that affects real estate businesses. It also tackles the problem of consuming a lot of time in performing due diligence, antiquated and disparate technology in real estate marketplaces, static property visualization and lack of real-time data for decision making in real estate marketplaces.
AgentMile provides a real estate CRM and marketing automation, smart property search, smart contracts, full access to property history, digital identities of people and properties, data sharing, AI to facilitate decision-making, and AR/VR walkthroughs of real estate property.
To help provide the above solutions, AgentMile platform features six modules. These include property digital identities, a module which collects information about property stored on the blockchain and processes it to present data to end-users and the module aims at providing a secure and traceable property history; Elasticsearch, a search engine module to improve property search and experience; and User digital identities, the third module that incorporates user information including data from third parties such as brokers and tenants.
The leasing smart contract manager is another module and is tasked with controlling all lease information as provided by tenants, landlords and brokers and the manager creates smart contract that governs the lease; AI module is meant to process all data stored on the blockchain to provide accurate recommendations and analysis to AgentMile users and to third parties via the OpenAPI; hence OpenAPI is the sixth module and which will facilitate the exchange of data with public and third parties.
AgentMile Smart Contract Ecosystem
The platform implements two types of smart contracts which help to collect, store and manage a comprehensive list of properties within the platform, as well as to facilitate and manage to lease of property and payments and other transactions.
The first type, the Multiple Listing Service Smart Contract keeps and manages the comprehensive property list and provides a full property history and records any relationship with the other smart contracts. The data encompasses a resume of property information ratings, reviews, and comments from tenants/brokers providing an in-depth record of the entire property-related data.
The Property Leasing Smart Contract governs the leasing contract and helps make and manage interactions between brokers, landlords, and tenants throughout the property leasing life cycle. This contract details the terms of the lease contract, the frequency, payment methods, and lease rates. It also manages escrow payment, broker fees and security deposits among other things. This contract tells details of the property transactions and its history such as rental payments, repairs and maintenance requests, multi-signed agreements, escrow payments, etc.
Users can create own Property Leasing Smart Contracts by completing a questionnaire via the web or mobile app after which the contract is created and deployed. The user does not need to have any special skills about creating or deploying a contract. They can also search for property as per lease rates and other factors.
AgentMile has a platform token known as ESTATE, which is an EIP-20 standard-based Ethereum token. Currently available for purchase on different exchanges, this token can be spent in paying for and rewarding of services on the platform as well as other transactions.
Users will pay in ESTATE token when they publish properties on the platform, advertises on the AgentMile platform, leases, and rents a property on the platform uses AI to report and make better decisions related to their or other properties, and when they use the technology as a white label solution.
AgentMile, according to their token document details, will reward users in Estate token for registering, creating profiles, and completing KYC, reviewing the property, promoting a property, sharing data, completing a lease and rental agreement.
In the Q3 of this year, they plan on having broker mobile apps for iOS and Android for the platform and will integrate OpenAPI for 3rd party integration in Q4 before adding more smart contract and applying AI to CRE data and adding utility bill payment and reconciliation functionalities from next year.
Blockchain and real estate
Blockchain is being applied to a variety of services in real estate such as leasing, financing, management as well as purchase and sale of commercial real estate property. It delivers transparency, speed of transaction, cost benefits and security of assets and transactional data during and after the sale process.
The blockchain suits real estate because already the latter requires shared (distributed) databases that are critical for executing leasing, purchase and sale transactions. A simple example is a database for a listing service that collects information and data from brokers and agents.
Besides helping to store information securely and immutably such that real estate ownership and other data/information cannot be illegally changed, blockchain can also improve property search process through listing property on the ledger, expedite pre-leasing and due diligence through automation of processes, ease leasing and subsequent property and improve cash flow management by organizations. Blockchain also enables smarter decision-making, makes transparent and relatively cheaper property title management, and enables more efficient processing of financing and payments.
Further, a typical transaction will involve multiple parties such as owners, tenants, operators, lenders, investors, and service providers and these are required to modify a variety of information when the transaction is initiated. These participants are new to each other in many cases and trust may be an issue, and they could have issues in due diligence and data integrity concerns.
The blockchain’s application in real estate can help to reduce related risks through the provision of and sharing of digital identities registered on the ledger; and provide a transparent immutable record
keeping system for real estate titles, settlements, liens, financing and tenancy. Blockchain can also reduce related risks by disintermediating some intermediaries. This is because it allows and simplifies exchange of assets directly between parties owning the property registered on the ledger.
Furthermore, smart contracts are native to conditional clause such as those existing in many real estate transactions. For instance, the conclusion of a real estate sale transaction may be dependent on loan approval or title clearance. Smart contracts can reduce the time required for reconciling transactions, ensure transparency in the approving of property-related transactions, and help to reduce costs in the processes of accounting and compliance.
Wladimir Baranoff-Rossine is the Founder and CEO of AgentMile, and he is an entrepreneur who is also Mentor at oxygenaccel and igniteaccel, and also has an association with SunSoftCity and is a Speaker at different conferences including ThinkingDigital, DIBIconf, and B2BCG.
CTO of the project is Ángel Luis Quesada Nieto a Madrid-based tech partner, investor & entrepreneur at Kubide & Onyze. Konstantin Boyko, who is also CEO at JustCoded, a web, and mobile apps development fintech firm, is the technical director; while Ira Chopovska, Johnny Lee and Montgomery Hayton are Marketing Manager, Project Director and Product Designer respectively. Chris Sargent is product manager, Ronald Kozielecki Operations Manager, and Wilai Wongsutho is support specialist.
The team is advised by, among others, real estate and blockchain experts including Herb Kim who is Board Director at Tech City UK and David Dennison who is VP, Business Development at Century21 in Thailand.