Thinking About Launching a Startup? Consider Blockchain-Based Real Estate
When we get inspired by something, it should become second nature to grasp onto the moment and write about it; because one wasted inspiring moment could mean missing out on a life-changing opportunity. I humbly hope this article has the power to unlock one of those inspiring moments.
First things First: Success Isn’t Taught or Bought, It’s Earned
Around a decade ago, I could only daydream of living the life I live now. When the idea for this article came to mind, I automatically thought of those guys with ads on YouTube standing in front of a mansion, sitting in the driver’s seat of a Maserati, or lounging on the deck of a yacht. They’re usually talking into the camera about how smart and rich they are; then they’ll go on to tell you…
Actually, I don’t know what they go on about because I press “skip” as soon as it’s available. When I first started writing for a real estate-related SEO company a few years back, someone told me one of the most honest, impolite, yet valuable pieces of advice I’ve heard to date: No one, including myself, is going to teach you their secrets. You have to learn this on your own or do something else because nothing is free in this world.
This has stuck with me longer than anything else anyone ever told me during my entire lifetime. I knew that, whether I liked their words or not, what they said was 100 percent correct. Some individuals feel the need to pretend that the world is actually a caring place and that only a small percentage of humanity is self-centered and egotistical. Those same people most likely than not don’t own a successful business or do well as a freelancer.
In addition to that, I also learned that people claiming to sell a secret and revolutionary investment strategy that made them wealthy are actually selling the same information you can find in the library for free. But since he knows most people are too lazy to search for that information, let alone have what it takes to apply it, he gets even wealthier selling them a dream. And whatever up-to-date knowledge he has, he keeps it for himself until it, too, becomes publicly available.
Introspection: Do I Know Enough About This Topic to Succeed?
The idea put forth in this article requires a person who possesses tenacity, intelligence, foresight, and other traits held by people running successful startups. And these aren’t traits commonly found in people in their 20s or even 30s because traits such as those mentioned above require a lot of hard-earned experience – an experience that was acquired throughout that 20-year period when individuals learn they’re not the center of the universe.
If you’re like many uninformed people who are guided by media-biased stereotypes or only know big names like Mark Zuckerberg, Jennifer Carter Fleiss, and Pete Cashmore, among others, then, of course, you think most brilliant startup minds were under 30-years-old when they disrupted their industry.
But the fact of the matter is, according to the National Bureau of Economic Research, the average age of startup founders is around 41, while the highest-growth startups which comprise only a tenth of one percent of all total startups nationwide were founded by individuals who were 45 or above when the company was founded.
And if someone still held the classic stereotypical perception that most entrepreneurs are below 30 and likely from Silicon Valley until now, then that individual is nowhere near ready to tackle an endeavor as heavy as founding a startup that won’t end up another nine-out-of-ten statistic. Which means, in a deeper sense, if your research into this topic hasn’t even gotten you past cliche cultural stereotypes, then you have a mountain left to climb.
Why You Should Consider Blockchain-Based Real Estate
When you consider launching a startup, are you the type who gravitates towards ideas that are already trending or are you a disruptor by heart?
Companies setting trends and disrupting the commercial real estate (CRS) industry recognized consumers want transparency and disintermediation. They provide all sorts of online information ranging from free property reports, proposal tracking, as well as listing annual real estate agent fees and commissions.
But what other issues could be solved using blockchain-based real estate technology? With real estate prices skyrocketing out of control, the housing market has become a no-holds-barred free for all over the few houses left on the market.
This has created a hostile environment for those who are forced to rent, with little to no trust between tenants and landlords. Compile that with many in the CRS industry stuck in their old ways, still using the time-consuming, tedious, and less reliable paper-based systems that bog down the rental and home buying process.
How could a blockchain-based platform help tenants and landlords? Since the whole idea behind blockchain started trying to solve the problem of contracts being fraudulently altered at a later date, a smart contracts approach would offer the following solutions:
- Prevent security deposits from being held by landlords
- Deductions made in a fair manner, including clear-to-understand, prearranged stipulations detailed in each smart contract
- Easy and immediate maintenance request submissions
- Comprehensive tenant and landlord screenings
- Be able to select third-party service providers such as painters and plumbers
As for property selling and real estate investments, blockchain technology fits right at home. One example is tokenized real estate. Much in the way of cryptocurrencies, tokenized real estate could translate to area measurements, where a single token may be worth something like one square foot of the property. Of course, that type of measurements and size totally depends on how the providing company designs it, or there could be several options so users can customize their experience.
This means one piece of property can be owned by multiple owners, making it easier for the owner to sell and for investors without large capital to invest in as many properties as they want. In the same instance, investors receive profit shares from monthly rents in the form of tokens or fractions of a token, depending on their initial investment. Additionally, another Bitcoin-type function as well, users have the capability to sell and trade their tokens whenever they please.
Sounds Good But I Can’t Afford to Build My Own Blockchain
For those reading this and this was the thought running through your mind, you should be pleased to know that you are very wrong. All you have to do is conduct a quick search on Google using the keywords “blockchain creation services” and see for yourself the results you get.
Blockchain technology is so exciting that online companies have seen a growing market for SMBs and fledgling startups looking to create their own blockchain-based platform, and so have been popping up all over the Internet offering affordable open source distributed ledger technology.
One of the companies I chose at random and have absolutely no affiliation with is Openchain. Of course, I highly advise researching more than one company before making a choice, including seeking out consultation advice from trained experts.
Now that I have shared just a tidbit of something I felt worth sharing, I hope it inspires just one person, if not many, to get excited about entrepreneurship and try what you have always dreamt of doing.
For me, when I first started pursuing my dream, I was beaten up, torn down, humiliated, and thought of just quitting and returning to a normal nine-to-five job. But, fortunately, I married a wonderful young lady who supported me and never allowed me to give up. And I am so thankful that I didn’t throw in the towel. So, just do it and never, ever turn back.