[ANN] CPROP - Blockchain powered real estate

[Kalizar]

What other bounties do you have? How do I register for them

Bounty/referral program announcement will be live shortly.

[michwlv]

Am I understanding this right, CPROP would be Plug & Play with existing real-estate portals? It would just get buyers and sellers in a guided process and give provide rated agents. This actually isn’t a bad idea, you guys have an implementation way open.

Correct.  Our objective is to use existing real estate infrastructure and integrate the CPROP technology.  One of our Founders developed a software solution that allowed real estate agents to digitize real estate records, and then sold this to Zillow (the USA largest portal) for $100m plus.  We are targeting the next step in the process with CPROP.  That is to simplify the closing process.  We want to allow real estate agents to have a work flow management system, that keeps the buyer 100 percent informed on the current status of his purchase.  We then will use blockchain tech to provide the smart contracts, recording of deeds, and tracking of documents.

[michwlv]

Does CPROP have anything developed already to showcase or is it just ideas on paper?

We have been working on the MVP for almost a year.  We have made significant progress on the workflow management system, and actually showcased it at INMAN and the Annual Global Portal Meeting in Bangkok.  We will have a demo available for the public shortly.

[michwlv]

Is CPROP planing to do crypto escrow services?

Yes, that is part of the reason for the rewrite of the whitepaper.  We are looking to have an escrow service.  We started to look more deeply into this idea after attending the Portals Annual show in Thailand and understanding how much money transfer in South-East Asia lacks transparency.  It appears to be a big selling point to portals and agents.

[michwlv]

Will there be any type of monthly accounting of expenses to the community?

This is a great idea, and I'm open to this.  Let me talk to the other team members and see what the accounting would look like.  For the record, no one on the founding team is being paid, all monies are assigned to development and marketing.  But the idea of further transparency is a great one.  Thanks for the suggestion RampageSniper!  Keep them coming.

[michwlv]

Interesting project, but wait, can you explain to me how is works the Leverage existing MLS platform, I do not really understand that, Actually i like about the solution quite reasonable, i'll be watching this thread, Thanks

So we aren't trying to leverage MLS platforms but rather commercial real estate portals.  These portals exist around the world, and carry properties from their own country/region.  All this data is already available, just not generally accessible to foreign buyers.  So instead of us trying to recreate the MLS or compete with real estate portals.  We believe it is easier to make a plug in for brokers and portals, that allows buyers greater visibility.  This acts as a plus for the buyers, but also allows real estate brokers and portals to have additional traffic to their sites, which will result in additional revenue streams.

For the buyer, having the brokers and portals use our work flow management system, will give them complete visibility on where they stand in the sales process.  Whether they are waiting on a home inspection, or a closing date, all this data can be managed by the real estate agent and sent to them via mobile device.  Finally, including smart contract escrow services, and putting deeds on the blockchain, give the buyer maximum transparency and security.

[michwlv]

How the hell is this different than the dead-ass Real.estate and ever-mutating Propy? We’ve all seen these real-estate blockchain projects that want to do everything, but end up doing nothing in the end?

lol good question.  In several ways:

1. We are focused on integrating with currently existing real estate platforms.  Our business model is not to try and "recreate" a real estate portfolio but use existing brokers and portals. Trying to recreate the real estate market will take years...if ever.

2.  We are not focused on government adoption.  Government adoption is great. I'm 100 percent for it.  But many governments will take years, some never.  Its too slow to cash. Most governments have no extra money.  So yes I'll put a deed on the blockchain, but not sure how that gets me to revenue.

3. We are focused on what gets us to revenue and profitability. We have done this before.  One of our Cofounders was also a Cofounder in Dotloop, a real estate startup that Zillow (USA largest portal purchased in 2015 for $100m plus).  That software now handles 48% of all residential real estate transactions in the US.

4. Our team has extensive experience in both commercial and residential real estate startups.  Our other two Cofounders (including me) having designed a software solution that is being used by JLL (worlds second largest property manager) for its Asset Managers to help them to more accurately manage their portfolio.

So I believe over the last several years we have been able to identify the pain points in the real estate industry and address them through our offering.  While our offering has a strong [Suspicious link removed]ponent, it also has a strong workflow management system that real estate agents love.  We presented it at the last Inman in New York and we have brokerage houses prepared to beta it for us later this year. 

So we are not focused on doing everything.  We are focused on what solutions we can provide that people will adopt and buy.

[michwlv]

Who is paying these “fees”? Token holders!??!? I don’t believe it but why would buyers and sellers pay the agency, other parties involved, AND you on top? That just makes no sense, or am I missing something??

The buyers and sellers are not paying fees to use the platform.   The real estate agents will pay in order to have access to additional business from our platform.  This is normal in real estate today.  I talked to some real estate agents that pay their local portal up to $1600 per MONTH for leads.  So if we can give these real estate agents access to additional buyers, of course they will pay.  Especially a small amount of say $100 per year.

In addition, many other service providers will pay to join the platform like attorneys, home inspectors, etc.  as it gives them access to new business.

The portals will join us, because they already have listings, they make their money on traffic to their site, so the more traffic the more they charge for advertising.

Buyers WE WILL PAY for their feedback in CPROP tokens.  This will incentivize them to leave positive and or negative feedback on service providers.

Escrow fees people will DEFINATELY pay.  As they pay this already, but most of the time don't have the security of the smart contract.  So think of this, would you rather send money to an attorney in a foreign country you don't know, and pay him a fee to act as agent, or pay LESS of a fee and get a smart contract escrow?

We have done extensive research and talked to numerous portals and agents, the model will work.  Hope this helps address your concern.

[michwlv]

What’s the benefit for token holders really? Where will there be a demand?

So the demand will come from use of the platform and software.  When people join the platform they will need the CPROP token, as well as using the CPROP token for the ESCROW service and payment to buyers for leaving feedback.  All these tokens will have to be purchased directly from the token holders.  The idea is that we form a community that grows over time and thus token becomes more valuable.

Just to use the idea of the company called dotloop that Adam Co-Founded in 2008.  That software platform now handles 48 percent of all transactions in the USA. If we had even 10 percent uptake on our new workflow management software, the tokens will be bought back completely in under 3 years. (of course using issuing price).  The difference I see with this company, is not only are we addressing the USA market, but also the global market.  So I think that there is a huge upside to token holders if you believe we can get adoption by brokerages or portals.

My belief is we can get major adoption of our workflow management system in the USA and abroad using a SAS model.  That would be a huge win, and thats our goal.

[michwlv]

How are you guys going to get revenue anyways? I am looking at this, you will get “platform members” to pay in cprop, but for first period that will be locked - so no revenue? And after the locking period is done, are the fees sufficient to maintain the company?

Good observation.  But yes there are several sources of additional revenue including fees from the escrow, property management services, and small pieces of brokerage fees on the individual transacations. 

[michwlv]

Some sort of first portal MOU is supposed to be signed around now, according to the light paper timeline. Is this still happening, it’s big news if yes.

Correct.  We attend the Global Portal Show in Thailand a couple weeks ago and had an awesome response from the Portals.  Their main focus this year is "how to get closer to the transaction", they are worried that technology will eventually make them obsolete if they don't keep up to date.  So our attendance was timely.  We spoke to over a dozen portals and had an overwhelmingly positive response.

We are targeting a couple of portals in the largest markets.  We had our latest meeting last week with one of them, it was the CEO with 12 team members!  So we are highly excited about moving forward in the process!  We have submitted paperwork to them  that outlines how we would cooperate in integrating CPROP into their offering, and hope for a positive response soonest.

In addition have various others at various stages of discussion.

Of course, as soon as we have an agreement signed, you guys will be the first to know!

[cattano]

Property business is a never ending, project that will always has many investors waiting.
Since the need of property will always increase overtime.

[MrPhil]

Is this just another white paper or is anything actually developed yet?

[tophe15]

“Carfax for buildings” sounds fake and awesome at the same time. Are you guys doing anything
already in this respect

[yuisefb8]

As i read the ANN, CROP project focused in real estate and by solving the problem of last phase in buying property, you guys are making a decentralized trading. How can the buyer assured that the seller is no a scammer? Making a deal without knowing each other is like a risk right?

[richelle87]

Wait, you guys are saying 4.6 billion tokens is “for sale”. What about total supply, can you
disclose that information, as well???

[keroykeroy]

How are you guys going to get revenue anyways? I am looking at this, you will get “platform members” to pay in cprop, but for first period that will be locked - so no revenue? And after the locking period is done, are the fees sufficient to maintain the company?

Good observation.  But yes there are several sources of additional revenue including fees from the escrow, property management services, and small pieces of brokerage fees on the individual transacations. 

How long are team tokens locked in for?

[recsoninlight]

Wait, you guys are saying 4.6 billion tokens is “for sale”. What about total supply, can you
disclose that information, as well???

Yeah, what’s total supply, how many all tokens issued? As well as how much goes to the team/bounty/other…

[mardaed]

Are you serious you’re trying to pull this off with that team?
What are your developers, can you tell me if you have more than one tech and one blockchain guy?!?!?!

[buldogers]

When will the referral tokens be distributed?