Cryptocurrency Gains Attention
Real estate brokers experiment with Bitcoin and other deals.
(Mountain Lakes, NJ, May 10, 2018) — With Bitcoin and other forms of virtual money grabbing headlines, Tampa broker Kenny Hayslett aims to stay on top of the cryptocurrency curve.
Hayslett, broker-owner of the 75-agent RE/MAX Action First, says his company has listed 10 properties for sellers willing to accept payment in Bitcoin.
And Hayslett already has brokered two small deals for land in the Tampa area, transactions that were consummated to test the viability of exchanging property with alt-coin rather than dollars.
For now, cryptocurrency deals in real estate remain rare. They’re mostly the province of younger, tech-savvy buyers and sellers in big cities. But Simon Chen, head of ERA Real Estate, says cryptocurrency could catch on. Bitcoin promises "extreme liquidity," especially for international buyers who might not be able to easily extract currency from their home countries.
But for now, there are drawbacks. For one, Bitcoin isn’t quite as liquid as proponents would like.
In addition, the real estate industry’s regulatory and administrative framework remains far from ready to accept Bitcoin as a stand-in for dollars.
More broker experiences using Bitcoin, along with the pros and cons, appear in the May issue of Real Estate Broker’s Insider.
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