Propy continues to expand its reach around the globe, and its brand is gradually becoming more recognizable. In 2018, Propy CEO Natalia Karayaneva sat down on BBC to explain why Propy would become “the Amazon for the real estate industry.” If you did not manage to catch the interview, the transcript is below.
Natalia Karayaneva’s 2018 BBC Interview
Thank you so much for joining us, Natalia! You are getting into disrupting the real estate market. How are you doing it?
Thank you very much for having me! We are based in Silicon Valley, and we are using the latest cutting-edge technology to automate real estate transactions, especially blockchain. This is a great technology that allows us to bring transparency and liquidity to real estate trading processes.
So, what are the middlemen? What are the agents saying – that you will be cutting them off eventually from the system?
Well, brokers and title companies are calling us and saying, “Hey, we know blockchain will disrupt us. Please let us be part of the process.” So far, they have been a great part in helping us close transactions. So, they actually enter Propy to close transactions, and they do the same work they did before, but they do it electronically. So, a buyer, when they enter Propy.com and want to close a transaction, they pay the same paperwork, but electronically. They do paperwork like payments. Also, everything is on one platform.
But, there is a lot of risk here, Natalia, a lot of information in blockchain technology. And, of course, we are increasingly seeing episodes of companies being hacked for their digital data. Is it safe putting all of your information in this blockchain technology?
That is true. This is where, again, a blockchain has a very important role, because conventional companies often have those single entities that control and secure data. And, this data is often being breached by internal employees, whereas in the case of blockchain, which is a decentralized way of storing data, it is impossible to change old historical data without anyone to notice you. This is… it is called a “chain.”
Alright. In your recent blog, you mention that there have been a lot of inquiries, particularly from Chinese clients. A lot of them are buying here in Singapore, in the United States, and in Europe. Despite this, you have capital controls in China and a ban in cryptocurrency. Are you having some difficulty here?
No, we have an increasing number of Chinese buyers willing to find their homes on Propy and to close a transaction, because high-net-worth individuals in China already have their money out of the country. But there is also the middle class in China, which is willing to spend $50,000 (within capital control) or $100,000 for a couple. And, we have amazing properties in Ukraine, Bulgaria, and Eastern Europe.
Thank you so much for joining us, and good luck with Propy – Natalia Karayaneva from Propy!