Join Propy’s CRO Joe Budelli as he talks with three agents about Propy’s Crypto Certified Agent course and how this certification has benefitted them.
Phillip Calloway is the broker/owner of Influencers Realty Group, a small boutique brokerage located in Aventura, Florida with a primary focus on residential sales. He been in the real estate business for seven years, and a broker for the last three years. He is currently taking Propy’s Crypto Certified Agent course, and has his first listing on the Propy platform.
Benjamin Teper started his real estate career five years ago in New York City. Two years ago, he relocated to Miami, and is currently with The Agency. Being growth-minded and interested in learning about blockchain and cryptocurrency, he recently completed Propy’s Crypto Certified Agent course. He believes that these new technologies are having a positive impact on the real estate industry.
Mary Yasol has been a licensed Florida realtor for almost eight years now, and works with The Agency, which is a luxury real estate firm located in Miami. She recently completed the first crypto transaction with a pre-construction development for a condo complex. Mary is also a Propy Crypto Certified Agent, which she feels brings value to her clients, and that certification is helping her gain exposure in the crypto community.
Crypto knowledge prior to taking the course
Phillip had some knowledge about crypto when he first started the Propy Crypto Certified Agent course. He had his own wallet, some digital assets, and some knowledge about NFTs. He wasn’t familiar with smart contracts or what happened on the back-end of those, and he didn’t have a way to explain that to a client. While he could mostly follow along if he was talking to someone who was well-versed in crypto, he realized he really didn’t have the language to explain this to a seller. Going through the Crypto Certified Agent course is helping him develop the knowledge base to explain these concepts to a seller.
Benjamin had been following Propy on social media for some time, and becoming interested in blockchain and crypto when he decided to become Crypto Certified.
Attracting attention with his crypto certified announcement
Benjamin announced on social media when he became Crypto Certified, and said he received questions from dozens of agents asking about the course and what it was about. He explains that Propy’s course doesn’t take that long to complete, and will teach agents the vocabulary to comfortably talk to a client about blockchain, cryptocurrencies, NFTs, and how smart contracts work. The course will teach realtors the basics, however, Benjamin stresses it is important to continue to learn about these topics.
“I tell people, it’s not too late,” Benjamin says, “but you better start learning and not miss the train.” He states that the world is changing fast, and agents will be left behind if they don’t start learning about crypto.
Finding a client who wants to transact with crypto
Mary says that the real estate field is constantly changing, and agents need to adapt and keep an open mind. She shares a story about a client referral she received that illustrates why keeping an open mind is so important.
Her new client wanted to buy a property in Miami, however, there was one big hurdle to overcome: while the client held a half-a-billion in crypto, they had no cash. Mary said this scenario is one that some realtors would walk away from, but she looked at it as an opportunity. While she knew it wouldn’t be a straight-forward transaction, “I knew that if I approached enough sellers,” she explains, “one of them would be open to accepting a crypto payment.” She eventually found the developer PMG, who was open to it. This developer had been waiting for someone to make a crypto offer, so that they could figure out how to work out this type of transaction. This was big news for the developer and they had a lot of press surrounding it. As a result, she has executed her third crypto deal with this developer. Mary explains that getting your first crypto deal put together may take some time, but once you do one, it will lead to more.
How to have a discussion with a crypto buyer
Mary says that crypto enthusiasts love to talk about crypto currency, so initiating a conversation can flow naturally if you’re at a crypto related event. Agents need to have conversations with their clients to find out if they hold crypto to help those clients diversify their assets.
Joe says the critical thing is to have some understanding of what the key terms are, and to find out how long the individual has been in crypto. Asking questions about their background with crypto will give an agent the insights to determine if they want to diversify. Everyone has their specific reasons why they may be looking at a real estate investment.“I’ve met 25-year-old crypto millionaires that had no job, lived at home, was a gamer, and couldn’t qualify for a loan,” Joe explains, “But they had a couple million dollars in crypto and they’re listening to their parents that they need to buy some hard assets.”
Phillip agrees that understanding the terminology is really important. It will help you get on the same wavelength as your buyers when you know the language. Equally important is being able to help a seller understand the terminology, and to educate them if they are not well-versed in crypto. Agents need to be able to explain to sellers how crypto transactions work on the back-end.
Benjamin explains that there aren’t that many agents who are knowledgeable about crypto, or that are Crypto Certified. Having that knowledge is a huge advantage within the crypto community. When talking with sellers, it’s very helpful to explain how accepting cryptocurrency can attract more buyers.
Using the Propy platform
Phillip states that the Propy platform is very user friendly. He started to get offers on his listing almost as soon as he had it on the platform. He shares the story that his sellers were calling him to let him know they saw the new offer before he even had a chance to review it. The platform made it really convenient to go over the offers with his sellers, and the negotiation process has been very smooth.
He shares that this seller had decided which offer he wanted to accept before Phillip had a chance to review all of them. Phillip explained the importance of making a decision about accepting an offer after they sat down together to compare the offers apples to apples. At the end, the seller was very happy as he was able to see every step in the process, and see the transparency. The seller appreciated the fact that he was more informed.
Benjamin hasn’t used the Propy platform yet for a listing, but believes the smart contracts recorded on the blockchain and the transparency involved is a game changer and a win-win for everyone involved with the transaction.
For agents who want to better understand the Propy platform, Joe mentions that our Learn and Earn program is an easy way for agents to learn to use the various features. Agents earn Propy’s Pro tokens when they complete various activities on the platform, add listings, or refer other agents to Propy.
Mary has been using Propy for some time now, and says it’s very easy to use the mobile app.
Options for crypto transactions
Joe points out that it’s important for people to understand that when a buyer wants to transact using crypto, that doesn’t necessarily mean that the seller has to receive crypto. Buyers can take loans out against their crypto, allowing them to pay in cash. Crypto can also be exchanged at the time of the transaction into either stable coins, or into cash. In the scenario where the crypto is converted into cash, the settlement is exactly the same for the seller as if they had a traditional buyer paying with all cash.
Mary says putting together a crypto transaction really depends on having an open-minded seller. You need to have a conversation with the listing agent and explain that you have a qualified buyer who wants to offer crypto, and test the waters to see if the seller is willing to consider that. Once you determine the seller is open to this, Mary explains that the Propy platform will help make the deal happen. Having title and all the other resources available on Propy to allow the crypto to be transferred will make the settlement process easier.
Phillip recommends that all agents sign up for the Crypto Certified Agent course. This course will help agents understand the terminology so they can educate their sellers on the different options if they decide to take a crypto payment. Learning the terminology is the first step to really understanding crypto, blockchain and smart contracts.
Benjamin also encourages agents to take the Crypto Certified Agent course and become part of this community. Being a certified agent will open up new opportunities. He also emphasizes that when agents complete the course, that they continue to learn and attend networking and educational events around crypto.
Mary states that Propy is helping change the way business is done in real estate, and encourages agents to keep an open mind, and put their client’s priorities first. Agents need to help clients leverage their assets by diversifying in real estate. “Use Propy to become a certified agent, and use Propy for marketing,” Mary says, “the more people know about it, the bigger our community grows.”