Real estate brokers are seeking ways to stay ahead and tech-savvy real estate agents and brokers are now experimenting with cryptocurrency by accepting it as a means of payment. Recently, Ronnie Rickner, director of Rickner Charles in Dartford, Kent revealed that one vendor has already paid their fees in bitcoin. Ronnie revealed that the seller paid their fees in bitcoin for the sale of a £600,000 property in Rochester.
Ronnie is not the only agent thinking forward. Property Industry Eye reported that other agents are already utilising digital currencies for their transactions. Go Homes reported last year that it sold a property worth £350,000 in bitcoin. On the other hand, some property agents have started taking rent and deposits in the form of cryptocurrency.
Ronnie believes that agents need to stand out in the highly competitive market. With the rise of online agents, any agent not willing to embrace change might “risk becoming extinct”. Agents need to go beyond the box of corporate structure and give clients multiple choices of how they can purchase a property. He also added: “I hope that we can lead and innovate in ways we can help our customers and move with the times by not sitting in the same box.”
Ronnie revealed that he offers his clients the unique option of paying in other digital currencies such as ethereum and ripple. He also claims that the benefits are enormous as clients find the payment system more flexible and faster and overseas buyers equally benefit from lower transfer rates. However, the agent is still faced with meeting anti-money laundering obligations. Ronnie there was no law surrounding the money launching and cryptocurrency sector at the moment. He added, “We are closely monitoring any change in this legislation or our duties but we make sure that we do all the required checks on clients before we provide any services.”
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