Leading athletes and musicians have been paid in cryptocurrency – and now real estate agents can too.
A specialist finance company called RLTY Capital is the first to offer brokers the option of having their commissions paid up front, in crypto, highlighting how digital coins are becoming a more common part of financial transactions.
âAs crypto became more widely used, we decided that this would be a good option for agents to offer and that it is most likely the way of the future,â Briggs Elwell, CEO and co-, told Yahoo Finance. founder of RLTY Capital. a meeting.
âWe’re expanding the ways our clients can get paid or invest, and we want to make the process as easy as possible,â Elwell added.
Crypto enables a quick and easy payment process, he said, and allows agents to cut out middlemen while avoiding the payment processing fees associated with banks and wire transfers.
Ryan Serhant, CEO and founder of the real estate brokerage house that bears his name, has invested in RLTY. According to the entrepreneur, many realtors in luxury markets like New York and South Florida (which RLTY serves) want to be paid in crypto.
“[They] deal with buyers who purchase or through cryptocurrency; so it’s just a natural progression, âsaid Serhant.
âI think it’s going to be huge for us and the agents we work with,â he added.
As more and more institutions engage in crypto … everyone is going to be more and more inundated with crypto in front of them, whether it’s to use it for shopping at the grocery store, on Amazon, or to purchase your Netflix subscription.Ryan Serhant, Real Estate Entrepreneur
Currently, RLTY’s services are available in New York and Florida, and are expected to go national within the next six to eight months.
RLTY, which works with industry professionals to acquire pending real estate commissions for residential and commercial properties, buys commissions directly from agents and does not go through a brokerage house. This makes it transparent and allows agents to reinvest in their business – something Serhant says most 1099 entrepreneurs struggle to do.
The company has handled traditional dollar transactions, but it is just starting to offer cryptocurrency. Elwell says what sets RLTY Capital apart is that it has no cap on the commissions it will buy, while most of its competitors cap on commissions at around $ 10,000 to $ 15,000.
Elwell estimates that 5% of loyal customers will try.
âRLTY Capital buys commissions from agents and gives them access to capital in minutes, hours or days at most, when agents would sometimes have to wait months to get paid for their work,â Serhant told Yahoo Finance.
âThey don’t have salaries or benefits. We’re giving them as many choices as possible to take their hard work for dollars as quickly as possible – and if they want it and the cryptocurrency, we’ve got them there, âhe added.
The ability of realtors to earn crypto commissions comes as real estate purchases are starting to take place in crypto both on the residential and commercial side.
Formerly Serhant predicts that over the next five years, 50% of real estate transactions in the United States will somehow be done with cryptocurrency.
âCryptocurrency is no longer just an alternative asset class, it’s now just another asset class,â he explained.
âAs more and more institutions get into cryptoâ¦ everyone is going to be more and more inundated with crypto in front of them, whether it’s using it to shop at the grocery store, on Amazon or to spend his Netflix subscription, “Serhant predicts.
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