(NEW YORK, NY) — Stephen King is revolutionizing the real estate industry through the launch of imbrex, the first global real estate marketplace on the Ethereum blockchain.
Currently, data exchange systems are fragmented. Third-party platforms do not communicate with each other, yet they continue to raise fees. King is confident that imbrex will put an end to the miscommunications.
Who is Stephen King?
Stephen King works to combine cutting-edge technology with real estate. He started out in commercial sales in 2009.
In 2012, he found himself with an expanding commercial brokerage firm and realized he was spending a lot of money on listings.
Currently, there are three ways you can share a listing: download it as a PDF and email it, share it through a CRM system, or send it to a third-party portal such as Zillow or StreetEasy.
Why do we do it this way? Simple, we use third-party portals to protect listings. However, there is poor communication between the platforms causing repetitive data entry and the forfeiture of the control of our data. King set out to solve this problem by creating an application that offers three things, standardization, trust, and connectivity.
What is imbrex?
Allow us to introduce the execution of data exchange without human intervention.
The Tegula Protocol, a data exchange mechanism, operates as the back-end of imbrex and handles the exchange between agents while also securing listing ownership. The magic lies within imbrex’s ability to exclude third party tampering. Imbrex is an application that allows you to communicate with buyers, sellers, and other agents on one platform for free, without third party advertising.
How does it work?
When an agent inputs a listing on a blockchain, they establish that property’s digital fingerprint via its address. This fingerprint comes with a key, which guarantees that the listing is controlled by the agent. The agent can use their listing key to share information with imbrex or any other real estate application for exposure. It also gives them the ability to revoke the key at any time, thus pulling the plug on future access. This accomplishes two things:
- It puts the agent in control of their data. They determine who accesses the listing and when.
- They can move the data between systems without duplicative listing entry.
Once an agent has a digital fingerprint, they can use it to process transactions using smart contracts. Eventually, agents will be able to sell properties through a smart contract and process funds through the transaction room.
To make sure that imbrex can understand real estate lingo, King has partnered with the Real Estate Standards Organization. The organization has mapped out 3,000 residential real estate terms. Imbrex uses the organization’s data dictionary schema to better match the language agents use when posting their listings.
Who else can use it?
Aside from agents and firms, imbrex is ideal for prospective buyers and sellers because it simplifies the process of data exchange. The application creates an agent-customer relationship by connecting the client directly with the agent that is selling the desired property. It also provides cleaner, up-to-date listing information because every update to the property is a documented transaction on the blockchain. This information can be co-mingled over time and programmatically resolved, thus ensuring accuracy.
Eventually, imbrex will be able to secure documents and handle all necessary transactions in the transaction room. The one-stop shop will save clients money by eliminating third-party intermediates.
Imbrex will also solve the problem of searching through stale listings, which is a growing issue for platforms such as Zillow and StreetEasy.
A promising future
Features like the imbrex token, a type of bitcoin, is used between agents, as a value exchange mechanism. Smart contracts can only process digital currencies. On imbrex, an agent can list a pocket listing and qualify their leads programmatically by requiring payment and any other specified benchmarks.
In addition, agents and community members will be rewarded for uploading quality listing information and curating the ones that may be fraudulent.
When can you create an account?
Starting January 15th, you can create an account on Imbrex.io.
Stephen is excited for the coming years and believes it is time the industry undergoes a data upgrade. Imbrex is launching during a time when legacy applications continue to raise rates.
“It’s time to start treating customers like customers.”— Stephen King