Hi, I’m Bette Hochberger, CPA, CGMA. Today is Miami Monday, so I will talk about a Miami-based startup, Propyverse, “an interactive, virtual home buying ecosystem that facilitates real-world property and digital twin transactions,” and what they are doing in the real estate and tech industry.
When it comes to selling your house, the process of having unfamiliar individuals walk through your home can be bothersome, intrusive, and take up a lot of your time. On the other hand, for those in search of a new home, the task of touring numerous properties can also be overwhelming.
It involves dedicating significant time and energy to scheduling and attending multiple showings, managing potential letdowns when properties don’t live up to expectations, and moving through the complexities of assessing and contrasting various homes to arrive at the best choice.
As we enter the era of the metaverse, it begs the question: why are we still relying on physical travel to inspect properties? This was the pondering of Jim Park, an expert in real estate and finance. So, that’s when Propyverse decided to do something different.
Creating Propyverse
Jim Park and a team of ten created Propyverse, a Miami-based virtual home purchasing ecosystem that streamlines real-life property and digital twin transactions. Buyers can tour homes and neighborhoods from their own home using a computer or Oculus device.
Jim Park expects the platform to showcase mostly high-end homes initially due to the cost of creating digital representations. “I think the adoption from that segment is going to be fast in the short-term,” stated Park.
However, he believes this innovation will benefit a more diverse range of home buyers in the long term. It could lower racial steering, the practice of steering buyers from certain neighborhoods based on race.
Why Miami?
Miami is the first city where Propyverse will be active, and he says there are two main reasons for this. He sees Miami as the web3 capital, and Propyverse will save time for remote real estate buyers.
The platform is expected to be launched in the upcoming weeks.
I hope you enjoyed this news as much as I did. I think it’s a pretty cool concept, and I’m excited to see how this changes the industry.
As always, stay safe, and I will see you next time.
