Is it possible to use smart contracts in the real estate industry?

The real estate industry and smart contracts are a perfect match. As the most security-conscious industry, there is a huge demand for authentic documents before renting or purchasing a house. Technology, on the other hand, has remained strong, and it now affects almost every industry! With technology implementation, real estate could be the most benefited market. 

There are several possibilities now that blockchain-based smart contracts have been introduced, which could simplify the whole process and favor both sellers and buyers. How do smart contracts help with smart buying and selling? 

Since no party can rely on oral promises or witnesses when buying or selling, an authentic contract is required before an agreement between two parties can be finalized. Smart contracts work in a similar way, serving as a silent middleman between the two parties. 

Once a contract is in place between the buyer and seller, no further steps can be taken until both parties have checked each other's authenticity. Each word will be included in the blockchain-based smart contract and enforced with all parties, as previously agreed. 

Apart from smart contracts, below are some best practices that can be accomplished with ease by technology implementation: When you use a smart contract, dealing with rental agreements becomes a breeze. As a customer, you are mindful of the due dates, additional charges, and any hidden costs. 

As a seller, you'll be able to monitor the rent that's been credited to your account or submitted according to the terms, and you'll be completely secure with your property and monthly instalments! If a security deposit is necessary, the contract will state the late fee, damage charges, and other important conditions that must be reviewed at the end of the lease.

Hosting an open house is one of the most useful features. This is a smart lock system that allows a tenant to visit a landlord's property that is being rented/sold by simply plugging his smartphone into the lock. 

Isn't it intriguing? Take advantage of the advantages and build blockchain-based smart contracts to solve your security issues right away! To get the best technologies incorporated into your real estate software, look for the most experienced blockchain app developers.