PadBlock is a New Jersey residential real estate website which integrates blockchain technology into a real estate search engine. The objective is to direct home buyers through each stage of the home-buying process.
Potential home buyers and sellers can now register on its website – for updates in advance of the platform’s official launch.
“The first time I tried to buy a home, I found the process to be confusing at best and frustrating at worst,” says PadBlock founder Albert Marinas. “As I settled into a career as a registered Realtor, I saw the need for a solution that would break down the home-buying process into easy-to-accomplish steps. Many first-time home buyers have no idea, for instance, where to look to find an attorney to close on their home—that is, if they even know that they need to hire an attorney to buy a home in the first place.”
The Padbock process
Unlike legacy online real estate platforms, PadBlock walks home buyers through each step of the residential real estate search, from ‘browsing to closing’. The system only allows a buyer to move to the next home purchase phase once verified previous required steps are complete. The PadBlock process aims to offer peace of mind for buyers and sellers alike:
- buyers know that all paperwork has been filed
- sellers can rest assured that the sale will happen.
As potential home buyers go through the real estate search process with PadBlock, the system connects users with vendors specific to each phase of the home-buying process. For example, during the mortgage pre-approval process, PadBlock will connect a home buyer to a mortgage broker vetted by PadBlock. Once that step of the home-buying process is complete, PadBlock’s blockchain-based technology will move the buyer to the next phase – connecting a buyer to a real estate agent to select a home.
Where most online real estate search sites stop with a home listing and real estate contact, PadBlock carries home buyers over the finish line. It connects them with the surveyors, attorneys, and closing companies who can help them meet their goal of homeownership.
PadBlock ranks and vets each of the vendors on its supply chain. Based on a system of reviews and industry referrals, the platform ranks each set of vendors:
- from professionals during the early stages of the home-buying process (such as mortgage brokers and real estate agents)
- to the final steps, such as attorneys and closing companies.
Users will be able to select which vendors are the best fit for their needs. Vendors will enjoy the benefits of having customers sent to them directly, knowing their paperwork is ‘in order’ and that they are ready to engage for a vendor’s services.
“As a licensed Realtor, I know firsthand the challenges that face both buyers and sellers. I developed PadBlock to overcome these hurdles,” says Marinas. “As a first-generation immigrant, I want to share the American dream with anyone who wants to experience the joy and sense of accomplishment that comes with owning a home.”
Enterprise Times: what does this mean
PadBlock seeks to upend and streamline the way people buy and sell homes. It hopes to improve a real estate industry long overdue for digital disruption, for:
- both home buyers and sellers
- how professionals, at each step of the home buying process, serve their customers.
By bringing blockchain-based transparency and efficiency to the home-buying process, Padblock could change the way people sell and buy houses and apartments. For success it must not only deliver participation from the service providers as well as home buyers and sellers but it must establish trust in its platform.