Interview with CPROP team
This time I had the pleasure of interviewing CPROP team. A blockchain project aiming to create a platform that enables property buyer and sellers to purchase with full guarantees and transparency.
1. How would you describe the main pillars of the company?
CPROP is taking a sensible, commercially grounded approach to applying blockchain
technology to specific challenges facing the real estate sector. In so doing, our main pillars are:
- Industry experience and technology savvy — experience to identify industry pain points and an understanding of the role technology can play to solve them today
- Commercial sensibility — experience building real businesses with real P&L’s
- Innovation and entrepreneurship — a corporate culture unburdened by the conventional way of doing business and the drive to fail fast until we succeed
The main pillars of our company are to give buyers:
- Greater transparency on the closing process
- Greater security when doing long distance or international transactions
- Cooperate with existing property portals and brokerages for implementation, where they can leverage our technology and it provides us access to existing audiences
- Ease of payment and mind by using smart contracts for security deposits and payment.
2. What’s the role of the tokens at CPROP project?
On CPROP’s platform, service providers (e.g. real estate agents, brokers, lawyers, etc.) use tokens to pay a membership fee (priced in USD) so they can join the community. The membership fee entitles them to use the platform and obtain a listing in our service provider directory. We also use tokens to pay buyers and sellers to provide reviews of their service providers upon completion of a transaction. As a result, our service provider directory has a far higher value to the community than just a simple list of names and companies — there’s nothing like this in the real estate industry today.
In summary, CPROP tokens are used to build a community or ecosystem of participants in our solution. Tokens are a highly convenient means of exchange for both charging service providers and incentivizing community members.
The tokens are membership tokens much like you would see for a company like SALT Lending. We also use the tokens to incentivize buyers to rate service providers, so the entire community benefits. Also, we will offer ancillary services like property management for foreign buyers that will give people incentive to hold the tokens long term.
3. About the team and supporters, what are your strengths?
We are fortunate to have a team with diverse expertise, including business, technology, sales, finance and creative. Further, we are not young kids fresh out of college. Instead, our expertise has been honed by years of experience in both corporate and entrepreneurial environments allowing us to design solutions that can be practically deployed in the corporate world. Our team is highly commercially focused and executes well.
Our team has members who have built companies. All of us have numerous successful startups including a $100m plus exit to Zillow, which is the largest real estate portal in the USA. Some of our advisors are still with Dotloop (the company sold to Zillow) so in great position to give us the “inside scoop” on what will and will not work.
We also have team members that currently advise the world’s second largest property management company at the C level. On the development side, one of the founders currently owns a development company which gives us access to a pool of talent.
Our lead blockchain developer worked for the last two years as the lead developer on the PeerCoin project and has spent a lot of time focused on asset tokenization, which we believe will give us a competitive technical edge.
4. Thinking about the future, do you have relevant upgrades or partnerships on track?
Yes, of course. In my own experience managing an early-stage venture capital fund, building the channel to market was always the most time consuming and expensive part of every investment. With CPROP, we try to identify sales channel partnerships where we can help solve some challenges being faced by our partner in return for them helping us scale more rapidly. With our initial product, CPROP has found this match with property portals where our solution has been warmly received. We anticipate announcing several such partnerships in the near future.
So our big focus has been partnering with the global property portals and large brokerages. Global portals are almost like nodes that don’t speak to one another. They all contain massive amounts of information, but they don’t share. The CPROP technology would allow us to plug into those portals, that are now centralized by region and give them access to worldwide business, all the while using smart contracts to make the transactions safer for buyers. So to this end, we are in talks with 12 global portals as well as several government entities interested in putting their property data on the blockchain.
5. What’s the added value of CPROP in comparison with other competitors?
CPROP stands out because we’re applying blockchain technology to acknowledged industry pain points with practical solutions where trust or authentication are key issues. We are not focused on the technology for technology’s sake. Rather, we pursue opportunities that make commercial and technological sense, and can be deployed in a way that mainstream business can readily embrace and benefit from.
There are too many companies trying to “blow up” the way business works in their particular niche and create entirely new commercial paradigms that are highly impractical. While courageous, these companies may be assuming an unnecessary layer of business risk on top of the risk of introducing a new technology (blockchain). In these early days of blockchain adoption, we believe this to be a “bridge too far”.
Quick to money. Our entire business plan is based on leveraging property portals and brokerages to provide us with traffic. All of our competitors are focused on building their own traffic flow. This can take a long time. It makes so much more sense to cooperate with the big real estate portals, that already generate millions of clicks per month, and offer them an integrated solution — but you have to be connected and understand how to navigate the industry to do this. That’s a big advantage for us.
6. Evaluation of the current scenario for CPROP and the blockchain real estate industry
Real estate in an antiquated industry. It can be very slow to adopt change. That is why our scenario doesn’t seek to “disrupt” the entire industry. But instead seeks to “integrate small pieces of blockchain tech” into the already deployed structure. In this way, we can get blockchain adopted in baby steps, instead of waiting years for 100s or 1000s of different governments to say “yes.”
Real estate professionals know all too well the sector is technology-challenged. Hence, everyone is interested in blockchain and how it can be applied to add value. This interest creates a “tailwind” for CPROP in the sense that we encounter near universal interest within the industry to hearing our ideas on how blockchain can add value. And because we’re adding value without creating negative implications (e.g. added cost, added workflows, introduction of complexity, etc.), we find genuine interest and openness to cooperate and experiment.
We are finally at the stage where blockchain meets mainstream. This is an exciting place to be and CPROP plans to lead the way by executing commercially and growing a profitable, global business.
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