The document discusses a proposed decentralized real estate platform called DecentRE PX that aims to disrupt the traditional multiple listing service (MLS) model. It notes that the MLS system is centralized and controlled by gatekeepers, leading to higher costs and inefficiencies for buyers and sellers. DecentRE PX would create an open, transparent and permissionless real estate marketplace built on blockchain technology. This would allow any homeowner to list properties and anyone to search and bid on listings. All offers would be recorded on-chain for full transparency. The goal is to bring more efficiency, fairness and innovation to the real estate industry through decentralization.
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For more information about this topic, please contact SHAUN HASSETT at due_diligence@att.net
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This is an introductory, self-explanatory presentation on Operational Risk Management for Junior officers in Banks in India, illustrated with lots of interesting images to make the concepts easy to understand. Follow the link at the end of the slides to read interesting Op Risk stories compiled from day to day banking, which can be used for group exercise or better personal understanding. (Answers are not given! You have to generate them yourselves or from team members ! ).
(The story on Corporate Banking may appear similar to the recent Banking scam -Feb 2018- in India, but then, similar frauds have been repeatedly happening in one Bank or the other in the last 30 years in India. Neither Commercial Banks in India nor Reserve Bank of India have learnt the operational risk lessons).
You are free to use the slides and my stories for your work.
You can customise the stories to suit your banking environment and/or to add your own Bank stories to build up a library of Op Risk events.
I acknowledge and thank Internet and all original creators for providing cartoons, illustrations, photos, jokes and information which I have liberally used in the PPT.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
Challenges in AML Implementation in Bangladesh Abhishek Bali
Sarwar Chowdhury was invited to speak at the Fintelekt Annual AML Summit held in Dhaka on 6th feb 2017. He presented his views on ‘Challenges in AML Implementation’ to a distinguished set of MDs, DMDs, CAMLCOs, Senior Bankers and AML professionals. His thoughts, in summary, are that Bangladesh faces unique and immediate issues in AML compliance primarily because of:
1. Lack Senior Management Focus
2. Paucity of the right skill sets and manpower
3. Poor data quality
4. Limited cost effective or relevant solutions
5. De-risking is an immediate threat.
Customer Due Diligence: Improving Screening Processes for OFAC Entities and O...SHAUN HASSETT
Update on current OFAC Screening Requirements and How to Improve the Screening Processes as part of your overall Customer Due Diligence Program.
For more information about this topic, please contact SHAUN HASSETT at due_diligence@att.net
Anti money laundering and combating the financing of terrorism (AML/CFT) REGU...Bilal khan
UPTO DATE AND ACCORDING TO PAKISTAN'S STATE BANK REGULATIONS AND REQUIREMENTS FOR ANTI MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM WITH INTERNATIONAL STANDARDS
Introduction to Operational Risk Management for Bank Junior Officers in Indiamlvenkat
This is an introductory, self-explanatory presentation on Operational Risk Management for Junior officers in Banks in India, illustrated with lots of interesting images to make the concepts easy to understand. Follow the link at the end of the slides to read interesting Op Risk stories compiled from day to day banking, which can be used for group exercise or better personal understanding. (Answers are not given! You have to generate them yourselves or from team members ! ).
(The story on Corporate Banking may appear similar to the recent Banking scam -Feb 2018- in India, but then, similar frauds have been repeatedly happening in one Bank or the other in the last 30 years in India. Neither Commercial Banks in India nor Reserve Bank of India have learnt the operational risk lessons).
You are free to use the slides and my stories for your work.
You can customise the stories to suit your banking environment and/or to add your own Bank stories to build up a library of Op Risk events.
I acknowledge and thank Internet and all original creators for providing cartoons, illustrations, photos, jokes and information which I have liberally used in the PPT.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
Challenges in AML Implementation in Bangladesh Abhishek Bali
Sarwar Chowdhury was invited to speak at the Fintelekt Annual AML Summit held in Dhaka on 6th feb 2017. He presented his views on ‘Challenges in AML Implementation’ to a distinguished set of MDs, DMDs, CAMLCOs, Senior Bankers and AML professionals. His thoughts, in summary, are that Bangladesh faces unique and immediate issues in AML compliance primarily because of:
1. Lack Senior Management Focus
2. Paucity of the right skill sets and manpower
3. Poor data quality
4. Limited cost effective or relevant solutions
5. De-risking is an immediate threat.
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
B2B Software & Services: Company presentation by Charles Delingpole, Founder of ComplyAdvantage, at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
We are witnessing the democritization of real estate. What does this mean and how does it impact the real estate industry, its business models and its sustainability?
Ahead of the marcus evans Private Wealth Management Summit 2022, Hannah Kirby discusses real estate tokenization and what makes DAOs attractive to investors.
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
B2B Software & Services: Company presentation by Charles Delingpole, Founder of ComplyAdvantage, at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
We are witnessing the democritization of real estate. What does this mean and how does it impact the real estate industry, its business models and its sustainability?
Ahead of the marcus evans Private Wealth Management Summit 2022, Hannah Kirby discusses real estate tokenization and what makes DAOs attractive to investors.
Early Stage Real Estate Tech Investment Thesis (Sept 2016)Earnest Sweat
Here is an example of a personal investment thesis that I created to share with venture capital firms. In this example, I provide my personal perspective on the real estate tech sector. For details on how I build this thesis check out my blog (https://goo.gl/CU4Qid).
Note: Some of the confidential information has been redacted for privacy.
Real Estate Brokerage: Why Professionalism and Ethics is the PriorityAtHouse Real Estate
Table of Contents:
Why Professionalism and Ethics is the Priority
Real estate is booming in Canada and real estate brokerage counts
Why is real estate brokerage so important?
The key role of real estate brokerage in the process
The digital landscape of Toronto real estate brokerage
Are you ready to skyrocket your success as a real estate investor? Learn the techniques used by Accredited Investors like Sensei Gilliland, one of the most active investors in California. Sensei, founder of Black Belt Investors, and his team invest around the country.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
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USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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We will dig deeper into:
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Business Valuation Principles for EntrepreneursBen Wann
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1. The future of real estate will
be written on the blockchain.
DecentRE PX
White Paper 2022
2. Why
DecentRE PX?
The Multiple Listing Service
(MLS) is at the center of the
real estate industry in
North America.
Without decentralizing the MLS,
there is no hope of bringing
the benefits of decentralized
finance and more efficient, less
expensive, and more innovative
transaction solutions to market.
DecentRE Property Exchange
(DecentRE PX) is the answer.
3. Table of
Contents
2 Why DecentRE PX?
4 Introduction
6 Basics of the MLS
8 The Solution: DecentRE PX
10 How It Works
18 Value Proposition
22 Core MLS Functions
23 Go To Market Strategy
31 Organizational Structure
32 DMLS Token
33 Revenue
33 Opportunity
36 The Team
39 Advisory Board
4. 4
Proprietary and Confidential DecentRE Labs 2022
Introduction
Housing is a
fundamental good,
like food and energy.
Everyone needs to
live somewhere.
The housing industry is also the
one market that is most resistant to
change.
In the United States, the most
developed and advanced residential
real estate market in the world,
twenty years of technological
development and advances have
led to the average commission rate
dropping merely from 6% to 5.5%.
Despite the Internet transforming
our lives in every respect, somehow
land registry and title information
remains mired in the same
paper-based system from the 18th
century.
Despite advances in financial
technology, the process of getting a
mortgage to buy a house remains
more or less the same as it was in
our grandparents’ time.
In 2022, the same crypto-investor
who has multiple cold wallets,
multiple CEX accounts, and
engages in sophisticated yield
farming strategies across the
DeFi universe, must engage in a
process not much changed since
the mid-20th century to buy or sell
a home or an investment property
and pay transaction costs that are
completely out of line with the rest
of his financial life.
This is where we are, despite
exponential advances in big data,
AI, computerization, automation,
and communication technologies.
The reason is simple:
Residential real
estate, perhaps
more than any
other industry, is
dominated and
controlled by
gatekeepers.
Each and every entity in the
industry is a gatekeeper of some
kind between the Buyer who wants
to buy a house and the Seller who
wants to sell it to him. Many of
them perform the kind of routine
function that software does better
than human beings, the kind of
routine function that DeFi does with
smart contracts.
This is why the most prominent
“disruption” from the Internet on
the real estate industry in the past
few decades was the advent of
portals like Zillow where buyers can
go to see the homes listed by the
same real estate agents who have
been listing them for decades. This
is why just about every company
in PropTech tries so hard to stay
within the broken system: it is too
difficult and too expensive to try to
break out.
5. 5
Proprietary and Confidential DecentRE Labs 2022
DecentRE PX White Paper
01 Seller 02 Listing Agent 03 Listing Broker 04 Buyer 05 Buyer’s Agent
06 Buyer’s Broker 07
Multiple
Listing Service 08
REALTOR
Association 09
State Licensing
Commission 10
Federal
Government
& Regulatory
Agencies
11
Real Estate
Portal
Zillow, etc.
12
Local Land
Registry
County Clerk, etc.
13 Title Company 14
Escrow
Company 15
Home
Inspector
16 Appraiser 17
Mortgage
Broker 18 Loan Officer 19
Loan
Underwriter 20
Buyer’s
Financial
Institutions
21
Seller’s
Financial
Institutions
22 Lien-holder
Sometimes 23
Buyer’s
Real Estate
Attorney
Sometimes
24
Seller’s
Real Estate
Attorney
Sometimes
At the same time, real estate is the
most important asset category in
the world. Global residential real
estate reached $258 trillion USD
in value in 2020.1
In the U.S. alone,
residential real estate hit $33.6
trillion in value in 2020.2
As central
banks around the world continue
inflationary monetary policies,
real estate will continue to grow in
nominal value.
Real estate also lies at the heart
of the growing wealth gap in the
developed countries, according to
1
savills.com/impacts/market-trends/the-
total-value-of-global-real-estate.html
2
worldpropertyjournal.com/
real-estate-news/united-states/
los-angeles-real-estate-news/real-
estate-news-zillow-housing-data-for-
2020-combined-housing-market-value-in-
2020-us-gdp-china-gdp-rising-home-value-
data-11769.php
a 2015 study by Matthew Rognlie
of MIT, which found that the wealth
inequality in the G7 nations (US,
Japan, Germany, France, UK, Italy
and Canada) can be explained
largely by ownership of real
estate.3
As housing becomes more
and more expensive, younger
generations find themselves left
behind financially more and more.
The problem of
housing must
be solved.
Blockchain technology,
decentralized applications, and
other web3 tools and technologies
hold the promise of finally being
3
brookings.edu/wp-content/
uploads/2016/07/2015a_rognlie.pdf
able to break the stranglehold that
gatekeepers have on this most
important asset, a fundamental
good for human life.
We believe that the effort begins
with a little-understood arcane
corner of the residential real estate
market: the multiple listing service,
or the MLS.
We aim to bring real estate into the
web3 world by decentralizing and
transforming the MLS, first in the
United States -- the birthplace and
the stronghold of the MLS -- and
then globally.
We are technologists, finance
experts, and real estate experts
who have come together to bring
the promise of decentralization
to one of the most centralized
industries in the world.
Consider the people & companies
involved in the average home sale
transaction in the United States.
6. 6
Proprietary and Confidential DecentRE Labs 2022
Basics of the MLS
The U.S. is the
second largest
housing market in
the world according
to Savills Research,
accounting for
11% of the value of
housing globally, at
about $33 trillion in
value.
In an average year, the U.S. housing
market consists primarily of some
5 to 6 million existing homes
exchanging hands annually, at
a median price of $372,000 in
December of 2020.
Add some 600,000 to 800,000
new home construction sales to
that figure.
The MLS lies at the center of this
market. It is therefore at the center
of many of these problems. And
it is not well understood outside
the industry.
The MLS is essentially a database
of homes for sale in a given area
owned and operated by the real
estate industry.
Most of the 650 or so MLSs are
owned by nonprofit Associations
of REALTORS, but a significant
minority are owned and operated
by real estate brokerages.
In every single case, membership to
the MLS is restricted to those who
have a real estate license.
Listing agents secure the right
to sell a client’s property, almost
always in an exclusive listing
agreement.
They then enter the listing into
the MLS, which performs data
compliance functions to ensure that
the data is accurate, complete and
timely.
All of the other agents in the MLS
are able to see what properties are
for sale and at what asking price.
In the Internet age, the MLS has
become the on-ramp to the Internet
for real property.
Information is entered into the MLS,
but that information is then used by
everyone connected to housing.
Every real estate portal in North
America gets its data of homes for
sale from the MLS, as well as every
single one of the thousands of
brokerage and agent websites.
The MLS is the
conduit to the
internet today.
New home construction is often
held hostage to the MLS as well,
and builders routinely hire real
estate agents for the sole purpose
of entering their for-sale inventory
into the MLS to gain more exposure
to potential buyers.
Even those For Sale By Owner
(“FSBO”) sellers often hire a licensed
real estate brokerage for the sole
purpose of putting their homes into
the MLS because that is the only
way that buyers will find out about
their homes for sale with any level
of efficiency.
What is the MLS, &
Why Is It So Important?
7. 7
Proprietary and Confidential DecentRE Labs 2022
DecentRE PX White Paper
Buyers who wish to make an offer
on a house have to go through the
MLS, which means hiring a real
estate agent to act as a buyer’s
agent since the listing agent often
will not even look at an offer1
that
doesn’t come from a buyer’s agent
using standardized forms that either
the state licensing authority or the
REALTOR Association has created.
Each of the over 650 MLSs in North
America have their own rules and
policies, created and enforced
by a small cadre of local brokers,
although largely coordinated by the
National Association of REALTORS.
It is an incredibly intricate and
complex system that has monopoly
market power, according to every
court that has ever looked at
the MLS.
The power of the MLS is evident by
two recent events.
1
It should be noted that this is against the
law of agency, and against NAR’s Code of
Ethics. It happens all the time anyway.
First, Zillow switched in 2021 to
becoming a brokerage solely for the
purpose of getting broker-only data
feeds (called the IDX feed) from the
MLS. Zillow did this even though
it required them to go under the
rules and regulations of hundreds of
local MLSs.
Second, the United States is
suing the National Association of
REALTORS for antitrust violations
stemming from NAR’s control over
the MLS. It is a monopoly that has
proven resistant to technology,
competition, and even local efforts
at regulation.
The direct result of the industry’s
stranglehold on the MLS is higher
cost to consumers and unnecessary
delays and inefficiencies, because
buyers and sellers must go through
a licensed real estate agent to do
anything in the housing market.
Those agents in turn are also held
hostage because they have no
choice but to comply with the local
MLS’s rules and policies if they want
to stay in business.
8. 8
Proprietary and Confidential DecentRE Labs 2022
The Solution:
DecentRE PX
We believe that the solution is not
to try to work within the system,
but to create a whole new system
based on web3 technologies of the
public blockchain, decentralized
applications, and smart contracts.
We believe the solution must come
from a bottom-up self-organizing
entity, owned and governed by its
users: DecentRE PX.
We propose to create a new kind
of transparent, permissionless and
decentralized MLS.
There will be no
barriers to entry
to any market
participant, licensed
or not.
Any homeowner or homeowner’s
verified representative may enter
listings into DecentRE PX.
Anyone may search DecentRE PX
to see what is available for sale,
and anyone may bid on a property
if they meet the criteria set by
the seller.
In sharp contrast to the current
MLS-based system, all offers will be
on the public blockchain, so that
all buyers know precisely where
they stand.
Our long experience in the real
estate industry has convinced
us that there is no fairer, more
transparent, and more efficient way
to buy and sell real estate than an
open auction.
Today, the MLS is like a black box to
the average consumer; they have
no idea what is going on, other than
through their agents.
Today, the buyer often loses out on
buying a house, and has no idea
why. They don’t know if the winning
bid was $10,000 more or $100 more.
They don’t know if they lost the bid
because they were using a loan,
or because the winning buyer was
represented by the listing agent’s
cousin. They can’t tell if their offer
was rejected because of racism
and bias.
With an open, transparent, and
immutable record of all bids on
the blockchain, combined with the
permissionless anonymity that
DecentRE PX allows, everyone can
be certain that the winning bid won
for legitimate reasons.
The open public auction also
benefits the home seller, since the
market clearing price is evident,
obvious, and public.
Age-old manipulations, such as
“buying the listing” by promising
a much higher listing price than
what the market comps suggest just
to win the listing, will be far more
difficult.
Sellers no longer have to wonder
if their agents did the right thing
by them if the house sells too fast,
or face pressures from their own
agents to drop the listing price.
The market itself
will make the price
of their properties
perfectly clear in an
open auction.
By building on the public
blockchain, DecentRE PX will
achieve wide open transparency
combined with immutability. If any
changes are made to the listing
information, such changes will be
open to all to view.
At the same time, we will protect
the privacy and identity of
every market participant to the
maximum extent possible and
carefully separate the private
information of users from the public
marketplace, while complying with
regulatory requirements.
9. 9
Proprietary and Confidential DecentRE Labs 2022
DecentRE PX White Paper
We are not hostile to the real estate
industry; most of us are from the
industry. We are only hostile to
industry practices that are hostile to
consumers. Unlike other so-called
disruptors in our space, we neither
denigrate real estate professionals
nor talk about overpaid agents.
While we will always put the
consumer first in our design
and decisions, we welcome real
estate brokers, agents, mortgage
professionals, and all of the other
people involved in the transaction.
We believe that real estate
professionals provide enormous
value as advisors and coordinators,
who provide a service to the
buyer and seller, rather than
as gatekeepers.
Unlike a traditional MLS,
DecentRE PX does not
mandate the unilateral offer of
compensation -- the practice of
having the seller pay for the buyer’s
agent by requiring that the listing
agent share her commission with
the buyer’s agent.
We believe the industry is ready
for this change, and the regulatory
environment will bring this change
about with or without us.
We envision a robust and healthy
ecosystem growing around
DecentRE PX as buyers and sellers
do in fact want expert help and
guidance, and professionals do
want to help buyers and sellers
and get paid for their services. The
business model will evolve over time
and as the real estate regulatory
environment evolves.
Consumer First,
Welcoming Professionals
The real estate industry is facing
massive civil antitrust lawsuits like
Moehrl v. NAR and Sitzer v. NAR
making their way through the
federal courts.
NAR has already been sued once by
the US Department of Justice, and
President Biden’s Executive Order
on Competition contains an order
to the FTC to regulate real estate
brokerage and listing services.
Cooperation and compensation,
the practice of having the seller pay
the buyer’s agent, is under attack
and not likely to survive the next
few years.
Other arbitrary rules like Clear
Cooperation Policy are meeting
resistance from brokers and agents
across the industry. Faith in NAR
has never been lower.
There has never been a better
time to offer an alternative to
the traditional REALTOR-owned
MLS with all of its arbitrary and
capricious rules and policies to
consumers and professionals.
At the same time, we are launching
DecentRE PX into the regulatory
landscape as it is today, rather
than as it will be in the future.
Accordingly, we have designed our
system and our business model to
evolve with the changing times.
We will detail this below.
Designed to
Evolve
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How It Works
DecentRE PX has several
important pieces.
Transparent Open Auction
The core property matching function with on-chain
transparency and immutability.
Automatic Contract
Creator
Creates a contract for the sale of the property,
legally valid in the jurisdiction.
Private Communication
Channels
Enables private communication between DecentRE
PX members for negotiation and for exchanging
private information.
Digital Identity
We must balance the need for KYC, AML and
qualifications to participate with the values of
censorship resistance, permissionless and trustless
market participation.
HouseDataNFT
A unique NFT that controls a data repository holding
all of the information and data about a unique piece of
real property.
Data Distribution
Simple to use, industry-standard APIs will
make distribution of data far easier, simpler,
and permissionless.
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Real estate is a tightly controlled
and heavily regulated asset in the
physical world. It is, if you will, the
ultimate physical asset. Accordingly,
some level of KYC, AML and private
information is required to transact
in real estate.
Furthermore, as a platform for
transacting in real estate, we have
to know that the person purporting
to sell a house does in fact have the
right to sell that house, whether as
an owner or as a representative of
that owner.
If a representative, we must verify
that the individual is compliant with
legal and regulatory requirements,
such as an active real estate license.
The starting point for DecentRE PX
therefore must be digital identity.
At the same time, we are true
believers in the promise of
blockchain technology for personal
liberty and self sovereignty. As a
truly decentralized application, we
have zero interest in collecting or
storing confidential or personal
information on anyone.
Accordingly, our plan is to partner
with one of the established
sovereign digital identity companies
who can provide KYC and AML
as required by law, and collect
personal information necessary for
a real estate transaction. DecentRE
PX will simply check with the Digital
Identity Partner as needed – for
example, verifying that a user
wishing to represent a client’s home
for sale has an active and valid real
estate license in the jurisdiction.
Digital Identity
The current best practice in
traditional MLSs is to use “parcel
centric” data, so that each home
listed for sale is linked to a parcel in
public records data. Organizations
like RESO are working on Universal
Property Identifiers. We aim to take
both to the next level and actually
implement a real world use case:
the HouseDataNFT.
The concept is a simple one: each
property in the United States
(indeed, globally) should have
a unique identifier as well as a
data repository that holds all
of the information about that
property from raw data (bedrooms,
bathrooms, square footage, etc.)
to photographs to repairs and
renovations done. Think of it as
a VIN for a house, but with a
database attached to it.
DecentRE PX will create the data
repository on a decentralized
storage service (IPSF, Arweave),
and mint a unique token, a
HouseDataNFT, for that data
repository.
The HouseDataNFT owns and
controls the data repository, can
append data to it, and grant access
permissions. The HouseDataNFT
becomes a database about a house
that keeps a historical record of all
of the changes to that house.
All of the Data,
In One Place
What the traditional industry thinks
of as a “Listing” is merely parts of
the HouseDataNFT exposed to the
public while the property is being
marketed for sale.
All of the transaction data for
that property is written to the
HouseDataNFT and stored
permanently.
For example, an inspection report
on that property uploaded to
DecentRE PX will be stored in
the HouseDataNFT for the Seller
HouseDataNFT(aka, the Listing)
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and all future owners of the
property. Listing photographs
will be uploaded and linked to
the HouseDataNFT.
When the property is not being
marketed, the homeowner still owns
the HouseDataNFT, and can add
to the records and have vendors
and service providers add data to
it. For example, the homeowner
might install solar panels; add that
to the HouseDataNFT along with
documentary proof, and it becomes
part of the permanent record of
the house.
To make a listing then, the owner
simply needs to make the listing
“go live” which grants appropriate
permissions to DecentRE PX to take
the data from HouseDataNFT and
display them to other users and to
syndicate the data via APIs.
Control
by Homeowner
The Seller owns the HouseDataNFT
which gives him the ultimate
ownership over this data repository.
The HouseDataNFT also gives the
Seller the ability to delegate access
and editing rights to the data
repository to others, such as the
listing agent.
When the transaction closes,
ownership of the HouseDataNFT
transfers to the new owner, thereby
maintaining the chain of title over
the information about a property.
Our goal is to place ownership of
the data about a property, other
than what public records and
DecentRE PX’s own Sold Data
database require, in the hands of
the owner. This is one important
way to protect the privacy of the
homeowner, as few possessions in
life are as personal and as private
as one’s home.
Data Distribution
A critical piece of the puzzle in the
21st century is how DecentRE PX
interacts with portals such as Zillow
and Redfin, and how it engages in
data distribution to other vendors
and applications.
Today, the MLS is the central hub
for all marketing, online and offline.
It is the central database where
property information is held, then
distributed to marketing channels.
This is one reason why some
FSBO sellers pay hundreds if not
thousands of dollars to a licensed
brokerage for the sole purpose of
listing their homes in the MLS.
The traditional MLS makes this
simple process as difficult, as
onerous, as arbitrary and as
expensive as possible.
To use but one example, most
marketing technology companies
must jump through an onerous and
arbitrary process with every single
MLS they want access to in order to
get the listing information for such
simple tasks as creating marketing
fliers for the property.
Oftentimes, there are significant
fees charged by the local MLS for
the privilege of accessing the data
that the seller or the listing agent
who hired the marketing company
has entered into the MLS.
DecentRE PX makes it simple and
easy. We will implement modern
APIs, issued automatically upon
the requester fulfilling data access
criteria. If there are any fees
associated with the data, those fees
will be billed on a metered basis or
as per underlying licenses.
(For example,many photographs
might have license fees attached
to usage.)
Whether vendors wish to integrate
DecentRE PX APIs into their
platforms or not is their decision,
not ours. But there will be few
limitations from our side.
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Note on Portals
One clear distinction for DecentRE
PX is that we will not be using
the artificial distinction between
“Participant”1
data access and
non-participant data access. The
industry has adopted mechanisms
like IDX (Internet Data Exchange)
and VOW (Virtual Office Website)
and others whose original purpose
and intent was to protect the
monopoly that real estate brokers
and agents have had over real
estate listing data.
Most of the real estate websites
in the industry today, including
Zillow, get listing data from the MLS
subject to some stringent, arbitrary,
and capricious rules. Many of these
rules are anticompetitive in purpose
and in nature, and at least one rule
(the “No Commingling Rule”) is the
subject of a civil lawsuit in which the
US Department of Justice has taken
a position.
Don’t forget that there are some
650 MLSs, all with their own
variation on these stringent,
arbitrary and capricious rules…
which change all the time. It is
pure chaos and makes technology
development enormously difficult
and complicated.
1
In the traditional MLS, the term
“Participant” is often used to refer to a
licensed real estate broker who must sign
an agreement with the MLS that governs
the relationship between the two, as well
as any licensed real estate agent with that
brokerage. For our purposes, the important
point is that participants get privileged
access to real estate data that non-
participants do not and often can not have.
Since DecentRE PX makes no
distinction between licensed agents
and unlicensed consumers, we will
offer just one data feed, accessible
via API, to anyone who has
registered with DecentRE PX. Any
rules or requirements we impose
will be the result of the community
as a whole – vendors and portals
included – approving them via DAO
mechanisms. Any fees imposed will
be the result of copyright owners
imposing them (e.g., photographs),
or to cover operating costs of
providing the data feeds.
Every real estate
portal we know is
eager to welcome
an enlightened MLS
that understands
the value of data
distribution and
will move to
take immediate
advantage of
DecentRE PX’s open
and transparent
system.
Every PropTech vendor we know
wants a simpler system so they
can create new products for
their customers.
DecentRE PX will offer simplicity,
in an environment of complexity
and uncertainty.
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WINNING BID
Base Bid $350,000
Additional Terms/Value to Seller
All Cash $15K
30-Day Close $10K
Inspection Waived $5K
Total Bid $380,000
#2 BID
Base Bid $355,000
Additional Terms/Value to Seller
60-Day Lease-back $5K
30-Day Close $10K
Inspection Waived $5K
Total Bid $375,000
#3 BID
Base Bid $360,000
Additional Terms/Value to Seller
FHA Loan -$10K
30-Day Close $10K
Inspection Waived $5K
Total Bid $350,000
Sale Contingency -$15K
DecentRE PX
operates as a fully
transparent open
auction.
Our long experience in the real
estate industry has convinced
us that there is no fairer, more
transparent, and more efficient way
to buy and sell real estate than an
open auction. Indeed, the reason
why we are building DecentRE
PX on the blockchain is for the
transparency and the openness that
it provides.
When the Seller lists a property
(i.e., make the data in the
HouseDataNFT available), he or she
will enter fairly standard auction
terms such as reserve price, length
of auction, minimum bid amounts,
if there is a Buy It Now price, etc.
Anyone who has ever used Ebay or
other auction websites should be
familiar with the process.
We also require that the Seller
deposit some minimal yet
meaningful amount of money to
make the Listing go live. This is
not a Listing Fee; this is a deposit
intended to be returned, required
for a very specific reason. Please
see Post-Closing Update below.
Non Financial Terms
Importantly, we require that the
Seller quantify non-financial
terms into dollar amounts.
We do this for efficiency reasons,
and for nondiscrimination purposes.
Oftentimes, in real estate, the
listing agent will manipulate the
Seller using non-financial terms
without actually exploring the value
of such terms. Sometimes, these
non-financial terms are used for
invidious discrimination.
At the same time, these non-
financial terms are legitimately
important for many sellers.
For example, some sellers require a
post-closing lease-back provision so
they can take the time to close on
their next home. Some sellers value
the certainty of cash offers highly.
We do not wish to dictate to sellers
what should be important to them.
Accordingly, the Seller may select
or enter non-financial terms of the
sale, but he must place a monetary
value on those terms. This way, the
Buyer may agree to them and have
the Offer increase accordingly, or
simply offer more money.
All Offers will be transparent
as to how they arrived at their
Aggregate Value.
The buyers are now able to make
rational decisions on how to
proceed. Buyer #2 in the table
below might simply bump his bid
amount up by $10K, while Buyer
#3 might decide to waive the Sale
Contingency and find a way to not
use FHA financing (which has a
history of taking longer and being
more uncertain to close).
Example
Open Auction
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Please note that the Seller decides
the dollar value of these non-
financial terms. We may provide
guidance in terms of what values
other Sellers have used historically,
but the actual value is entirely up to
the Seller.
The Seller may decide to make
some non-financial terms non-
negotiable. For example, if getting
a lease-back provision is absolutely
required, then the Seller may
designate that term as required and
only those bids that include that
term will be accepted.
All bids are made on-platform and
recorded onto the blockchain. This
is essential to ensure transparency
to all market participants and to
ensure immutability of the bids
once made. Buyers pay all gas fees
related to making bids.
At the end of the auction, whether
by expiration of the term or by
Buy It Now, the Offer with the
highest Aggregate Value becomes
the winner.
Buyer Qualifications
The Seller has the option of
requiring that bidders meet certain
minimum requirements in order to
bid. DecentRE PX will verify that
only those Buyers who meet the
Seller’s requirements are able to
bid, without disclosing the Buyer’s
personal information to the Seller or
to any other participants during the
bidding process.
For example, a Seller may require
that all bidders show proof of funds
or a mortgage pre-approval. We will
collect that information and verify
that the Buyer is qualified, at which
point the Buyer may place bids
on that property. If the bid goes
above the pre-approved mortgage
amount, the Buyer must show
proof of funds or upload a new
pre-approval letter from his lender
in order to continue.
Please note that DecentRE PX will
never allow any buyer qualifications
that violate fair housing laws.
Reserve Price,
Anti-Sniping
The Seller will also have the ability
to set a Reserve Price, and opt for
Anti-Sniping rules.
Reserve Price will not be displayed,
but buyers will be informed whether
the bids have met the Reserve Price
or not. If the auction ends and the
Reserve Price has not been met, the
Seller will be free to relist without
penalty, or to take the highest bid
that was below the Reserve Price.
If the Reserve Price has been met,
then the highest bidder will be the
winner and the Seller may not relist
or withdraw without penalty.
Sellers may also set Anti-Sniping
rules. Any bid that comes in during
the final time period (set by the
Seller) automatically extends the
auction by the same time period. So
for example, a bid placed in the last
four hours of the auction will extend
the auction by four hours.
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If the Seller wishes to allow physical
showings of his property, and the
Buyer wishes to tour the property,
the parties may arrange for that
showing off-platform.
We will partner with one of the
leading home tour scheduling
companies in the industry.
Please note that anonymity is
impossible at this stage. We must
pass on the Buyer’s information,
including some personal
information, in order to arrange the
physical tour of the property.
The partnership means that
DecentRE PX will be able to keep
track of how many showing
requests there are on a property
and make that data available
for display or for use by market
participants.
That data is valuable to establish
demand for a particular property at
a particular bid price.
Once a Buyer has won an auction,
DecentRE PX will close the auction
and automatically generate
a Sales Contract, valid in the
jurisdiction where the property is
physically located, incorporating
all of the Terms and Conditions
agreed to between the Buyer
and the Seller but leaving out
personal information.
Both parties will be sent this
Draft Sales Contract for review
and approval. Both parties must
accept the Sales Contract on-chain
to proceed.
This automatic contract creator
technology already exists.
Once both parties accept the Draft
Sales Contract, we move to Closing,
which happens off-chain and off of
DecentRE PX.
Please note that under the current
process, the Sales Contract is
never final. Buyers and sellers often
negotiate important terms and
conditions, including final price,
in the Sales Contract in between
executing that contract and the
actual closing.
Deals fall apart during this
“pending” phase all the time.
Accordingly, while our Sales
Contract will be legally valid and
enforceable in all jurisdictions
where we offer the platform, the
final document at Closing is likely to
be different.
Automatic Contract Creator
Home Tours
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Depending on the jurisdiction, the
parties may choose to use a Closing
Company (typically title insurance or
escrow companies) or a real estate
attorney.1
The parties may choose
to close the transaction between
them without any assistance.
Both parties must agree on the
closing process.
We will provide the buyer and seller
with a list of Closing Companies
within DecentRE PX who are already
members and already authorized
to assist in the relevant jurisdiction.
Buyer and Seller may choose
Closing Companies who are not
DecentRE PX members, in which
case those companies merely need
to register to become DecentRE PX
members, which is free of charge.
Once both parties select the Closing
Company, we will release the final
Sales Contract to both parties,
with their personally identifiable
information included. The Contract
will also be sent to the Closing
Company automatically.
The Closing Company must make a
small but significant deposit into
DecentRE PX for a very specific
reason, explained below. We will
then refund the Seller’s original
deposit made at the time of
listing entry.
1
Hereafter, we will use the term “Closing
Company” to refer to the various companies
and professionals who could assist the Buyer
and Seller close the transaction.
In most real estate transactions,
there is usually a substantial
amount of negotiation and changes
post-contract. We are allowing for
this practice, but creating a way
to incorporate it into the on-chain
DecentRE PX system.
All post-Contract negotiations
and closing are likely to happen
off-chain, and off-DecentRE
PX. Consumers and their
representatives prefer to negotiate
either in-person or via telephone.
However, the Seller may choose
to use the Private Messaging
feature of DecentRE PX for this
post-contract negotiation. If he
does so, there may be a nominal
fee to the Seller as DecentRE PX
will incur costs to provide that
private messaging.
Post-Closing
Update
After the actual closing, the
Closing Company must update the
Transaction on DecentRE PX with
the final terms of the sale, which
both the Buyer and the Seller must
approve. Uploading the closing
document will suffice.
This update must occur within a
reasonable amount of time after
the closing. Upon that post-closing
update, the deposit is returned to
the Closing Company.
If there is no Closing Company used
to close the transaction, then the
Seller must update the Transaction
personally. Upon that update, the
Seller’s deposit made at the point of
listing creation is returned.
This deposit-and-update
mechanism is intended to create
incentives for the Closing Company
or the Seller to update the on-chain
data for a particular transaction on
a particular property.
The final terms of the Transaction,
less personally identifiable
information, are written onto the
HouseDataNFT to be part of the
permanent record of the property.
Post-Closing
Rewards
Upon a successful closing, and
a post-closing update of data,
DecentRE PX will airdrop DMLS
tokens to all market participants
involved based on (a) value of the
transaction, which impacts the
revenues to DecentRE PX, and (b)
level of involvement and interaction
with DecentRE PX.
The goal is to incentivize all
market participants to continue
to utilize DecentRE PX for their
real estate transactions. This is
particularly important for real
estate professionals.
The Closing Process
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Value Proposition
Why would consumers and professionals
want to use DecentRE PX?
We need very clear
value propositions
if there is to be
adoption.
Efficiency
Permissionless, Censorship Resistant
Neutrality
Cost
Transparency
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The current system in North
America is lacking in transparency
from start to finish, which enables
abuse of the system.
For example, in 2018, a court case
revealed years of data manipulation
by a top real estate team in Florida
in order to boost their performance
stats and to manipulate access
to listings.
As we wrote above, the entire
process of making offers,
counteroffers, and accepting
an offer is broken. All of it must
go through real estate agents,
who may be perfectly ethical
and yet forget to update buyers
on where their offer stands.
Unethical agents, of course, have
no trouble manipulating offers
and counteroffers to serve their
own interests.
One of our principal objectives
with DecentRE PX is to bring sorely
needed transparency to the real
estate transaction.
Open auction, on-chain data,
and open source code – all of this
and more add up to the most
transparent marketplace that could
exist within the legal and regulatory
restrictions for real estate.
Transparency
Because the rules and policies of
DecentRE PX are governed by a
DAO, there are no rules that the
community itself has not proposed
and approved. There are no
MLS Boards of Directors making
arbitrary decisions, discriminating
against individuals or innovators.
There is no discrimination against
listings because they are FSBO, or
from a discount broker.
There is no requirement that a
person be licensed in order to
participate in DecentRE PX. The
only requirement is that a person
be licensed if she is to represent
someone else in a real estate
transaction. That requirement is not
ours; it is from the state.
Because the main platform for
searching, bidding, accepting, and
negotiating the transaction uses
anonymous on-chain wallets and
smart contracts, a participant’s
race, ethnicity, sexuality, political
leanings, wealth or status simply do
not enter the picture. There can be
no censorship and no restrictions
apart from those required by law.
Permissionless,
Censorship Resistant
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By removing gatekeepers, DecentRE
PX promotes greater efficiency.
You don’t need to hire a real estate
broker solely for the purpose of
entering listings into an MLS. You
hire a real estate agent to advise
you and help you through the
process, on your own terms.
As data users, you don’t have to go
through the arduous and arbitrary
process of getting a data feed from
DecentRE PX. Just apply for API
credentials, and pay any relevant
fees. Portals like Zillow, Redfin,
Realtor.com, and others would love
the simplicity.
The offer and acceptance process is
open, transparent, and fast. There is
no need to submit offers through a
real estate agent utilizing standard
forms to no real purpose. The open
auction process happens online and
on-chain, as quickly as buyers place
bids. There is no need for real estate
agents to write up offer form after
offer form or read through dozens
of offers to discern what terms are
and are not being offered.
The system takes care of all of the
bids and ranks them on Aggregate
Value automatically. The winner is
decided by code, and code is law.
The automated sales contract
generation saves buyers, sellers,
and their agents untold hours
of labor.
Removing most of
the bureaucracy
of the MLS and
replacing them
with software and
automation means
DecentRE PX will be
the most efficient
property trading
platform available.
Efficiency
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DecentRE PX is cheaper to
market participants.
In the Launch stage, DecentRE
PX is entirely free of charge to
all professionals involved in the
transaction: the brokers, agents,
title companies, mortgage brokers,
inspectors, etc.
In the final form, which we will
evolve to after changes in the
regulatory environment, DecentRE
PX is cheaper for everyone,
including consumers. Please see
below under Go To Market Strategy.
Our Digital Identity Partner may
charge a fee as well, but that fee is
not connected to the value of the
property being traded.
Gas fees charged by the blockchain
are not from DecentRE PX and are
paid by whichever user triggers the
blockchain.
Since we plan on deploying to a
low-cost blockchain, such as Solana,
these gas fees will be measured in
cents and fractions of cents, not
hundreds of dollars.
Cost
As above, DecentRE PX is not hostile
to real estate agents and brokers.
We are friendly to real estate
professionals, because most of us
have real life friends who are real
estate professionals. We happen to
think there is real value in using a
seasoned professional in something
as important and as expensive as
the purchase and sale of real estate.
We are just not beholden to them
the way the traditional MLS and
traditional companies are.
From a practical standpoint, we
may promote using an expert to
help the buyer and seller with a
transaction as complex as transfer
of real property can be. In fact, our
go to market strategy specifically
contemplates working with, not
against, the industry. Our marketing
and messaging do not have to be
hostile to real estate professionals
or to the industry. They can
be positive and favorable, and
encourage their participation.
Buyers and sellers do not have to
abandon their agents; they can
simply incorporate them into the
process. Agents do not have to
give up commissions or adopt
any particular business model to
participate in DecentRE PX.
Neutrality
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Core MLS Functions
DecentRE PX is
intended to be a
new kind of platform
for buying and
selling real estate.
There are still certain
core functions of the
traditional MLS that
are important to the
marketplace and
market participants.
We will fulfill those
functions as well.
Sold Data
Another important function of the
MLS is to provide far more up to
date, more complete, and more
robust Sold Data information than
is available from public records.
We do this by creating a copy of
the data from the HouseDataNFT
during the time it is publicly
available.
As long as the homeowner keeps
the HouseDataNFT private (i.e., not
on the market), then all of the data
in the HouseDataNFT is private
and completely controlled by the
homeowner.
However, during the time that
the homeowner is marketing
the property for sale, that
information is public. And all public
information should remain public to
the marketplace.
Accordingly, we will keep a copy
of that data, linked to the unique
property ID, in our system for Sold
Data purposes.
This allows for important market
tasks like CMA (Comparable Market
Analysis) reports, tracking pricing
trends, etc.
First and foremost, the MLS
performs a very valuable function
in ensuring data integrity. The three
dimensions of data are recency,
completeness and accuracy.
Data
Compliance
An additional consideration for
real estate in the United States
is compliance with various laws
and regulations, such as the Fair
Housing Act, which prohibits certain
kinds of language in advertising.
Compliance is mostly done with
automation – such as technologies
that scan property descriptions for
Fair Housing violations – and via
game theory and smart contracts.
We intend to reward market
participants who find errors in the
listing data and report them with
DMLS tokens.
By helping to drive accuracy of the
data, they are helping DecentRE PX
and all of the other participants as
well, and we plan to reward them
accordingly. The rewards would
be taken from the DMLS rewards
that the Seller would receive for
listing the property in the first place,
thereby incentivizing the Seller (or
his agent) to ensure data accuracy
at time of listing entry.
However, it is impossible to
anticipate every situation where
a data compliance issue might
arise. DecentRE PX will therefore
have a Compliance department
to intervene when necessary. Our
Team has the requisite knowledge
and the necessary contacts as well
as the experience to operate an
effective Compliance department.
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Go To Market
Strategy
Any disruptive new player must answer the question
of how they plan to make it when well-established
incumbents already exist.
This question is particularly relevant for real estate, an
industry that has resisted change and disruption for so
long and so effectively.
We are well aware of the
difficulty. So how do we
plan to do it?
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DecentRE PX White Paper
Phase 1:
Launch
It is important to recognize that the
real estate industry is in the midst
of a major shift in the regulatory
environment.
The US Department of Justice and
the Federal Trade Commission have
both been very active in looking
at the problem of high real estate
commissions. President Biden, in
his Executive Order on Competition,
has ordered the FTC to regulate
real estate.
We believe that the decades-old
practice of mandatory offer of
compensation, where the seller pays
the listing broker, and the listing
broker shares a part of that with the
buyer broker, is coming to an end.
However, it has not ended yet. Just
about every real estate broker and
agent benefit from mandatory
offer of compensation, which
guarantees a payday to the agent
involved in the transaction. And
while the traditional MLS continues
to guarantee payment to agents, it
will be difficult to break the network
effect of the incumbents.
Therefore, we will launch as
DecentRE PX under a Buyer
Premium business model, then
transition to the Platform Fee
model as soon as the regulatory
environment changes, or as soon as
DecentRE PX has achieved market
dominance, whichever comes first.
Buyer
Premium Model
At launch, DecentRE PX will not
charge the 0.25% transaction fee
to both the buyer and the seller.
Instead, we will charge a 5% Buyer
Premium to the winning bidder.
This amount will be added on to
the winning auction bid price (the
monetary component) and the
Sales Contract will be drafted with
the agreed upon Sale Price equal to
the Bid Price + 5%.
For example, if the winning bid was
for $400,000 (the non-financial
terms are not included in this
calculation), then the final Sale Price
would be adjusted to $420,000. We
have verified that the Buyer will be
able to finance this amount, subject
to usual conditions of mortgages:
appraisal, loan limits, etc.
All real estate agents, acting
on behalf of another, will be
contractually obligated to waive
all commissions and fees from the
buyer or the seller if the property
is sold via DecentRE PX. Use of
DecentRE PX may not be cheaper
for the consumer, but it will not be
more expensive.
At close of escrow, the Buyer will
instruct disbursement of the Buyer
Premium fee to DecentRE PX.
DecentRE PX then will deduct 50
bps (0.5%) for our platform fee, then
divide the remainder in two and
remit those amounts as payment
to the listing broker and the
buyer broker.
In effect, we will switch the
commission from the seller to
the buyer, then DecentRE PX will
guarantee payment to the agents
involved in the transaction.
There are three reasons to launch
with this Buyer Premium model.
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DecentRE PX White Paper
Reason #1
Industry Adoption
The most obvious reason is that real
estate agents are the gatekeepers
of consumer relationships today.
Giant companies in real estate, from
Zillow to eXp to Compass, have
become successful by recognizing
this critical role of the real estate
agent in today’s industry structure.
If DecentRE PX is to be considered
as something more than a curiosity
for crypto-geeks, we simply must
deal with the reality as it exists
today. That means we must make
bringing listings and buyers to our
platform as easy as possible for
real estate agents. But it especially
means that our MLS must provide
some guarantee of payment the
way the current traditional MLSs do.
Reason #2
Incentivize the Seller
By moving compensation from
the seller to the buyer, we create
a major incentive for sellers to
list their homes on DecentRE PX.
At the same time, we create no
disincentive to the listing agent,
since we are paying the listing
agent what is essentially her portion
of the commission.
Listing market share is the name
of the game at Launch and for
the early years, as we must grow
large enough and fast enough to
generate positive network effects.
Crypto tokenomics will help a
great deal, but ultimately, for
an MLS, having listings is the all
important factor.
If we have the listings, then buyers
will find their way to our platform.
(This is especially true when their
agents have an incentive to steer
those buyers to our platform,
since we will guarantee that they
get paid.) Portals will want to join
as data takers, because we have
the listings.
It really is quite simple in a way: we
must be the first choice of every
seller and of every listing agent for
a marketplace to sell their homes.
Reason #3
Transparency
to Buyer
While the 5% Buyer Premium will
cause sticker shock at first, we
believe that education will easily
overcome resistance.
Fact is, it is the buyer who ends
up paying the high real estate
commissions anyhow, since the
buyer is the only one bringing
money to the transaction.
Everyone understands that the
seller is bumping up the list price
of the home to incorporate high
commission costs.
In our Launch approach, the
buyer agents themselves will
be incentivized to explain the
economics of commissions to the
buyer. In fact, the 5% Premium is
more transparent to the buyer than
the hidden real estate commission,
which is then divided between
the agents.
26. DecentRE PX White Paper
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Proprietary and Confidential DecentRE Labs 2022
Target Markets
Real estate is a very large and very fragmented market.
We aim to go after all of the segments but focusing on
these at Launch.
All agents will receive DMLS tokens upon a
successful closing on the DecentRE PX platform as a
participation incentive. We should not underestimate
the power of such incentives both to participate and to
drive clients to close the transaction on DecentRE PX.
What will also appeal to this group is the fact that
DecentRE PX is a community-governed DAO with
minimum rules and maximum freedom.
It is impossible to convey the extent to which on-
the-ground real estate agents despise and hate
the bureaucracy of the local MLS, the arbitrary and
nonsensical rules, with NAR policies that tell them
how to run their businesses, how to market their
clients’ properties, and the hundreds of little rules
and regulations that result in nasty emails, fines, or
disciplinary actions.
What rules and policies we have are those that the
market participants themselves have decided they need
in order to make the marketplace work for themselves
and for their clients. Those rules and policies can be
proposed, amended, and repealed through the DAO.
What will also appeal to traditional agents is the fact
that they want to be there to list a home if and when a
FSBO seller gets tired of the work, the hassle, and the
lack of progress to decide to just list with an agent.
By being on DecentRE PX already, they have the
inside track on listing those homes. That potential
for additional business, at zero cost to them, will be a
powerful incentive.
Finally, DecentRE PX does not require exclusivity.
Brokers and agents may continue to be members of
their current MLSs, while joining DecentRE PX since there
are no subscription fees and REALTOR Association fees.
Simply put, joining DecentRE PX
is a no-lose, all-win proposition
for traditional agents.
With the Buyer Premium model at Launch, we have
every expectation that DecentRE PX will be embraced
by traditional brokers and agents. We are, after all,
offering a simpler, more transparent, and more efficient
platform at zero cost to the brokers and agents, while
guaranteeing compensation.
Listing brokers and agents will be particularly
enthusiastic about saving their clients an enormous
amount of money. Given how competition works in real
estate, if one major full-service listing agent can offer
“zero commission listing” to homeowners, every other
agent in that market must follow suit.
Buyer brokers will be enthusiastic about DecentRE PX:
• Total transparency. All current bids on listings
are open and public, so buyer agents can tell their
clients exactly where things stand.
• Less work. Buyer agents today spend hours
upon hours writing up offers; never having to
write another offer is a major incentive to bring
their buyers to DecentRE PX. Even better, with full
transparency, buyers will know not to even bother
with some houses where they are already outbid by
existing bidders. That saves time and heartache for
the buyer and for the buyer agent.
• Guaranteed equal compensation from the
Buyer Premium model. Little spoken of outside
of real estate is the fact that more and more
listing agents are keeping the lion’s share of the
commission, while offering out only a small piece.
Our model specifically guarantees equal split of the
Buyer Premium.
Traditional Brokerages
& Agents
27. DecentRE PX White Paper
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Proprietary and Confidential DecentRE Labs 2022
DecentRE PX is the solution that those homeowners
choosing to go FSBO have needed for decades.
Our value proposition is the strongest to those sellers
who want to go it on their own, and we are able to
provide FSBO sellers with the full suite of tools to list,
price, market, entertain bids, make counteroffers, and
finally agree on a valid sales contract.
Google “FSBO” and you’ll find an absolute avalanche of
articles and videos and statistics arguing against FSBO,
usually from NAR and other self-interested sources.
Despite that, roughly 8% of homes sold every year are
sold by-owner. Using 2021 numbers, that 8% represents
520,000 homes that were sold by-owner with an
estimated market value of $194 billion.
The very fact that DecentRE PX is an MLS means that
all FSBO listings on DecentRE PX are made available
to all of the major portals who want them, and without
the arbitrary restrictions and limits that other traditional
MLSs place.
We have relationships with all of the major real estate
portals to know that they are all singularly hungry for
listing data.
Plus, at Launch, FSBO sellers pay absolutely nothing
to sell their homes. Buyer agents will not avoid their
properties, since DecentRE PX will ensure that they are
paid out of the Buyer Premium. FSBO sellers may even
choose to eventually hire an agent to assist them; that
agent will be paid by us, not by them.
It’s difficult to think of a superior
platform for a FSBO seller.
We believe that our initial marketing efforts will focus
on that small niche audience of people who own, trade,
or are at least interested in crypto and DeFi… who also
want to buy and sell residential properties. This group
is surprisingly large, and there is a good deal of overlap
between real estate investors and crypto investors.
We will then grow through word of mouth, social media
marketing, and other low-cost marketing efforts because
what we are offering to the FSBO seller is absolutely
unique in the industry.
Fundamentally, we believe that the most powerful
marketing we can have so early in our lifecycle is our
product. DecentRE PX, the most open, most transparent,
most low-cost, most efficient, and most reliable
platform for listing and trading real estate, will be our
best marketing.
Our projections aim at a mere 1% market share
among FSBO sellers at the end of year one, and 5%
market share at the end of year three. These are very
achievable goals.
FSBO
(For Sale By Owner)
28. DecentRE PX White Paper
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Proprietary and Confidential DecentRE Labs 2022
MLS-Only
Brokerages
Another powerful channel for DecentRE PX is the “MLS-
Only” brokerages. Numerous companies in real estate
already offer a service whereby they take advantage of
their MLS membership to charge FSBO sellers a flat fee
just to list their home in the MLS, and perhaps provide a
yard sign.
These discount brokerages are looked down upon by the
rest of the industry, but tolerated as they have minimal
impact on the transaction count.
DecentRE PX will market our platform to these MLS-Only
brokerages actively and enthusiastically. The benefit for
these brokers and agents is the fact that DecentRE PX is
free to use for the professional, provides differentiation,
and provides an avenue of potential business
development within the platform and community.
In fact, the Buyer Premium model means that
these MLS-Only brokerages can easily upgrade
their representation to full-service, be guaranteed
compensation, and still have the seller pay nothing to
them. It should be a very easy upsell.
Furthermore, there are radical disruptor brokerages
in the industry such as REX and Homie who would
welcome the ability to list their properties in an MLS
that requires no cooperation and compensation, and
requires no anticompetitive and arbitrary rules.
New Home
Builders
Another important channel will be homebuilders. Their
business model and practices do not fit easily within the
current MLS infrastructure. As builders, they are in effect
institutional FSBO sellers who often employ their own
salespeople who may or may not be licensed.
They often face difficulty getting their properties (which
have not yet been built) into portals like Zillow and
Redfin, and dealing with 600+ local MLSs adds to their
headache. Zillow launched a service in 2020 called
Listing Connect and had to launch a service called Zillow
Listing Services1
in order to provide builders a way into
the MLS. Since retreating from iBuying in 2021, Zillow
has shut down Zillow Listing Services, leaving a vacuum
for home builders.
We can fill that vacuum with what we are proposing.
It will be an important channel for thousands of
property listings.
1
Please see: zillow.com/resources/new-construction/introducing-
listing-connect
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DecentRE PX White Paper
Laid on top of all market segments
is the power of game theory in
cryptocurrencies.
We should not underestimate
the power of Number Go
Up technology.
DMLS, the governance and utility
token, that we will distribute on a
regular basis to the community,
is designed to become more and
more valuable as DecentRE PX
grows and grows.
That incentivizes real estate brokers
and agents who hold DMLS to bring
more and more business and more
and more clients onto DecentRE
PX, as they are rewarded for being
active users.
We will deploy additional strategies
to make owning and staking DMLS
more valuable, and generate real
network effects.
Add to this the reality that brokers
and agents have long wanted to
own their MLS, but could not as
nearly all traditional MLSs are
owned by nonprofit REALTOR
Associations or a small cadre of big
brokers in a local market.
DMLS is not a security; it is not
equity. But it’s something.
DMLS provides
control, and the
value of that control
goes up with time
and scale.
It’s far better than nothing, and a
traditional MLS subscription offers
nothing whatsoever.
We believe that NGU technology will
tend to drive adoption in much the
same way that EXPI drove recruiting
by offering their agents shares in
their brokerage company.
DMLS &
The NGU Technology
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DecentRE PX White Paper
Our team and Advisors know all of
the players in residential real estate
from the discounters and disruptors
to the old school traditional
brokerages to small and large MLSs,
tech companies, agent teams, and
boutique brokerages.
We have relationships with most of
the large technology companies,
and if we don’t have a direct
relationship, it is one degree
of separation.
We know where the pitfalls are, who
the likely supporters are, and who
the opponents are. We know who to
talk to and how to approach them.
We are truly industry
insiders, as well as
industry disruptors.
If anyone could pull
this off, we can.
We Know The Players
What happens if and when the
regulatory environment changes?
We evolve to Phase 2.
In Phase 2, we will move away from
the Buyer Premium model as that
is likely to be made illegal by FTC
regulations. Instead, we will institute
a low platform fee modeled after
DeFi protocols.
The seller will pay a 0.25% platform
transaction fee upon a successful
closing. This is in-line with other
DeFi apps. For a $400,000 home
sale, the transaction fee would
be $1,000. This compares to the
average of 5.0% or $20,000 that
a traditional agent would charge
because she is part of a traditional
MLS requiring cooperation and
compensation. It represents a
small increase over the Buyer
Premium model.
Other than that platform fee, and
any one-time Listing Fee for minting
the HouseDataNFT or fees from the
third party Digital ID provider, there
is no other cost to the seller from
DecentRE PX.
Buyers will also pay a 0.25%
platform transaction fee, and
only if they complete a transaction.
Simply using DecentRE PX to search
for properties, to negotiate, to bid,
are entirely free.
Agent compensation will then be
left entirely up to the Buyer and
the Seller to negotiate with their
representatives.
This will be the new reality under a
changed regulatory environment,
and DecentRE PX will be in the
same boat as every other MLS.
Phase 2: Evolution
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OrganizationalStructure
The organizational
structure of
DecentRE PX is
important to achieve
the balance between
personal identity
requirements,
privacy and
decentralization, and
consumer adoption.
It is also designed to evolve, as we
plan to transition over time to a
full-on DAO-owned and operated
entity, but we need to control
the technology development
and the treasury early on in
our development.
We will also set up a nonprofit
organization, DecentRE Foundation,
which will operate the DecentRE PX.
The Foundation will be governed
by a DAO, and manage the
community-generated Rules and
Policies of DecentRE PX.
The Foundation will also encourage
the adoption of the principles of
transparency, decentralization, and
censorship resistance in real estate,
as well as promote developer
involvement in the ecosystem.
In the beginning, the DAO treasury
will be dedicated to the Rules &
Policies of DecentRE PX and to
promotion of developer involvement
in the DecentRE ecosystem.
Over time, as we transition more
and more to a DAO form, we will
migrate more and more control to
the Foundation.
DecentRE Foundation
DecentRE Labs is the centralized
company that will develop the
software and the technology for
DecentRE PX.
It will be a privately held company,
composed primarily of the Core
Team, advisors and investors.
For the first few years, until the
platform is widely adopted and
governance can be transitioned
fully to a DAO, DecentRE Labs
will manage the finances and
businesses of DecentRE PX.
Founders, team members, advisors,
and investors will all be part of
DecentRE Labs.
Investments will be structured as is
the norm in blockchain companies,
with equity in Labs plus warrants
for token rewards when they are
minted and distributed.
DecentRE Labs
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DecentRE PX will
have a governance
token, DMLS.
Over time, we hope to fully
decentralize control and
governance of DecentRE PX to
the community.
Voting by DMLS token holders will
drive all major policy decisions.
However, in the beginning,
DecentRE Labs will have control
over the DecentRE PX treasury to
drive development and marketing.
DMLS will also serve as a utility
token within DecentRE PX.
Initially, a user staking DMLS will
receive discounts to the Platform
Fee as follows:
DMLSToken TBD with Legal
For example, an agent who has
staked 1,500 DMLS Tokens, then,
will receive 2.4% instead of 2.25%
from the Buyer Premium.
As the price of the home increases,
the value of this discount increases
as well.
This discount mechanism creates an
incentive for agents to buy, hold and
stake DMLS tokens under the Buyer
Premium model.
In Phase 2, these discounts
incentivize buyers and sellers to
hire agents who have large DMLS
holdings as the savings from the
transaction fee may be equal to or
more than what they would pay a
professional for assistance.
That in turn incentivizes
professionals to buy and stake
DMLS tokens.
Transaction Fee
.20%
.15%
.10%
.05%
10 - 100
100 - 1K
1,001 - 5K
5,001+
20%
40%
60%
80%
=
=
=
=
DMLS Tokens
Future utility
functions we are
considering include:
Lead routing based on DMLS
staking for professionals.
• If a consumer wishes to
hire a professional within
DecentRE PX, that inquiry
will be routed based on
DMLS staked.
• Alternatively, any list
of professional service
providers may be ranked
based on DMLS staking.
01
Allowing required deposits to
be made in DMLS.
• For example:
Post-Closing Updates
02
Allowing payment for
professional services within
DecentRE PX to be made
in DMLS.
03
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Proprietary and Confidential DecentRE Labs 2022
Revenue
Opportunity
DecentRE PX is not a speculative technology play in the
Metaverse. We are not launching a DeFi protocol relying
on crypto investors locking value.
We are launching a company in
the real world, dealing with the
real economy, with real assets
generating real transactions.
We expect to provide real world value to real world
market participants, and to generate real revenue right
out the gate.
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DecentRE PX White Paper
Given the size and scale of the residential
real estate market in the United States,
the opportunity is staggering.
We have modeled the following, based on some conservative
estimates of growth and market penetration:
Our targets are a mere 1% of the FSBO transactions and 0.5% of Agent
transactions after the first full year of operations, growing to 10% and 2%
respectively of FSBO and Agent transactions after three full years.
Year 1 Year 2 Year 3 Year 4 Year 5
Total EHS Transactions (NAR),
Decr. 5%/year
6,500,000 6,175,000 5,866,250 5,572,938 5,294,291
Average Home Sale Price (NAR),
incr. 10%/yea
$372,400 $409,640 $450,604 $495,664 $545,231
Total Sales Volume
(based on Average), Thousands
$2,420,600,000 $2,529,527,000 $2,643,355,715 $2,762,306,722 $2,886,610,525
FSBO Share 8% 8% 8% 8% 8%
# of FSBO Transactions 520,000 494,000 469,300 445,835 423,543
Sales Volume of FSBO, Thousands $193,648,000 $202,362,160 $211,468,457 $220,984,538 $230,928,842
Agent Share 92% 92% 92% 92% 92%
# of Agent Transactions 5,980,000 5,681,000 5,396,950 5,127,103 4,870,747
Sales Volume of Agents, Thousands $2,226,952,000 $2,327,164,840 $2,431,887,258 $2,541,322,184 $2,655,681,683
DecentRE Transaction Share
% of FSBO 1% 5% 10% 15% 20%
% of Agent 0.5% 1% 2% 5% 10%
# of Transactions 35,100 81,510 154,869 323,230 571,783
FSBO Transactions 5,200 24,700 46,930 66,875 84,709
Agent Transactions 29,900 56,810 107,939 256,355 487,075
Sales Volume of Transactions, Thousands $13,071,240 $33,389,756 $69,784,591 $160,213,790 $311,753,937
Buyer Premium (5%) $653,562,000 $1,669,487,820 $3,489,229,544 $8,010,689,494 $15,587,696,833
Platform Fee (0.25%), Seller $32,678,100 $83,474,391 $174,461,477 $400,534,475 $779,384,842
Average Platform Fee per Seller $931 $1,024 $1,127 $1,239 $1,363
Platform Fee (0.25%), Buyer $32,678,100 $83,474,391 $174,461,477 $400,534,475 $779,384,842
Average Platform Fee per Buyer $931 $1,024 $1,127 $1,239 $1,363
Buyer Broker Compensation (50%) $294,102,900 $751,269,519 $1,570,153,295 $3,604,810,272 $7,014,463,575
Listing Broker Compensation (50%) $294,102,900 $751,269,519 $1,570,153,295 $3,604,810,272 $7,014,463,575
DecentRE PX Revenue $65,356,200 $166,948,782 $348,922,954 $801,068,949 $1,558,769,683
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Proprietary and Confidential DecentRE Labs 2022
DecentRE PX White Paper
At first glance, these numbers look
just too good to be true. We had the
same reaction you are having now.
However, these are indeed
conservative estimates.
First, we assume home price
appreciation of only 10% per year.
That seems conservative in a 7.9%
nominal CPI environment, and 19%
YOY gains in recent years.
Second, most of the Agent
transactions are done by the top
10-20% of agents in the industry,
and those are the people who are
most likely to transition to DecentRE
PX as the primary platform for
buying and selling. Those are the
top producing agents who most
want something new and different
from the current options in the
MLS space.
We know many of these agents
personally. We know how to reach
the remaining top producers
through our networks, including
those of our Advisors.
We know what motivates them, we
know how to speak their language.
We are confident that they will
embrace our model, especially the
Buyer Premium model at Launch.
Third, these projections do not
include potential transactions from
New Construction, which adds an
additional 600k to 800K in annual
transactions in the US alone.
They also do not include projections
from possible expansion into
international markets, especially
Canada, which shares the same
model as the U.S. Canada alone
adds an additional 550K to 600K in
annual transactions.
As we noted, residential real estate
just in the United States is a $33.6
trillion asset class. Annually, some
$2.4 trillion of residential real estate
changes hands.
Total real estate commissions alone
are estimated at roughly $80 billion
annually.
Our goals are to convert a mere
2% of agent transactions and 10%
of FSBO transactions by the end of
year three, while offering a platform
that is unparalleled in transparency,
efficiency, ease of use, data security,
and is anonymous, permissionless,
and decentralized with a native
token that rewards participation.
We think these are conservative
goals and conservative estimates.
DecentRE PX is a
monster opportunity.
Why These Are
Conservative Estimates
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The
Team
Robert is one of the
most influential, if
contrarian, people in
the residential real
estate industry.
As the Founder & Managing Partner
of 7DS Associates, his strategy work
has spanned the entire industry
from individual agents all the way
up to major tech companies, MLSs,
brokerages, and franchises as well
as major investment firms interested
in the space.
His clients include some of the
largest organizations in real estate.
He has advised tech firms such
as Zillow and Trulia, real estate
companies like HomeServices of
America, Benchmark Realty and
NextHome, and major
MLS’s and REALTOR organizations
like Bright MLS, Stellar MLS,
NTREIS, RealComp, Austin Board
of REALTORS, Texas Association
of REALTORS. He has worked with
numerous startups, smaller MLSs
and boards, and independent
brokerages and agent teams.
Rob writes the well-known blog
Notorious R.O.B. once cited by the
U.S. Department of Justice, whose
readers populate the C-suites of
companies large and small in the
real estate space.
He speaks prolifically to audiences
on topics in real estate, at major
industry events from Inman Connect
to T360 Summit to brokerage
and franchise events to national
organizations like NARPM.
Prior to 7DS Associates, Robert
headed up technology and
interactive marketing for Coldwell
Banker Commercial at Realogy, and
at a specialized commercial real
estate firm doing aviation property
acquisitions.
Before real estate, he was an
entrepreneur, founding a media
company acquired by USA
Networks, where he headed up the
SciFi.com venture.
He has a BA from Yale University
and a JD from NYU Law and is a
retired member of the New York
Bar. He lives in Las Vegas with
his wonderful wife and two very
lazy dogs.
Robert Hahn
President & CEO
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Yoohwan Kim
CTO
Yoohwan is a professor of Computer
Science at University of Nevada,
Las Vegas.
He specializes
in blockchain,
computer security,
cryptography,
communication
networks, and
software design.
He has an intimate knowledge
in blockchain operations and
resolved many challenging issues of
blockchain.
He is the inventor of Binary
Blockchain that solves a scalability
problem and his blockchain
R&D portfolio includes customer
management for hospitality,
cryptographic key management,
private communication on
blockchain, e-commerce systems,
online gaming, secure IoT data
management, energy transactions,
COVID-19 tracing system,
automated staking platform, and
many more.
He has been teaching a popular
blockchain course with hands-on
skills since 2018.
He is also a popular speaker
on Blockchain technology in
technical venues such as Nevada
IT Symposium, FIRST Colloquium,
World Crypto Con, Las Vegas ISACA
meetings, Electronic Crime Task
Force meetings, and corporate
user conferences. Yoohwan is a
prolific researcher with over 150
publications and 4 patents.
Working as a software engineer
and as a founder of multiple
technology start-up companies, he
is very familiar with large industrial
software and ready to lead a
development team for building a
sophisticated decentralized system.
He has received a Ph.D. in
Computer Science from Case
Western Reserve University and
a BA in Economics from Seoul
National University, Korea.
The Team (Continued)
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Andrew is the Founder & Managing
Director of Triforce, a crypto
investment research firm focused
leveraging a deep hedge fund
quality research process.
His knowledge of blockchain
technology, crypto assets, and
decentralized finance is both deep
and wide.
Prior to founding Triforce, Andrew
led the primary research division at
Slate Path Capital, a top tier multi-
billion-dollar hedge fund focused
primarily on equities and helped
lead the build out their crypto
investment research and process.
His in-depth
expertise in crypto,
finance, and
residential real
estate is a rare
combination.
Andrew’s deep experience in
finance includes stints at Fielder
Capital, Arch Capital, Hawkshaw
Capital, and J.P. Morgan Chase.
He has an MBA from Columbia
Business School, a BS from Syracuse
University, and is a Chartered
Financial Analyst.
Andrew
Woodruff, CFA
CFO
The Team (Continued)
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AdvisoryBoard
and staff. Within a year, it became
obvious that a career path decision
needed to be made. Either sell the
rehab company and continue in
commercial printing or move full
time into the real estate industry.
Given his love for real estate, the
choice was obvious, and the 20 year
printing career came to an end.
Once the decision was made to
become a full-time Realtor® and
investor, it was a natural evolution
of this “new” career to set his
sights on obtaining a broker license
and eventually opening his own
company. As with most activities
in Phillip’s life, it’s 110% effort or
nothing…and failure is never an
option! That first year as a full-time
agent, his sales exceeded $4.8
million and continued to climb from
there, with personal production
(not the team, not the company)
in 2006 exceeding $21,000,000,
including both residential and
commercial transactions.
Along the way Phillip, in conjunction
with partners, opened a real estate
company in west Nashville, quickly
growing it into a 100+ agent firm
before converting to a national
franchise brand. Following a
series of discussions with a major
custom home builder in the area,
Phillip decided that his future lay
in the hands-on assembly and
management of the team that
would provide this builder with
major growth. In doing so he
allowed his partners to buy him
out and Phillip focused his career
on personal production. Doing so
quickly catapulted him into the top
1% of Realtors®in the area and
earned him numerous sales awards.
A very strong believer in continuing
education, Phillip has earned the
Education Achievement award
for the past several years from
the Greater Nashville Association
of Realtors®and possesses the
GRI (Graduate, Realtor® Institute)
designation, the e-PRO designation
and the CBR® (Certified Buyer
Representative) designation.
Recently Phillip has been accepted
by the Council of Real Estate
Brokerage Managers as a CRB-
Candidate (Certified Real Estate
Brokerage Manager), the highest
professional designation offered
by the National Association
of Realtors®.
Born and raised in Nashville,
Phillip Cantrell graduated from
the University of Tennessee in the
early ‘80’s, then followed in his
father and grandfather’s footsteps
by embarking on a career path in
the commercial printing industry.
That career would take him on a 20
year journey.
Starting out in sales and working
his way up the ladder of some of
the largest companies in the area,
Phillip spent the last 6 years of
his printing career as the general
manager of one of the largest
companies in the area. During
that tenure, he was responsible for
building the team that helped the
company experience unprecedented
growth by increasing sales six fold,
along with accompanying increases
in market share and profitability.
Simultaneous to his printing
career, Phillip began investing
in residential rehab properties
as early as 1988. Beginning this
venture by moving his family into
the properties he purchased and
doing much of the work himself, he
then progressed to spinning off the
investing activities into a separate
company, with full-time tradesmen
Philip Cantrell
Benchmark Realty
Curt Beardsley
Former Zillow and Realtor.com
When Curt stepped away from the
real estate industry, he was Vice
President of Industry Development
& MLS Partnerships at Zillow Group,
Curt was responsible for Zillow
and Trulia’s MLS and association-
focused industry relations strategy
and outreach. Curt joined Zillow in
March 2014.
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Joe Rand is the Chief Creative
Officer for Howard Hanna | Rand
Realty, one of the largest companies
in the New York tristate region with
almost 30 offices, over 1,200 agents,
and closing over 6,000 transactions
worth over $2.5 billion in real estate
volume in 2020. He is also the
Executive Director of the BPP, an
industry consortium dedicated to
building an advertising-free home
search experience with Homesnap.
Joe is the pioneer of the “Client-
Oriented Real Estate,” or “CORE,”
philosophy of real estate education,
which is designed to raise the level
of client service provided by the
industry by teaching agents how to
be “great at their jobs.”
Joe Rand
Howard Hanna Rand Realty &
Broker Public Portal
Prior to joining Zillow Group, Curt
was Executive Vice President of
Industry Development of Move,
Inc., where he helped lead products
and services at REALTOR.com®
and other subsidiaries. Previously,
as Vice President of Business
Development for Move, Inc., Curt
Beardsley was instrumental in
leading the continued growth and
development of online real estate
products for REALTOR.com®,
the official site of the National
Association of REALTORS® and Top
Producer Systems® (a subsidiary of
Move, Inc).
Earlier in his career, Curt founded
True North Technology in 1994,
where he developed and deployed
the first major Internet-based
MLS system in the United States.
Working with the Northwest MLS
and the Wasatch Front Regional
MLS, True North was at the
forefront of the conversion of MLS
systems from proprietary print
and telnet systems to the browser
based Internet systems widely used
today. In addition, he worked with
Windermere Real Estate Company,
among others, to develop some of
the first public real estate websites
to offer the complete inventory of
MLS listings to consumers.
In 1998 he sold True North
Technology to GTE (GTE became
Verizon in 2000 when acquired by
Bell Atlantic) where he served as the
director of product development for
the Enterprise Solutions division of
GTE. In 2000 he joined Whoscalling.
com where he specialized in
developing telecommunication
systems targeting the real estate,
healthcare, education and
automotive channels.
Curt spent almost 30 years
working in technology and
telecommunications focused on and
around the real estate industry. He
is a frequent speaker on technology
trends and the future of the real
estate industry. In 2013 and 2014
he was selected as part of the
Swanepoel Power 200 list of most
powerful people in U.S. residential
real estate.
Curt earned a Bachelor of Arts
in history and philosophy and
graduated with honors from
Northwest University.
An industry thought leader, he
has spoken at numerous industry
conferences including Real Estate
Connect, the RIS Media CEO
Summit, REALTOR Triple Play, and
the Women’s Council or REALTORS
national meetings.
He was honored by RIS Media in
2018 with one of the inaugural
industry Newsmaker Awards, and
recognized by Inman News in 2017
as one of the Top 100 Real Estate
Influencers.
He is the author of Disruptors,
Discounters, and Doubters, about
how the industry can overcome
the challenges posed by disruption
by raising the bar on client
experiences, and the forthcoming
How to be a Great Real Estate
Agent, about how agents can build
their business by becoming better
at their actual jobs.
He is also a regular contributor
to Inman News, and the author
of several online blogs: the Client-
Oriented Real Estate Blog, where
he writes about the CORE concept
and real estate education; the
Rand Country Blog, providing real
estate analysis for the New York
City tri-stage market; and the
Move to SUMA, about his personal
experiences relocating from
Manhattan to the suburbs.
A graduate of Georgetown
University, Joe also has a law
degree from Georgetown University
Law Center and a Masters of Law
from Stanford University.
He lives in Nyack, New York with his
wife, two children, and three dogs.
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James Dwiggins is the chief
executive officer of NextHome,
Inc. He’s third-generation in real
estate—his grandmother and
grandfather, father and mother all
in the business. James brings to
the table a sharp, innovative, and
forward-focused vision. He’s been
in the real estate franchise business
since 2006, originally joining Realty
World Northern California & Nevada
as director of technology and
strategy, where he was promoted
to vice president five years later.
In May 2014, he co-founded
NextHome (with Tei Baishiki) and
ran both brands until 2020, when
Realty World International acquired
the region back. In January 2015,
James (and Tei) launched NextHome
as an independent national real
estate franchise.
Prior to joining Realty World,
James co-founded—also with Tei, a
decades-proven partnership—VREO,
Inc. developer of groundbreaking
enterprise-level Internet applications
for agents and brokers. VREO
pioneered biometric signature
software for paperless transactions
and garnered numerous industry
accolades, including the coveted
Inman Innovator Award for its
breakthrough technologies.
Previously, James co-founded USA
Virtual Tours, which he helped to
grow nationally until its acquisition
in 2001.
James speaks regularly and is a
frequent media expert on real
estate and other cross-industry
franchise and technology
advancements. He has received
multiple awards, including as a
“futurist” and “trailblazer” by
RISMedia, and, most recently (2021)
on the Swanepoel Power 200 list
and in Franchise Business Review
as the leader of the number-
one real estate franchise (and
number-one across industries) in
owner satisfaction.
Originally from San Luis Obispo,
James grew up playing soccer and
went on to join the California state
championship team. He studied
business and criminal law at Cuesta
College. Today, he loves riding
horses and racing cars—he met
Tei, who he went on to work with
for over 20 years, drag racing on a
Friday night when they were both
teenagers. NextHome is their third
company together.
James Dwiggins
NextHome
I’m currently building Talk Social,
a new venture around my core
life mission of bringing humanity
back together. I’m also a partner in
GoodSphere, a coaching program
where we help real estate agents
improve their relationship with
their sphere and themselves
through tactics, accountability,
and mindfulness.
Zvi Band
Entrepreneur &
Founder, Contactually
Previously, I co-founded
Contactually, and led it as CEO from
an idea in 2011 to an enterprise
SaaS company with eight figures in
revenue when it was acquired by
Compass in 2019. I was Sr. Director
of Product & General Manager at
Compass, leading the development
of their CRM platform, as well as a
number of training and coaching
initiatives. I left in January 2021 to
pursue new ventures.
I owe much of my career to
having the right relationships,
and much of my work has been to
help others build and grow their
network. Beyond Contactually (a
relationship-oriented CRM), I’m the
author of Success Is in Your Sphere:
Leverage the Power of Relationships
to Achieve Your Business Goals
(McGraw Hill, 2019). I also co-
created the DC Tech Meetup which,
since it’s founding in 2010, has been
one of the largest of it’s kind in
the country.
I speak, write, and am interviewed
on business relationships and
relationship marketing, real estate
technology, and entrepreneurship
– from big conferences to high
school classrooms. If you’d like me
to speak for your audience or want
to interview me for something, just
reach out. If you need my speakers’
bio, here you go.
I’m grateful to receive a number
of accolades in my career so far,
including Washingtonian Tech Titan
(numerous), Swanepoel’s Power 200,
and a Finalist for Ernst & Young’s
Entrepreneur of the Year.
I’ve also had a number of other
projects and investments over the
years, some small, some large,
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Sharran is a serial entrepreneur,
sought after keynote speaker, and
a respected thought-leadership
resource for publications such as
the Wall Street Journal, SUCCESS
magazine, Huffington Post
and Forbes.
While Sharran has had 5 exits in
the last 19 years, he has also had
several humbling failed investments
and business initiatives.
He talks all about them on his top
rated Spotify podcast, Business
School.
Most recently, Sharran led Teles
Properties’ unprecedented 10x
growth over 5 years and a 4-year
consecutive streak on the Inc.
500 fastest growing companies
list resulting in its acquisition by
national real estate powerhouse
Douglas Elliman.
Sharran Srivatsaa
CEO, Srilo Capital
some completed, and many failed/
never launched. Moving forward,
I’m investing my time and efforts in
trying to better connect the world
to make it a better place. More on
that soon.
I live in Washington, DC with my
wife, two kids, and our dog Astro,
who earned Dog of the Month,
only once.
Prior to Teles, Sharran worked at
both Goldman Sachs and Credit
Suisse, where he collaborated with
management teams of fast-growing
businesses around the country on
investment advisory and corporate
strategy.
Sharran also spent several years
building recreational programs
in the Caribbean, Middle East,
and Hawaii for some of the finest
international resorts such as the
Four Seasons and Ritz-Carlton,
also has deep experience working
with technology companies such
as Lightera (acquired by CIENA)
and Obopay, a fast-growth mobile
payments company.
Sharran is a Principal at Srilo
Ventures, a multi-factor private
investment fund that focuses
investing in and advising technology
companies and operating
businesses in the consumer space.
Having successfully completed
many acquisitions, joint-ventures,
management buyouts, mergers, and
capital raises, Sharran serves as a
director and advisor on numerous
company boards.
He is also a member of the
Genius Network, the highest-level
marketing mastermind in the world
led by whizkid Joe Polish, and also
a member of Young President’s
Organization (YPO).
After competing on the professional
tennis tour, Sharran received his
Bachelor’s degree in Computer
Science from Luther College and his
MBA with Honors from Vanderbilt
University. Sharran lives in Orange
County with his family.
43. Thank You!
To inquire about DecentRE Labs,
our strategy, or to invest,
please contact:
President & CEO
DecentRE Labs
917.921.7612
rhahn@decentrelabs.com
Robert Hahn