Whoa! I just realized that the real estate MLS can be replaced by nostr! Not only that, but nostr could make the sale public knowledge immediately and expedite the discovery process needed to be sure the seller is the authentic owner. Inspections could be made public as well, and those inspectors' credentials could also be public and verifiable...
One system!
This could be the killer app!
Would not say it is killer
But it is part of endless possibilities
Oh God I'm getting flashbacks to 2005-2010 when I had several real estate clients. Their MLS software was so bad. I agree though, it's all public data. Nostr could fix this.
🤣 I get it. There's so much fiction in the market except when it comes to the actual borrowing of money.
Want to get your home in front of the people who'd like to buy it? Leap through these hoops first. Also, you're gonna have to pay us 7% commission.
Want to get into 7 year's salary debt and pay that off over 30 years? Just sign here: x____.
I keep thinking that the agent market will get uprooted when people realize they are paying for a “service” that provides little to no value but it still exists which is frustrating.
Me too. All my friends who are or who have really potential to be quite wealthy are so because of real estate. It's not that I hope the industry gets "put back in its place" but an empowering of the little guy to play on the same field.
I think the network effect has to be massive before that really starts to happen. And there needs to be some system for revocation/cycling of keys in the database in the necessary cases of death, lost keys, hacks, confiscation, etc.
But this is one of those things where so many crypto bros were certain “blockchain” was the answer here and completely failed to recognize that like 90% of the blockchain node/consensus system is pure bloat and totally useless in the context of real estate. Literally all you need are keys and a public database. Literally all the other stuff is superfluous.
Still feels like you need an administrator, or set of administrators, either way. There’s no way to make real estate ownership “trustless,” but it can certainly be made WAY less expensive.
Totally agree.
There are a lot of evolutional baybystepps in between necessary to get there. And of course a lot of adoption in the normie world. Looking at how long it took us to develope layer two o Bitcoin, this will take a while.
And it is still not decided if this version of NOSTR will survive. We're still in testing mode.
Most definitely. It has to be known before it can be used, but it has to be developed before it can be known. That's the stage we're at now.
As well, I think we would need to distinguish between personal keys and legal entity keys, not technically but in practice. I as a legal entity would be making a listing, purchase, or whatever other action on the one npub, and I wouldn't want spicy memes to be on the same npub as my home purchase or whatever.
Now, it would be the same system, because sharing a listing from the market side to my personal npub would still be a good functionality.
I think the "administrator" of such a system would be local gov't. Key rotation would be ... key 👈😉 ... to ensure individual liberty, while some continuity from key to key would then be necessary for local law enforcement to ensure the laws of real estate (and other) sales are followed.
🥁
Neat idea though
If I sold or acquired real estate using this, I would not be using my primary pubkey as seller or buyer. Curious how this does anything on its own to ensure seller is authentic owner?
I think Nostr is cool for mostly permissionless broadcast, but discovery is very weak as we have barely scratched the surface on tailored indexes and dedicated clients for use cases. There is a great amount of potential, first to market wont necessarily dominate, but each builder will contribute to progress.
Right. I think some way of managing a legal entity npub, very different to a private and personal npub, would be the way most people would use this sort of an application. The point is that the information about listings is gatekept, but it doesn't have to be. Local parties (local gov't, investors, companies, and private owners) could broadcast information in a verifiable manner to a set of local relays for marketplace records, and those records being not only public but very available could expedite and make lower cost certain sales, especially real estate.
It doesn't just have to be Twitter replacements and media sharing, but real, high ticket commerce.
