Both companies exist to improve the pace of the typical real estate transaction, while reducing cost and risk for agents and consumers.
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Inspectify and Propy are working together under an agreement signed this week, Inman learned in an Oct. 8 press release.
Propy’s unique offering to the industry centers on real estate transactions carried out via blockchain, the Web3-based secure transaction ledger often associated with cryptocurrency deals, but applicable to multiple forms of business deals.
Inspectify provides a full platform for the home inspection vertical, from on-site digital workflows to major system insurance policies aimed at ensuring sales close as planned. Property data collected by Inspectify’s solution will bolster settlement protocol and forge deeper links for long-term property record keeping and future sales, according to the release.
Real estate transactions carried out with Propy, called “onchain transactions,” are done through smart contracts, which serve as the point of experience for users.
Smart contracts are not simply digital forms, like those found in DocuSign or SkySlope. Instead, they directly serve onchain interactions. IBM says smart contracts are “typically used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when predetermined conditions are met.”
In this case, because Inspectify will be integrated with and accessed through Propy, a completed inspection, or the approval of an item repair cost, can serve as “triggers” for the next action. This happens in real-time with guaranteed accuracy, meaning the sale continues flowing securely with all parties notified and ensuring that the home’s physical record is permanently part of the blockchain ledger.
Inspectify’s CEO Josh Jensen said in the release that this partnership provides “a tremendous opportunity to create more utility and value for homebuyers.”
“We’ve always believed that the home inspection that happens at the time of home purchase is the most robust and complex data set that exists on homes today, but given how analogous the process has been historically, it’s nearly impossible to unlock its full potential,” he said.
Payments collected by Inspectify will be tracked in Propy, and post-close, all parties will be notified via artificial intelligence of the transaction report for viewing and secure keeping in Propy.
Both companies exist to improve the pace of the typical real estate transaction while reducing cost and risk for agents and consumers.
A 2024 Inman Innovator Award winner, Inspectify is working toward a national standardization of property inspection by offering an automated, mobile item input experience that can cut visit time, improve scheduling, alleviate condition report input and silo communications to all transaction stakeholders.
Inspectify also launched an insurance product to provide anxious buyers with an alternative way to enter into closing. They won’t have to re-negotiate for credits or consider ways to exit a deal should a heat pump need some new parts.
Propy has been in the digital transaction space for a number of years while facing marketing headwinds for its model’s sophistication, despite being long-proven as a secure, more technologically efficient method to carry out a real estate sale.
While blockchain is used to record cryptocurrency exchanges, it is not a contributor to that industry’s short and scandal-rich history. It’s tantamount to stigmatizing a tire maker for a car’s engine problems. It can allow parties to conduct sales from any location, authenticated and securely, which smart agents should recognize as a way to broaden their sales reach, among other benefits.
“This partnership with Inspectify is all about making life easier for our users,” said Natalie Karayaneva, Preppy’s founder and CEO, in the press release. “By keeping the inspection process within the Propy platform, we’re simplifying the homebuying journey and moving property settlements onchain without human off-line and off-chain interactions one step closer to the full potential.”
Karayaneva is taking her company into adjacent verticals, such as title and escrow, to enhance blockchain’s overall acceptance as the point of origin for smarter, faster real estate sales.
The Inspectify-Propy integration is live now on Propy’s website.