Frequently Asked Questions
What is Real Estate Consortia (REC)?ReConsortia (REC) is the best in its class platform utilizing blockchain technology providing a single source of truth for information about residential properties. REC has minted a patent pending title token for every property in the United States. REC's proprietary platform allows property owners, agents and title companies to securely share all property information and to track all relationships tied to a property.
REC realizes that technology can be a bit overwhelming, but thankfully our platform doesn't require you to be tech savvy. The title token is the underlying technology that powers the user interface (UI), and it is maintained on REC's secure servers, utilizing Amazon's latest cloud security and technology.
As homeowners become more engaged with the REC platform, they will be encouraged to use REC to securely store all property improvement records, contracts, title/deed and other important disclosure documents. The incentive for the owner to use the REC platform is it provides a single, secure location for all the important information (i.e. closing documents, property disclosures, receipts from repairs and upgrades, etc.) so when it comes time to sell, they don't have to go hunting for them. Additionally, it will provide more transparency to home buyers when looking for properties, potentially making the home more desirable in a competitive market.
REALTORS® and other relationships affiliated with the property can still be recorded on the REC title token without the owner engagement. The two functionalities can operate independently of each other but converge via the Realtor relationship with every property.
I'm a Realtor - how can I learn how to use REC?REC will offer in-person, webinar and pre-recorded training options to learn the platform as well as other programs to enhance your value proposition to your clients through market specialties (i.e. distressed properties, military relocation, senior marketing), certifications and designations.
What are the current perceptions towards technology and sharing of personal data by industry specialists and homeowners?In the United States property information, with the exception of just a few States, is public information and already available on the internet. Unfortunately, in most cases consumers don't have the ability to correct inaccurate information. REC's platform puts the homeowner back in control, allowing them to upload the appropriate, correct information and documents.
Additionally, as a licensed real estate agents, brokers and mortgage loan originators, consumer protection and privacy are of the utmost importance to REC. The information that is regulated as public will be made public on the REC title token. Information that is on a need-to-know basis and protected for consumer benefit will remain private unless the homeowner gives permission to the Realtor to share the information with third parties. Our platform uses the highest-level security available to be sure all private information remains private.