NEW YORK — Everyone wants to get into bitcoin now — and all it takes is one client.

Christie’s International Realtor Piper Moretti shared her experience getting started with bitcoin real estate transactions on stage at Inman’s Tech Connect event on Tuesday.

“The whole bitcoin thing just kind of fell into my lap,” Moretti said.

Moretti switched over to Los Angeles real estate from the entertainment industry about three years ago and soon found herself with a buyer who wanted to pay all-cash — but in bitcoin.

To figure out how to make it work, Moretti found another California bitcoin transaction that had closed and followed its model. Because the transaction was all-cash, they didn’t have to arrange a loan involving cryptocurrency.

The biggest hurdles were converting bitcoin to cash for the seller — and convincing the listing agent that an all-cash bitcoin offer wasn’t a scam.

“The day before we closed, the seller’s agent was still asking me if we were trying to scam them,” Moretti said.

Moretti included in the contract that the buyers would be transferring bitcoin into cash. Still, the buyers got kicked out of escrow a week before closing. The buyers’ decision to buy a Lamborghini in bitcoin after making some money from a spike in the ever-changing value, eventually served as enough proof that bitcoin could be used for a $3 million property.

Since that first transaction, Moretti has closed four more transactions via bitcoin. A few were investment properties for the same clients, but one recent deal was with a new client.

Moretti offered advice for agents interested in finding bitcoin clients.

“Do your due diligence,” she said. “Educate yourself. Get some skin in the game. I don’t care if it’s $100 — log on, get onto the exchange and get a little bit just so you’re invested.”

That investment will help, Moretti said, as cryptocurrencies and blockchain continue to disrupt all kinds of industries.

“My colleagues liken it to the beginning of the internet,” she said. “We know it’s this awesome thing that’s going to be huge later on, but we’re still trying to put the puzzle pieces together to figure out how it’s going to work.”

Check out more technology coverage from Connect: 

Email Emma Hinchliffe

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best of real estate is gathering in Las Vegas NEXT month! Grab your ticket before prices go up on October 1.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription