Reasi fulfills its promise of streamlining the closing process, and it’s one of the sharpest uses of smart contracts on the blockchain.
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Reasi is a blockchain-based escrow management solution.
Platforms: Browser, mobile-optimized
Ideal For: All brokers; primarily larger, tech-forward offices and teams
Top selling points
- Secure, blockchain-backed escrow management
- Allows broker to serve as legal escrow agent
- Can serve as third-party escrow agent
- In-app funds exchange
- Highly intuitive UI
- Easily integrates all parties
Brokerages entrenched in traditional escrow processes would be hesitant to adopt, despite software’s sharp user experience. No full integration with common transaction management platforms.
What you should know
Reasi rests its escrow management platform on the blockchain.
This allows the MetaProp accelerator participant to help brokers with the secure exchange of transaction fund types within the software, eliminating the need to send wire information via email and tightly securing all deal data within smart contracts.
Once buyers and sellers link a bank account after finalizing an offer—which is quick and easy—monies for exchange are recorded and linked at every step of the escrow process. Brokers will connect their trust accounts upon set up.
Thus, brokerages are now able to serve as the escrow agent on their deals, knowing client funds are protected under the security of the blockchain.
From a pure user perspective, Reasi (pronounced, “reezy”) fulfills its promise of streamlining the closing process, and it’s one of the sharpest uses of smart contracts on the blockchain.
(Don’t confuse Bitcoin or cryptocurrencies with blockchain, they are not the same thing. Those entities use blockchain technology because of its secure, decentralized ledger.)
Smart contracts in this context are not merely fillable PDFs or online forms (but Reasi does include e-signable documents); they are coded, digital agreements between two parties that are stored on the blockchain, unable to be changed once finalized.
Along the way, each alteration, or version of the agreement, is also tracked and recorded in the same public record.
This also means that a third party (the escrow agent) isn’t needed to manage the exchange of data and funds. In essence, there is no better application of smart contracts than real estate deals.
Brokers can easily manage current deals and onboard new ones, and buyers and sellers are walked through the process with their own deal dashboard, and along the way have their identities digitally verified, banks connected, and funds transferred.
The overall user interface belies the software’s month-old launch date, depicting a look and feel of a much more seasoned product. It’s sleek and ergonomic.
There are some nomenclature issues the Reasi team will need to adjust that confuse active deal terms with those used after a property is under contract. For example, “New Listing” is used to enter a deal and begin escrow, although the intent is to enter a new “purchase agreement.”
All required escrow information is easily entered, and the auto-generated checklist makes it very clear which party is responsible for what action along the timeline. Everyone knows who has to pay what and when, and a final, official settlement statement is generated when everything is ready to record. Then, funds are sent to each party through the software.
Reasi excels in a number of workflow aspects, such as allowing brokers to close a deal without having to step outside their office; but its use of blockchain and smart contracts is exceptionally practical, given the current landscape of software companies trying to leverage those technologies as marketing platforms for unimpressive attempts to “disrupt” or “do what no one else is doing.”
Reasi isn’t leading its pitch with blockchain or bragging about a game-changing solution. Instead, it’s merely putting its power behind the scenes, and letting it support an otherwise very well designed digital escrow solution that, if not for being in its early stages of development, would have earned a 5-star rating.
Have a technology product you would like to discuss? Email Craig Rowe