The Notorious POD Ep 22: Natalia Karanayeva and Joe Budelli of Propy on Blockchain and Real Estate

The Blockchain and Real Estate series continues with a conversation with the CEO and Founder of Propy, Natalia Karanayeva, and the Chief Revenue Officer of Propy, Joe Budelli.

Fair Warning: This conversation is filled with rather technical topics about blockchain technology, smart contracts, Ethereum blockchain, layer-2 scaling, transaction fees, stablecoins, DeFi and its impact, etc. etc.

These topics will be basic to those familiar with blockchain, but it will be some heavy lifting for those who are not. At times, we might sound like we’re speaking Martian. But I felt that to understand the implications and impact and potential of blockchain technology on real estate, it was impossible to do otherwise.

Many thanks to Natalia and Joe for their time and expertise. I know I’ve learned a tremendous amount in this conversation, and I hope you will as well.

Ep. 22: Natalia Karanayeva and Joe Budelli of Propy on Blockchain and Real Estate

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Bio of Natalia Karanayeva

CEO at Propy, serial entrepreneur, software engineer, former real estate developer. Advisor to Arrington XRP Capital. Propy is a Silicon Valley startup automating the real estate transaction.

Bio of Joe Budelli

Joe Budelli has 25+ year Sales Executive. Leadership, loves scaling organizations from start-ups to Enterprise level. Strong background in information management and process automation & workflows; Personal Real Estate Investor, Parent of 2, loves surfing and golfing.

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Rob Hahn

Rob Hahn

Managing Partner of 7DS Associates, and the grand poobah of this here blog. Once called "a revolutionary in a really nice suit", people often wonder what I do for a living because I have the temerity to not talk about my clients and my work for clients. Suffice to say that I do strategy work for some of the largest organizations and companies in real estate, as well as some of the smallest startups and agent teams, but usually only on projects that interest me with big implications for reforming this wonderful, crazy, lovable yet frustrating real estate industry of ours.

1 thought on “The Notorious POD Ep 22: Natalia Karanayeva and Joe Budelli of Propy on Blockchain and Real Estate”

  1. Two things here.

    What the bobblehead Crypto scammers NEVER address is that there is not a way for them to access the data at scale for FREE.

    If they REALLY WANTED all of the sales information, ACTING LIKE ANY OTHER business, they can put on the big boy/girl pants AND PAY for it. Corelogic or First American will gladly set them up with a nationwide API, and update sales daily. For right around 500k a year on license. You will most likely get the 3rd party scraped MLS information too. After that, it’s just about hyper-tuning the data with local city/county data.

    See, what none of the Crypto GRIFTERS talk about is that they are not data scientists. They do not have a history of aggregating data or managing it. This is just an epic tantrum from their industry to socialize the collection of data FOR THEM because they were too incompetent to produce anything of their own at scale.

    Realtors need to get CLUED in. THE only thing that saves most of their asses from out-of-state disruptors is limited access to PROPERLY recorded sales data.

    I can assure you that if ALL of the sales data was available at scale…..and FREE? There would be no need for the MLS’s. What’s the fucking point? 15-year-olds would be creating data apps that crush what a realtor uses.

    Yes, ROB. The government does a really great frigging job managing large sums of data. Data SHOULD be stored with a government entity (including MLS data). Private companies and Trade Groups are NOT the ideal gatekeepers of the data, if the intent is for archiving a record of historical sales to BENEFIT future generations of salespeople. There needs to be an impartial gatekeeper, that actually preserves the data.

    And NO. That does not mean the idiots at NAR. If anything, they have proven to be untrustworthy when it comes to accessing basic sales data (always a major crux of the Anti Trust suits).

    Realtors have yet to produce anything of note or relevance when it comes to Technology or data standards when it comes to real estate data. Sure RESO has its wishlist, but most of what RESO pitches can be thought of as unrealistic, in the data world.

    The MLS Industry has always been a House of Cards, referencing the ‘MLSs’ themselves and the people that run them, the data, and the technology.

    They don’t even ‘own’ their own data. When the DOJ wanted it (the National MLS data set) a couple of years ago as part of the ongoing DOJ Antitrust probes…. they did not go NAR with a pretty please letter.

    They knew they could not TRUST NAR, a private trade group, to just hand it over.

    Instead, seeing the truth, that Realtors really do not own the database technology, or even manage it on their own, the DOJ just did a friendly Smash-n-Grab on the people that do: Corelogic, FSB, and other MLS platform providers.

    If Trade groups like NAR, after the decades of existence mouthing off that they are the experts when it comes to real estate data….if they have no data infrastructure, or technology solutions to PROVE that their experience matters, they have no right even attempting to suggest them being a repository for data.

    In 2021, NAR and the MLS that it OWNS and Dictates to have zero claims or credibility to that. All of the technology and data solutions are outsourced for the entire realtor world.

    Don’t even mention that burning _____ RPR. Tens of Millions have been dumped into that, and it is a proven loss leader for them. Year after year, realtors resoundingly ‘vote’ no by NOT using the tool, that it is irrevelent. It really says something when NAR postures as a real estate technology/data authority. And No one respects their spin on it.

    Let’s not get in that in a day and age of antitrust probes, RPR being the almost $100 million loss leader that it is….. NAR continues to GIVE a $100 million data tool away, to the detriment of any smaller company that cannot afford to shit away $100 Million to compete against it. Sound Competitive?

    THAT aspect, ROB, is one of the aspects of the Antitrust suits not spoken of openly yet: The impression that NAR, through MLSs, blatantly attempt to steer and create an artifical market in the technology sphere orbiting organised Real estate. Picking winners and losers through the ‘gool ol boy’ network of real estate consultants (ex Realtor/MLS leadership usually)

    That little gem, the impression of steerage in technology by organised Real Estate has yet to bubble up to the surface. It will come out as the Class Actions move forward.

    What MLSs PAY for the Technology through steerage, yet STILL charge exorbitant fees because their ‘efficiency’ still has not had it’s day in the sun yet either.

    If just two of the biggest data providers, Corelogic and First American ( I could throw in more, of less consequence) said TODAY, ” we’re not going to allow our data, through our API contracts, to service NAR members in any way”? Realtors would be fucked. Full stop. Thousands of websites and vendors use that data specifically with realtors.

    When that full picture is presented to the public, that Realtors just outsource all of their technology and data through a percieved system of steering….

    It really makes it hard to realistically veiw them as a credible central authority for data warehousing. Or the Crypto Grifters.

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