Hipflat uses blockchain technology to eliminate expired and inaccurate online real estate listings in Thailand

Real Estate Press Releases Friday October 12, 2018 09:23
Bangkok--12 Oct--Hipflat
Hipflat, an online real estate search portal used by millions of home buyers and renters in Thailand, today announced the launch of verified property listings, powered by blockchain technology.

The web has become the default "go-to" channel for home buyers and renters, but the quality of online listings in Thailand (as well as in many other regions around the world) is often very poor. For many people, finding a home online can be a very frustrating and time-consuming experience. Often, up to 90% of online listings across numerous property search portals are inaccurate, unavailable, or simply fake. The result is that buyers waste a lot of time investigating the wrong properties or properties that do not even exist.

Moreover, since hundreds of thousands property listings are advertised at prices that are no longer valid, it is very difficult for both buyers and sellers to establish a fair market price. This lack of transparency creates friction, which deters buyers and sellers from making a mutually beneficial agreement. This, in turn, severely affects market liquidity.

To bring trust to online property searches, to combat inaccurate information, and to provide greater reassurance to property seekers, Hipflat today launched its new verified listing feature, which highlights listings that have been independently validated by Hipflat members who have already contacted the advertiser or visited the property. Hipflat members will also be able to report inaccurate listings. As more information is collectively sourced and verified by Hipflat members, Hipflat will achieve its goal of having 100% of its listings verified.

The verified listings feature is the first real-world use case and a proof of concept of the Domus Protocol, which is blockchain-enabled software being developed by Hipflat. Domus will use a blockchain to collect crowd-sourced property information, to reward members who contribute high-quality property data, and to prevent malicious data entries.

Looking further into the future, Hipflat envisions Domus as the foundation of a network that will unite online real estate marketplaces all over the world. People everywhere will have access to high-quality property listings. It will become a global marketing platform, helping sellers to find a buyer for their property faster and cheaper.

About Hipflat

Launched in 2013, Hipflat (www.hipflat.co.th) is registered in Singapore with operational headquarters in Bangkok, Thailand. Hipflat operates one of Thailand's leading online real estate marketplaces, connecting property buyers/tenants (residential, commercial, and industrial) with sellers/landlords; i.e., individuals, brokers, and developers.

Hipflat currently features 340,000 listings from 40,000 agents, owners, landlords, and property managers, with 55% of them being rentals and 45% homes for sale. Over the past 12 months, home buyers and renters collectively spent more than one million hours browsing property listings on Hipflat and viewed 3.7 million web-pages monthly.

The company is backed by well-known international VCs and business angels, including 500 Startups and Japanese publicly listed companies OPT (2389:JP) and Aucfan (3674:JP).
About the Domus Protocol

The Domus Protocol is blockchain-enabled software that is being developed by Hipflat. The goal is to bring transparency and trust to the online property search experience. Visit http://domus.network for further information.

For further inquiries please contact:
Denis Nemtsev, Founder & CEO of Hipflat: denis@hipflat.com

Latest Press Release

NEXUS Reveals Tips How To Select Condo In Thonglor To Gain High Yield

Nexus Property Marketing Company Limited (NEXUS) points out that condominium market in mid-Sukhumvit Area (from Sukhumvit 21 to Soi Ekkamai) has shown a continuous growth, following the surging of the selling price per square meter over the past five...


The Ascott Limited (Thailand) has successfully hosted an exclusive Link Club event, Citadines Rhythm of Life Cycling Class, for its supporting corporate clients, The Link Club members, on 31st October 2018 at Absolute You. The venue was decked out with...

CISSA Group Develops WYNDHAM Nai Harn Beach Phuket Emerging Investment Property that Offers 100% Rental Yield to Investors

CISSA Group Co., Ltd. officially claimed its market leading position in Investment Property (IP), offering alternative low-risk investment options with profitable returns from property leasing and continuous asset growth each year. Recently, the company...

Digitalising property sector takes centre stage at PropertyGuru Asia Real Estate Summit 2018

Two-day conference on property and construction technology draws global real estate experts to Bangkok - Topics include the future of proptech, big data, Internet of Things, and VR marketing - First PropertyGuru Tech Innovation Award winner presented to...

Siam Paragon Luxury Property Showcase 2018 The Indulgence of City Residences and Holiday Havens with many special privileges from November 8-18 at Siam Paragon

The most comprehensive showcase of masterpiece residences from leading property developers "Siam Paragon Luxury Property Showcase 2018" has been held to present the indulgence of city residences and holiday havens in respond to every lifestyle from today...

Related Topics