You know the names, of course, you do, especially if you have done any type of deals at all.
Of course, there are many more regional and local names I am sure pop into your head.
Think about what they actually do beyond pushing over those big checks at the closing table (Does that still happen today?) or is it all electronic and just digital transfers? Yes, I know it depends on the type of deal and who is involved.
Have you thought about what the title companies are beyond that transactional function?
No, well maybe you might want to pay a bit more attention, or maybe not.
Yes, yes, yes, blockchain blockchain blockchain, I can hear them screaming!
Let me get this out of the way.
The Blockchain Crypto Psychopaths ( I did use that word on purpose) think that the title companies are DONE! GONE FINISHED!
And that’s why I call them psychopaths because unless they miraculously acquire some other mental state I am not aware of they are DEAD WRONG!
Title companies as most of us are indeed aware are those wonderful transactional end of the deal smiling and wonderful check giving companies.
BUT what some of you may be missing is that the title companies are also GIANT FUNDED DATA and REGULATORY COMPLIANCE companies with historical and transactional property records like no one else.
Let me clean that up a bit.
GIANT as in BILLIONS of $$$ of Revenue.
FUNDED as in they have $$$ BILLIONS in the Bank.
DATA as in DATA.
REGULATORY as in they are the reason there is the definition of ownership and value of a property.
COMPLIANCE as in governmental compliance. Look up the definition. See my point? Yes? Good!
Now again the CRYPTO NUTS think they are going to completely eliminate the need for that regulatory compliance and at some point a government. They are hoping for that so they can do what? Form their own. Trust me they actually say that.
Is that what THE people want? I say no! The CRYPTO NUTS say, yes. Again, I say no!
I want the value of my property. I want the regulatory compliance and between you and me, I want that DATA!
BUT BUT the CRYPTO NUTS say that blockchain will…..do what, secure and streamline the data that is a title record?
Ok, fine great let’s do that. I’m all for it.
Does that mean a title company is not the one with the protocol behind that solution?
No? Why not. They have the data, they have the records, and they have the money.
Are they just too stupid to pull it off? UH NO, they are NOT!
I said NO, THEY ARE NOT.
What makes these CRYPTO NUTS so fucking special?
It’s just a software code that is created by??????? People.
Title people? Probably and yes.
No? Why Not?
But the CRYPTO NUTS say “we have the ERC and we have the Kitties and we have the bit cash and we have the fork of a fork with a hat promoting it” and on and on and on.
Come the fuck on. Seriously!
Now I’m not here saying the giant corporations are going to go do it better than or even make it better than BUT who are you betting on?
Who is commercial real estate in general going to be betting on?
I know who I’m betting on!
The Quiet Giants of #CRE and #Tech: Title Companies.
+1 Do a deal without one, I dare you!