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Real Estate

A blockchain project for quick and safe real estate transactions

The object of your desires is only two clicks away!

Challenges in thereal estate industry that inspired our team

Nowadays, many people face many layered challenges when choosing real estate and closing deals.

As a rule, it takes a great number of scattered agents to exhibit real estate even in local markets.

In the best-case scenario, data is collected by a data aggregator. In the worst-case scenario, and you will spend an inordinate amount of time searching for agents and looking through their websites.

And there is no guarantee that the information they provide is up to date.

In addition, the process of interacting with agents comprises of multiple stages of negotiations, not to mention a considerable number of legal arrangements and other activities related to the transaction.

Beyond the real estate selection itself, you will have to undertake a technical audit, choose your source of financing, select insurance, and take care of the registration paperwork.

Thus, a potential customer or renter must spend considerable amounts of time on activities that offers little benefits to themselves.

Agents save customers time but cost a lot of money. There is a huge chance of missing the ideal option!

The essence of the project

The essence of this project is to create a real estate database (purchase/sale/rent) that provides information the actual location, full identification, and verification of property, namely:

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    Proof of ownership
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    History of title transfer
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    Cadastral data
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    Restrictions
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    Identifying the seller
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    Up-to-date information

And according to the results of the verification, a customer will be offered relevant results based on his/her location.

The real estate unit will be presented as a geo-located point. The interface will feature the following options: street view, 3D virtual tour, video tour, alternative interiors, and decorations.

If a customer is interested, they can click on a desired unit and take a tour with the assistance of the seller's representative or agent. After the tour is completed, the customer can close the deal via smart contract using verified user/customer data as well as that of the seller.

To confirm the deal, the customer can sign the smart contract using a digital signature.

After closing the deal, funds will be transferred immediately to the seller and the user receives the signed purchase/sale/rental agreement.

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If necessary, additional services can be provided:

  • Insurance
  • Furnishing
  • Decoration by leading designers
  • Expert reviews
  • Lending
  • Financing

The customer is provided an opportunity to make payments using fiat money or cryptocurrency.

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What is the difference?

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The goals of the project

Convenient search of the relevant properties with detailed, verified information.

Closing virtual deals, instant payment, credit granting, and other services.

The obvious advantages of the project are that it:

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    Saves time
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    Cuts expenses
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    Avoids middlemen
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    Allows for multiple payment methods
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    Ensures transaction security

How will we implement this project? We're happy to answer this question.

  • The entire database is compiled using blockchain technology. It always provides the most up-to-date information.

  • It is automatically verified and, therefore, relevant.

  • It also provides information on limitations that cover the whole chain of title.

  • Videos, photos, and the latest information on the unit are presented using the latest technologies

  • A comprehensive overview of local schools, kindergartens, and other infrastructural facilities is available.

  • At the customer's request, banking, insurance, and leasing transaction support from the world's leading financial institutions is available.

  • Partnering with crypto exchanges allows you to pay in any cryptocurrency.

  • A smart contract makes it possible to close a deal online, withdraw funds in any world currency, and, accordingly, access the unit.

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All these activities are prepared by experts and an automated service over the course of one day.

As a result, you have plenty of time to spare for the things you love.

We help you save time and have a positive experience dealing with buying/selling real estate.

Project implementation

Can you imagine a service that allows a seller to:

  • Find information on a buyer and their credit rating
  • Register and exhibit residential/commercial properties for sales or rentals
  • Provide all documents on the property
  • Upload photos and videos
  • Arrange the transaction with the bank
  • Close a deal online for the unit
  • Pay the fixed commission (1% of a cost)
  • Receive or transfer the property on the day of the transaction

For buyer/tenant:

  • Obtain and verify a credit rating
  • Find the right property 100 percent of the time
  • Receive checked and verified documents
  • See all available content for the unit
  • Take a virtual tour
  • Close a deal virtually
  • Make payments and receive funding.
  • Obtain all accompanied services, including expert reviews, audits, advisory assistance, insurance offers, technical maintenance, etc.

To sum up:

  • We collect data and verify units
  • We verify customers and sellers
  • We offer additional services and funding
  • We will help you close your deal within one day through use of a smart contract
  • We will transfer the unit to the customer and the funds to the seller
  • A minimum commission will be charged

All within 1 day. Start a deal in the morning and have a new accommodation in the evening.

Our service operates in local markets around the world, and is a safe, trusted, and reliable tool.

It involves blockchain technology, consistent and obligatory verification of all information in the system, and standardized business processes and documentation.

The service is designed to meet the needs for integration with outside providers and consumers of services and data (Google, automated translation tools, payment systems, national registers, etc.)

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Market analysis

To evaluate the project's prospects, relevance, and demand, we have analyzed data from the largest and the most competetive real estate markets.

For our analysis, we selected 6 countries from the top ten ratings compiled by JUST PROPERTY.COM. We then based our analysis on the number of search queries related to "real estate investments in 2018" and web traffic.

Table 1

Region Investment
search
Rental search CPR,$
altUSA
12,000,000 11,000,000 1.14
altJapan
6,500,000 5,500,500 0.91
altGermany
4,000,000 3,500,000 0.42
altSpain
4,000,000 4,000,000 0.21
altThe United Kingdom
3,000,000 2,500,000 0.80
altCanada
2,500,000 2,500,000 0.62
altRussia
2,500,500 2,500,000 0.23
altIndia
2,500,500 2,000,000 0.14
altSingapore
2,000,000 1,500,000 0.28
altAustralia
2,000,000 1,500,000 0.99

Table 2

Region/
rank (Google)
Market volume
in 2019 ($ billions)
Average rental
rate,
($ per month)

Agent's
commission revenue % (a)
Agent's revenue

from a purchase (b)
Agent's revenue

from a sale (c)
$ billions
(d)
altUSA/1
1,520 1,500 5% 76 83.5
altCanada/6 
243.5 1,275 4% 9.72 10.23
altThe UK/5
329.5 1,257 3% 9.87 11.07
altGermany/3
199 1,430 4% 7.96 9.66
altSpain/4
118.5 1,650 2.5% 2.96 3.49
altAustralia/10
178.8 1,025 2% 3.56 3.89

Explanations for the table

  1. Google Ranking refers to a region/country's ranking according to the rating compiled by JUST PROPERTY.COM based on number of search queries related to "real estate purchase/rent".
  2. Market volume in 2019 is the estimated cost of real estate transactions per region in 2019. Data on purchases of residential houses, rowhouses, and flats in apartment complexes by households are presented here.
  3. Estimated average rental rate per region.
  4. Commission charged by agents:
    1. Here is the data of the average commission charged by a broker (i.e. an agent) as a percentage of the cost of a real estate deal not including VAT, fees, notary expenses, and others.
    2. The nominal value of a broker's commission calculated by the annual volume of real estate transactions per region and the commission charged for services when closing a deal.
    3. The estimated value of a broker's commission when closing rental deals. The value is calculated as the average rental rate of a residential unit multiplied by the number of deals closed within a year. (Original estimate based on the number of Google search queries)
    4. The estimated annual revenue of an agent ($) calculated as "b" + "c".

Initial data: national associations of realtors (NAR – the USA, GREA – Canada), GLOBAL PROPERTY GVIED, and research by regional branches of Deloitte.

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The USA ranks first. In 2019, about 5.54 million transactions with a total value of $1.52 trillion were recorded.

The average exhibition period of a particular unit was three months. The market is distinguished by a great number of expert brokers and agents operating in certain regions/cities.

In total, by the date of the study, more than 1.38 million authorized regional agencies were providing real estate listings, according to the information received via MLS.

The total transaction expenses for real estate deals in the USA is equal to 7.5–10.4 percent of the total cost and includes:

  • Broker commission 5–6%
  • Legal fees 1–2%
  • Search and insurance 0.5–1%
  • Registration fees 1–1.4%
  • According to our estimates, in 2019, total broker revenues from real estate deals in the USA was approximately $83.5 billion.

In Canada, about 486,000 real estate deals were closed in 2019. The estimated total value of specified transactions is $243.5 billion. The average exhibition period for real estate units was 4.2 months in 2019.
The number of registered brokers was over 88,000.
Transaction costs for the purhcase and sale of residential real estate in Canada are much smaller than in the USA, amounting to 6.5% of the cost of a sale. Broker commission is between 3 and 7 percent, amounting to 4 percent in most cases.

According to our estimates, we conclude that total revenues for real estate agents was at least $10.2 billion in 2019.

An agent's work involves the classic multistage search procedure for real estate units across various databases, interactions with customers and sellers, arranging viewing appointments, settling terms, and so on.

Competition

All real estate projects are provided in the form of a geolocated database featuring some basic information on the unit.

None of these projects provide access to the full range of documentation, and they often provide irrelevant data. Moreover, they seldom use smart contracts. None of these services allow payments in tokens and cryptocurrencies. They do not provide information on additional services. All of these projects operate by the same model: database – agent – viewing appointment – deal – agent commission. In our opinion, this pattern drags out the deal and costs customers too much money.

No agency has a full-service Internet resource and mobile app.

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The world's leading players:
Databases
Agencies
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Our token is VRG

It is based on the EOSIO token.
The name of our token, "VRG", is derived from the name of the project Vergilix. A volume of 1,000,000,000,000 tokens were issued in a single pool, offered through three leading exchanges. All deposits are insured. The initial currency offering will start at $0.00000001.
The whole period will be divided into three stages:
  • Private
    Pre STO
    5%
    21.11.2020
  • Pre STO
    10%
    21.12.2020
  • STO
    10%
    21.06.2021
Prior to the initial offering, the provider will be registered in SEC and EMI and obtain all required regulatory documents and licenses.
Token distribution
Originator 10%
Team 10%
Consultants, partners 5%+
Investors + rate of exchange
Exchanges, exchange services 100%
Social responsibility foundation 1%

All managerial activities will be performed from a public account on the exchange. 100% of the token will be deposited on the exchange.

The team will receive a token after it is released as a deposit on the exchange under a sales moratorium of three-years.

Consultants and partners will receive tokens as the project develops and will be able to implement it immediately.

The Social responsibility foundation will receive a deposit as part of the exchange and start analyzing and selecting projects for financing.

The access to token sales will be managed by the development team after the token is released into free circulation.

For information oh how to buy a token, contact support@vergilix.com

Project team

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Matvey Demidov
CEO & Founder
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Abrosimova Anastasia
Development director and co-founder
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Tatyana Parfenova
CFO & co-founder
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Layla Pirieva
CMO & co-founder
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Egor Sorokin
Designer
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Dmitry Sorokin
IT development
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Sergey Nikulin
Advisor on Philosophy and Ideology
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Nail Batrakov
Financial analyst
 

Partners

Implementation plan

2018
  • Concept development of Vergilix.com
  • Trademark development
  • Developing the branding style for Vergilix
  • Developing the project's technical specifications
  • Forming our team
2019
  • Forming the infrastructure of the project
  • Purchase of the project's service infrastructure
  • Selection and commissioning of outsourcers for the project
  • Preparation of technical requirements
  • Website development, Vergilix.com
  • Preparing technical requirements for the project's payments hub (crypto)
  • Concluding a contract for developing a payment hub
2020
  • Preparation of technical requirements of a token project
  • Analyzing real estate market and blockchain
  • Formation of the Vergilix analyst team
  • Analyzing progress Vergilix projects
  • Preparing technical requirements for BiometricDataBank
  • Developing the project's MVP
  • Releasing the token Vergilix
  • Listing the token on the Asdf21 exchanges
  • Listing the token on the Bitfanex exchange
  • Listing the token on the Binance exchange
  • Implementing processing methods using outside services
  • Landing Vergilix.com
  • Private 100%
  • Preparation of technical requirements
  • Development of Web,mob Biometric
  • Releasing Vergilix.com
2021
  • Road Show
  • PRE STO
  • Closing deals in various locations using the token
  • Using the token for settling transactions
  • Enlisting infrastructural outsourcing

To sum up

The project team is tasked with analyzing the service and creating a full-service product for purchasing, selling, renting, and other services within a single resource. Fully virtual operations for registering and verifying the user/customer or seller/owner of the unit.

Close deals within one day. We have studied dozens of real estate agencies and web resources and made the following conclusion:

The whole industry has not been updated for 20 years and requires an immediate upgrade into a single platform capable to providing same-day service!

Still have questions?

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