TLDR: Propy has launched Agent Avery, an AI-powered escrow officer designed to automate and streamline the entire real estate closing process. This initiative is part of a $100 million expansion aimed at modernizing the $25 billion U.S. title industry by integrating AI and blockchain technology to handle real-world asset transactions more efficiently and securely.
Miami-based real estate technology firm Propy is set to transform the traditionally cumbersome real estate closing process with the introduction of ‘Agent Avery,’ an innovative AI escrow officer. This groundbreaking development is central to Propy’s ambitious $100 million national expansion, targeting the modernization of the $25 billion U.S. title and escrow industry.
Agent Avery is engineered to manage the extensive workload typically associated with escrow officers, including contracts, compliance, communications, and fund transfers, accommodating both crypto and traditional payments. Trained on thousands of transactions, Avery possesses a deep understanding of federal RESPA regulations and real estate law, ensuring every deal remains compliant. Early pilot programs have demonstrated significant efficiency gains, with Propy reporting that Avery can cut workloads by approximately 40% and help title firms boost their margins.
Natalia Karayaneva, CEO of Propy, highlighted the motivation behind this innovation, stating, “Closing on a home is still a bureaucratic maze, while Gen-Z and Millennials expect digital, on-demand services.” She further elaborated on the long-term vision, telling Forbes, “Our long-term vision is for real estate to become programmable; we’re laying the foundation for homes to transact instantly, globally, and securely on-chain.”
Founded in 2017, Propy has already facilitated over $4 billion in digital real estate transactions. The company’s expansion strategy involves acquiring profitable regional title firms across states like California, Texas, and Florida, then retrofitting them with advanced AI and blockchain infrastructure. This approach aims to convert a fragmented, low-margin industry into a high-tech, high-efficiency network where transactions can be verified, automated, and completed in real-time.
The integration of AI with blockchain technology is a core component of Agent Avery’s effectiveness, making it one of the first true AI-Real World Asset (RWA) integrations in the market. Propy’s $100 million rollout is financed through a blend of traditional lenders and on-chain private credit, including decentralized finance (DeFi) loans from the crypto lending platform Morpho, marking a significant instance of DeFi funding real-world property consolidation at scale.
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Propy even envisions Agent Avery potentially evolving into a licensed entity, drawing parallels to how some governments have granted official status to AI systems. This would further solidify Avery’s role in bridging digital intelligence with physical property transactions. The company’s advisory board has also been expanded to include prominent figures such as Chris Campbell, a former U.S. Treasury official, and Mike Jones, co-founder of Science Inc., alongside existing advisor Michael Piwowar, a former commissioner at the U.S. Securities and Exchange Commission, to bolster strategic and regulatory guidance.
