One of Australia’s oldest property firms has decided to take a leap into virtual currencies, with Forsyth Real Estate now accepting bitcoins.
The 115 year old real estate agency has forged a partnership with Bitcoin payments provider CoinJar in a bid to cater to the influx of international investors and expats entering the Sydney property market.
According to Forsyth, the addition of Bitcoin payments is a logical extension of how it currently engages with its customers at a transactional level.
The agency currently receives property deposits in the form of personal cheques, bank cheques, direct deposit (electronic funds transfer) or a telegraphic transfer. He CoinJar partnership will now allow customers to select Bitcoin as a payment.
James Snodgrass, Forsyth Managing Director, says the agency is a strong supporters of the Bitcoin economy as it allows overseas transactions with less fees and exchange rate fluctuations.
The Bitcoin pathway isn’t solely open for those interested in buying a property, vendors can also pay for their property advertising with Bitcoin.
While Bitcoin and other virtual currencies are still viewed with some suspicion, Mr Snodgrass said that Forsyth had carried out a thorough assessment of the risks involved.
“Prior to launching, we had discussions with our financial division who outlined the risks and opportunities of Bitcoin and we were happy with our findings,” Mr Snodgrass said.
Transactions made in Bitcoins still include Goods and Services Tax (GST). The Bitcoin exchange is calculated in real-time and reconciled by CoinJar so Forsyth receives the exact amount in AUD charges.