Exactly. That's the problem. There has to be a much larger infrastructure which handles ownership of real-world objects for this to be useful. There are already smart-property domain registrars. MERS [1] and DTC [2] already do that, for mortgages and stocks respectively. But they don't need Etherium.

[1] https://www.mersinc.org/ [2] http://www.dtcc.com/about/businesses-and-subsidiaries/dtc.as...