Real Estate Trends To Watch Out For; According To Professionals
With the growth and changes that the world is experiencing right now; there has to be change in every industry. Including the real estate industry.
This article will talk about different trends in the real estate industry. These are trends that have caught on and are now in style.
Lastly, we will be talking about real estate agents and their strategies for the future.
4 Real Estate Trends That Have Caught On In The Industry
1. House Hunting Is Going Digital
After the COVID 19 pandemic there has been digital advancements across all sectors. This also includes the real estate sector.
Due to the pandemic and shut down of the world in 2020, people were unable to inspect properties before making a down payment.
Some people decided to blindly trust agents and realtors; while others were able to use some technological advanced inventions to tour the house.
These house tours worked through:
- 3D tours
- Drone videos
- Virtual staging
Even though it was predicted that this touring system will not last in the real estate industry; it still looks like a promising part of our future. Nowadays, businesses that use this technology often target people who want to move to different states or cities. This technology gives them a feel of what the house is like.
Furthermore, social media plays its part in the digital advancements that the real estate industry is seeing.
For instance, Nextdoor is a social media platform that allow residents in a particular area to keep in touch. By doing this, people can keep up with the neighborhood events.
2. The Suburbs Are Growing Rapidly
Migration to the suburbs have increased from the last 4 to 6 years. Little and formerly deserted towns are now getting populated. Development is now moving from the metro cities to the small remote towns around them.
This development is due to the high price of houses in the metro cities. So, most people are moving to this remote towns because it is cheaper. Also, because these remote towns are becoming developed each day; even rich families are now moving into these areas.
This is happening everywhere around the world. Some people who move to these small cities ensure that they do not go too far from the metro cities so as to retain a little of that big city feel.
Furthermore, the main feature of these small cities are the single family homes; because in the past, the suburbs were known for having mostly single family homes.
However, modern family homes are now rampant in the area.
Also, there are now good public transportation, stores, offices, and even restaurants.
3. Rising Home Price Due To Demand
Home prices are rising drastically all around the world. Especially in the US. This rise will cause competition among buyers and result in multiple offers on homes.
Normally, the rise in home prices also affect rental spaces. And even at that, the demand for houses and offers being made in the real estate market are still high.
4. Smart Homes Are Trending
Remember we spoke about technologies and its involvement in the real estate industry. This is one of the leading technological advancements in real estate right now.
They are called smart homes
Here are some features:
- Smart homes have smart thermostats that control the cooling and heating settings in your house based on the location and time of the day.
- Smart locks that help you control the access to your house from any remote location through an app.
- Security systems that will monitor every activity in your house through video cameras and other technological gadgets.
- Smart lighting that can help brighten and beautify your home.
Top Strategies For Real Estate Agents In The Future
The real estate business is not as rosy as it used to be before; especially because of home prices and rent growth, real estate agents now have limited choices.
Currently, based on the new developments in the real estate market; new trends have been developed to make the jobs of the agents easier.
Unfortunately, every real estate agent now has to deal with higher prices and tight deadlines; and nowadays, property owners want to make the most out of every deal.
In other words, real estate agents need to come up with business strategies. Here are some of the strategies that will work in the industry in the future:
1. Leverage Technology
Embrace all the new technological advancements that are currently involved in making the real estate market better. For instance, virtual tours and AR apps.
These technologies make it easy for clients tour the properties they want and also explore their homes online.
2. Showcase Sustainability
Showcase eco-friendly features in your listing. Sustainable features like solar panels or energy efficiency. Also, you can create marketing campaigns that showcase the cost-efficiency of these sustainable features.
3. Be Adaptable
As a real estate agent, you need to understand any and every thing in the real estate industry. You need this knowledge in order to be adaptable in the business.
First and foremost, it’s best to understand the suburban and rural areas. Because clients need to know the features and benefits of living in this area based on what they do and how they operate.
For instance, you can tell clients who work remote jobs how great it would be to live in the suburbs and save money since they do not have to go to work.
4. Affordable Housing Insights
As we have mentioned previously, you need to know everything about the real estate industry.
Keep in mind that not everyone you work with will be exactly rich. So, you need insights on affordable housing programs. Also, it is helpful to gain insights on grants from different sources.
You can explain these grants to clients and offer to help them work this out and help with their rent payments
