The world of real estate is constantly changing. There are so many factors that go into what the market looks like. But, the one thing that we can always count on is change. And this is no different when it comes to real estate. Whether you’re thinking about buying a home for the first time, or you’re focused on growing your real estate empire, you need to understand that status quo is constantly changing. Real estate agents are faced with having to keep up with all of the recent trends. I recently sold and bought a house. It was my first time selling a house, so I had a lot of questions. The market in my city was booming at the time. The stock wasn’t staying on the market long. You had to get in and make an offer or the house would be gone.
It wasn’t an easy task. I had a lot of questions for my real estate agent, and some friends who were experienced in this area. What’s happening in the world can and will affect real estate trends. And because those events are changing all the time, it can be hard to know what they are and who to talk to about them. Have no fear, we have the top five trends among real estate agents for 2018:
Online Brands Will Dominate
It’s 2017 now, but by 2018 real estate agents will be expected to have built up an online brand and portfolio of their work. Which only makes sense to me. If I’m looking for a product – regardless of what it is – I go to the internet first to do some research. And I expect the same from the real estate market.
With information accessible from anywhere, commercial and residential investors will be able to make faster and more informed decisions on where to allocate their capital. This transparency, while an overall good thing for the industry, will hold every player in the space more accountable. Increasing access to information that was once hidden to the everyday consumer will further differentiate the best agents, those with good track records, from those who have made lots of mistakes in the past.
Mass Market Everything
With social media becoming a more and more powerful tool for broadcasting messages, real estate agents will be expected to invest their time and resources into building their online presence. Again, this seems like a no-brainer to me. Afterall, it’s 2017. Which is the best platform, however, isn’t quite as easy. Facebook tends to be the winner, due to the massive number of people on Facebook (billions). Which means, your content can reach a large audience. People can learn more about your home through a casual post online.
Smart Home Automation
Real estate agents and investors need to stay ahead of the curve in terms of what gadgets they can use in their home displays. And there are so many! In 2018, it’s expected that we will see more niche pieces of technology – like shading and light automation – as well as more fundamental parts of the home – like security and hardwiring. When I saw some of the latter being used in the houses that I was looking at, I was more likely to consider that house as a contender. And as the cost of this technology goes down, we will start to see more companies entering into this industry.
More Specialization
In the past, real estate agents have been generalists, able to “sell anything” because the process has basically been the same across verticals. Now, the best agents differentiate themselves by specializing and paying attention to the small nuances that most others leave out. The little things matter, whether you are selling a multi-million dollar mansion or small condo actually makes a big difference in how you want to present the home.
Generation Z
For the last several years, the focus has been around the tastes and preferences of millennials. But now, there is a new generation about to emerge. Known as Generation Z, these people were born after 1995. Some of them are just leaving college now, they are gaining influence real quickly. Generation Z is expected to reac 2.56 billion individuals globally by 2020. And with that comes a ton of consumer power over both brnads and industries.