Future of real estate
Real estate is one of the largest investments or purchases for some people in their lifetime. During the years, customer demands were overlooked and it caused a lot of frustration in the industry. But now, consumers got louder and more important. Startups recognized their needs even more. The industry now listens and the future is planned according to the people’s opinions. This is the prognosis of the upcoming decade for the real estate market.
- In 10 to 15 years, everything is going to be technology driven, real estate too. Agent’s roles will be reduced to contracts, paperwork and very little human interaction. It’s going to be like an ecommerce shopping experience.
- Collection of rent is going to be completely automated. Rent is going to be deducted straight from the renter’s paycheck, this applies to be high- risk cases. For the low risk cases, there is going to be a platform where they can pay with credit or debit card, bank transfer or set up automated payments. This is going to be easier for both sides and tax calculations.
- Virtual reality will give tenants, especially large ones, more choices and flexibility to design their properties. Menu’s with various options for construction and design are going to create easier access. Preview of the property is going to change interior designers’ jobs and make it easier and faster with already determined costs and chosen materials from an online system.
- Sustainable living and energy efficiency are going to be the most important things in real estate. Because of the urbanization, houses will become smaller and going to be built closer together. Location is the priority now and, in the future, it is going to be a need. People will be living closer to schools, shops and restaurants. Younger people will value their freedom more than owning the property that means investment in residential real estate should be a priority no because the new rent era is coming. And sharing economy these days is just the beginning.
- Customization is a key. Landlords will have to build spaces with movable walls and demount-able furniture. That will allow tenants to change the space without huge additional costs and to rent a smaller but more practical space.
- Less offices and big companies- more co-working spaces. These spaces should become smarter with lounge areas, restaurants, advanced technology etc. Companies need to start thinking now about outsourcing or hiring freelancers, that’s how company too will be able to save and invest that money which is now being used to rent spacious offices with all the amenities.
- Sophisticated data is going to make everyone’s life easier. Predictive analysis is going to get smarter and will be the best assistant for agents to show how many people from the contact list are going to bid in the next auction, what price the property will sell for before even listing it. Those who are going to use these tools, are going to reach better results and outperform those who will stay on the phone using old selling methods.