Not just the past few years but past few decades were fast paced for all types of industries. In the real estate market, things can drastically change in a second, take for example the financial crisis in recent years, caused by the real estate bubble. Because of this tendency, agents and other professionals need to keep a close eye on the news and check the trends that are coming and going.
Knowing the upcoming trends can help you serve your clients better, and by having this type of information you are equipped to be competitive in the market. Watching out for trends will give you and edge and you will be ready before anyone else to implement and use them to your advantage. Here you can read about a couple of trends, which people never thought would be important this year, but now have made a huge impact on the real estate industry and are related to rising prices, inventory and other issues good or bad happening in the real estate market scene.
This is the biggest trend at the moment and all industries are already creating their own e-currencies. Applications based on blockchain changed the way how people are selling, buying and investing, how people are interacting with each other when it comes to these transactions. This is a new frontier of liquidity and transparency. The real estate market is changing rapidly and is constantly on the rise. People working in this field must change too or they won’t be able to adapt to the new trends that will eventually become the new norm, the one without which the world can’t go around.
This is true for all big cities, but especially in New York City, marketers indicate that prices are slowly rising, and the trend will continue in the upcoming future. Between 2012 and 2015 the growth reached 15 percent. No one was surprised to see more of the same in 2018 because everyone was already mentally prepared for the rising price trend to continue. Over the last few decades, the rise was between 5 and 10 percent yearly. That became the norm in the state of New York.
Not enough inventory
This trend should surprise everyone. The number of homes hitting the market is getting lower. Reasons might be demographic, economic, regulatory or a combination of all of them. For agents, it’s a challenge to find a suitable way to prompt new inventory and explain the market situation to the current homeowners. How you, as a marketer, can manage this situation is by having a lot of patience. It takes a longer time to sell or buy property, also being flexible with closing dates will help, but in this case, you will win because you can offer a higher price and have a better turnout.
Social Media Community
Everything is on the internet right now, to be more specific – on social media platforms where each of us spend a lot of our time. To promote your real estate business with photos or short videos is nothing new, but to manage a community and offer something new is getting harder and harder. This was predicted, but no one expected that social media will become so powerful. Every agent and real estate manager can learn a lot from Ryan Serhant, who started in the TV show business and now has over a million people following him on social media, watching not just his real estate work but also his real life.
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