How Technology is Changing How The Real Estate Industry Works
There is a
The consumer has changed
Most people today want to rent or borrow goods, including property, and if we go by this
Urbanization is happening fast
There’s a growing need for affordable housing, and now more than ever, huge populations are living in big cities. This affects social infrastructure and changes expectations for traditional real estate trends. Urbanization is affecting housing prices, the quality of transport, infrastructure, utilities, communication, etc. Things like high speed internet may be more important to renters than other things old home owners would think about.
Skills and the uncertain future of real estate
- Robots will be favored for simple tasks due to higher efficiency
- Technology platforms will affect employment markets and traditional job structures, and jobs in the future will be more flexible, and networked
- Real estate agents will have to create their own markets by targeting audiences
- The workforce is changing, and the real estate agent of the future might be a nerdy teen
Changing energy use and habits
The real estate industry accounts for over
Technology has reduced the value of location
Business innovation is no longer driven by old definitions of space and brick-and-mortar. High value renters and home owners of the future will most likely operate in the already well-connected world of cyberspace, which will change buyer attitudes and increase connectivity. Things like work flexibility, prices, and smart homes will be valued more than the traditional sense of location in real estate.
High-value office real estate are not being used in the same way as ten years ago. Close to half are empty during work hours, because people don’t work the same as before. This is likely to translate into new trends for the entire real estate industry.
Virtual space is just as valuable
Since we’ve established that people don’t buy homes the same way they did years ago, we can only expect this trend to continue as the virtual space becomes more integrated into our every-day-life. It is true that living in a nice neighborhood will still be valued for a while, but due to the growing interdependence between people and virtual spaces, technologies such as
These developments will happen over time, but they are inevitable as the world becomes more connected. Technologies that are new at this time will go on to take over our way of life, and this will be reflected in how we purchase property, where we live, and the reasons we pick a place to live. Clients in the future may want to stick with a