The real estate business has changed radically in the last few years. Not only has people’s buying power shifted but their idea of a dream house has changed too. Smaller homes are more popular (and more affordable) and cities are growing faster and faster. What’s more, how people go about buying property has changed too as the internet has taken a greater role in selling houses.
In this changing world, it is vital that all businesses keep up with changing trends. But keeping up when things are moving so fast is easier said than done. Better, then to focus on a couple of key ideas. So, as the real estate business is being swept up like other industries by new technologies and lifestyle choices, what should you do to hone your company for 2019?
Find Business Savings
As businesses become more sophisticated, they often become more expensive too. This means that businesses must be smarter about finding savings. There are numerous tax write-offs for real estate agents are a great start and definitely something you should be looking at.
Similarly, realtors should look at their overheads and see where they could be saving. While the realtor’s window can be a great spot for browsing properties, having an office is a large expenditure that may not be necessary in the digital world. Looking carefully at all your outgoings, even the ones you assume are necessary, is a good place to start finding savings.
While technology might be expensive, to begin with, it can save you money in the long term. Investing early on feels like a risk for many people but choosing the right tech is essential. For real estate agents, anything that makes presenting a house, booking a viewing or making an offer easier for the customer is likely to work in your favour. Everything from targeted marketing to time-saving administrative systems should be on your radar already.
Understand the Changing Customer
The world in 2019 is very different from what it was 10 years ago. We are all much more environmentally conscious now, more aware of the effects and potential of different technologies and much more cautious about the fluctuating market. While the vast majority of Americans still aim to own their own home, the goalposts have shifted slightly.
The shift towards smaller homes is in part down to a desire to live more economically and a simpler life. For the realtor, this means that the selling process has to be more keenly tailored. Viewers aren’t just looking at the four walls and seeing which direction the light comes in, they are looking for an investment that will set them up well while also providing a dream lifestyle.
Getting value for money is always a big concern for businesses and customers alike. For realtors, showing where they add value is getting harder as so many tech companies offer alternative ways to buy and sell properties. However, the real estate agent still has a huge advantage: the human face. Working on understanding what customers look for in a realtor is an important change too as the world becomes much less formal and professional roles change.
Being Prepared for the Future
The future of everything is in flux right now. If we can predict anything it is that we honestly don’t know what the next 10 years could bring us, never mind the next 25 or 50. Technology is moving at such a rate that it is feasible that customers may want to pay for property in cryptocurrency in a few years time, but it’s also possible that the property market could look very different too.
The future of real estate is fixed in one sense: everyone needs somewhere to live. This, at least, gives realtors a kind of guarantee. Where many jobs are likely to be taken over by tech, showing someone around a house, answering questions and negotiating a good deal are all still very human jobs.
However, like all businesses, real estate agents must always keep an eye on developing technologies to see how they could be put to work in their industry. While something like VR or AR is an obvious fit for the gaming industry, its application in selling homes has already been a surprising success.
You may not be able to predict the future but the more you see around you, the more inspiration you will have. The world may be moving quickly but new opportunities arise with even second that passes. And that’s always the best thing for any business.
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