Outsourcing cold calling can be a great option for real estate companies. However, there are some important things to keep in mind.
First, make sure you research the area you’re targeting. This will help you understand the market and increase your chances of success. Also, use geographic farming, which involves targeting a specific neighborhood.
1. Adaptation and Innovation
Real estate investors must continually adapt to changes in the industry. In fact, according to Property Radar, seasoned investors are often more able to identify emerging trends than their competition. This can be done through continuous education, mentoring relationships, and active engagement with new ideas.
One of the most notable changes to real estate is the growing disconnect between homeowners and real estate agents. Many people are now listing their homes on platforms like Zillow and Redfin, bypassing traditional agents altogether. This trend will have a significant impact on the future of real estate, especially as technology continues to advance.
Real estate investors should keep an eye on blockchain technology, virtual reality, smartphone apps, and online property listing platforms. These digital resources will continue to influence all aspects of the real estate market. In particular, investors should be prepared for the way in which these new technologies will change relationship dynamics and transaction times between buyers and sellers, landlords and tenants, and even investors and contractors. According to Than Merrill, CEO of FortuneBuilders and a longtime real estate investor, these changes will be more rapid than ever before.
2. Millennials
Millennials are entering the real estate market at a much later age than their baby-boomer parents. They are also more interested in smaller homes and suburban areas as they start families. They are a tech-savvy generation, and they prefer smart home features that allow them to track energy usage, control lighting, and security from their phones.
Having grown up watching DIY videos on YouTube, Gen Z has big aspirations for their home renovations. They want to be able to customize their space and make it unique. They are also a fully digital generation that expects all processes and paperwork to be completely online.
Investors who specialise in new construction or flipping houses must keep this demographic in mind. For instance, they should consider joining the smart home trend to appeal to this demographic. A recent survey revealed that 80% of homebuyers would be favourably influenced by energy efficiency features such as Energy Star appliances and above-code insulation. These elements will help them save on utility bills. Moreover, they will help them reduce their carbon footprint.
3. Suburban Housing Markets
With many urban areas experiencing extreme housing price growth and affordability crises, a significant number of Americans have sought refuge in suburban homes. As companies shift to remote work and COVID-19 slows commute times, more people are likely to continue seeking suburban housing markets in 2021 and beyond.
Buyers are looking for more space and privacy in their new home, and many are willing to pay a premium to live in an area that is a short drive into big cities. In addition, rising mortgage rates are pushing buyers towards suburbs. As a result, suburban homes are spending less time on the market than their urban counterparts.
Luxury Manhattan homes are seeing a dip in activity as more buyers opt for cheaper options in the suburbs, where they can still have access to city amenities. The suburbs are booming, but it will be interesting to see how the trend plays out over time. As the demand for suburban homes continues, will it push prices higher? Or will people settle for less expensive suburban neighborhoods that offer more privacy and space than their urban counterparts?
4. Eco-Friendly Renovations
One of the most important aspects of real estate investing is recognizing and embracing new trends. New technologies and changing homeowner demographics have begun to shake up the industry in major ways. These changes have impacted everything from property listing sites to average closing times.
For example, Millennials are more interested in finding turnkey houses that are designed with them in mind. They don’t want to deal with issues like bad plumbing or outdated kitchens. They also prefer to communicate with their agents via text rather than phone calls. This is because they can often answer their questions faster and it’s easier for them to schedule appointments with their agent through this method.
Another change in the future of real estate is a focus on eco-friendly renovations. This is because people are becoming more aware of the impact their lifestyle has on our environment. They are looking for properties that are energy efficient and have eco-friendly features. This is a great opportunity for real estate investors who are able to offer these types of properties.
5. Technology
The real estate industry is embracing new technology in the form of AI and big data. These technologies make it easier for real estate professionals to analyze data and improve their business models. They also help them save time and money by automating tasks like rent payments, security deposits, maintenance requests, and vendor management.
In addition, many real estate companies are exploring different avenues to increase affordability and ownership options for their clients. One example is Brick X, a company that divides properties into 10,000 pieces that investors can purchase as “bricks.” They can earn net rentals from the property’s occupancy and capital gains from selling their bricks.
As the housing market continues to evolve, real estate businesses must adapt and innovate. They need to find ways to reach potential clients, meet their needs, and stay ahead of the competition. PropTech, a new approach to running a real estate business, offers a number of tools and services that can help them stay ahead of the curve. By using these new technologies, they can improve productivity and achieve better ROI.