As is with every other market, real estate is a dynamic industry with ever-evolving trends that change and flow as preferences do. The world’s general meaning of the word ‘home’ and the expectations home-buyers have for one is something that’s adapted to different trends over the years, and something that will continue to change.
As a realtor, being up to date on the latest trends in your industry is as much a part of the job description as doing closing paperwork and conducting showings are, with knowledge perhaps being the most valuable asset you bring to the table for your clients.
Coupling your knowledge of current trends with being aware of the needs, desires, and goals of the people you’re helping to find their dream home are quite possibly the most important – and even first – step in the process of doing a quality job for them.
Because of this, it’s important to stay on top of things, which is why you’re here reading this.
Identifying Trends Overall
An all-important asterisk to include beforehand is this. You can be aware of trends, but they’re just that, trends. An even more valuable insight to have is being able to pick up on trends about trends. Kind of meta, yes, but this allows you to have the foresight to anticipate the future to a degree.
This is the kind of insight that people like Kuba Jewgieniew, CEO of Realty One Group, and other industry leaders have available on tap. Experience in an industry will inevitably lead to unique knowledge such as this, and give experts the ability to predict what’s to come.
Trends That Every Realtor Should Be Aware Of
Now, to get a bit more into the current details of ongoing trends, here are just a few to be aware of. Keep in mind though, that these are trends, and the definition of a trend is something that’s not perpetual. Whether it’s lasted just a few years or for decades, it’s all temporary and will eventually fade:
- Firstly, urban living
Urban living is something that has changed drastically over the last five years. Gone are the days of suburban living. In this day and age, the majority of people want to live in a city or a small town. This is particularly true of those people with families. Those with a family to feed want a home close to where they work and those without having no need to look far to find a great home.
- Home is more than just the house.
Buyers are not just interested in homes anymore. They want to be near a shopping centre, schools, parks, and many other things. They’re looking for places that are vibrant and full of life. If you want to sell a home in this type of neighbourhood you will have to do some marketing and if you are the type who wants to buy then you need to get out there and meet people. This means more phone calls, more visits to homes, and a little more networking on your end.
- Increased demand for experienced agents in the field.
Information is accessible to everyone now online. Buyers can find homes themselves through various means, and even contact agents and sellers directly. They can do their own research about the legal aspect and all the costs or paperwork associated with closingand ultimately become more well-rounded and educated on real estate in general.
That’s great, everyone is getting smarter, but it also makes an agent’s expertise less special. This means that agents with greater experience or nuanced knowledge about something become of greater value to the consumer who now feels like they can do it on their own. Homebuyers can even check on an agent’s agency and their reputation using a tool like Crunchbase to audit their prospective agents, making it all the more difficult to stand out. To do so, you must specialize.
As you can see, many of the real estate trends we discuss today are changing very quickly, if not constantly. Technology is playing a big role in much of the change, especially when we consider the widespread access and availability of previously expert-specific information.
Things have always been changing, but now they’re doing so faster than ever, and keeping up with them can ensure that you don’t become obsolete as time goes on.
Agents don’t have to be a dying breed, and you can at least ensure that you’re not one of those that do get surpassed by innovations by adding layers to your knowledge and overall skill set, and being aware of the trends is one of those layers.