Thursday, 13 December 2012

Future of Real Estate – By Boman Rustom Irani

The job profile of selling real estate for a living really has not changed much through time. There may have been some change in the rules or some increase in paperwork depending from place to place, but by and large, the procedure has remained the same.
Originally agents used to sit in an office and there was a concept of “Floor time”. Moreover, they used to publish some ads in local and newspapers and homes magazines. At times they also offered advice to their buyers and sellers personally or via postal mails.
Then came the advent of the internet and all the listings of homes were being displayed online. It took some time but slowly, real estate agencies took to buying URL’s to set up websites of their own. In the year 2005, the American National Association of Realtors had reported that almost 70% of the real estate customers over the country were looking for houses online.

It did not take long for the figure to cross 90%, wherein the customers would first look online and then speak to their agents about it. Likewise, sellers also go online and consult agents who will best market their property for them.
Keeping all of this in mind, here are a few possible predictions of what the future of real estate will look like:
1.      The concept of “floor time” will fade out as more and more agents will take to working from their homes.
2.      Personally sharing information will be replaced by sharing of information online, especially any transactions that are in progress.
3.      The control of the market will be in the hands of those agencies with the best websites.
4.      And finally, agencies will shut down their physical shops.
The future of real estate will see “Floor time” as a waste of time majorly because of the decrease in the number of people who will visit them in person. All of these agents will choose to set up work stations at their homes and schedule all of their working commitments around their family responsibilities. Moreover, they will also find themselves free of the usual office banter and interruptions giving them a chance to focus.
Given the needs of the younger generation, most people would prefer the latest file sharing options which gives easy and fast access to everybody. In fact, customers and clients will not need to personally see the agent at all, till the time comes to view the house before listing it.
Having said all this, one thing that will remain unchanged is that customers will still look for information and they will still feel the need to be acquainted with their agents before actually entrusting them with properties and transactions of such high values.
The biggest thing about the future is that the agencies with the best websites will be the ones with the lion’s share of the business.
So what would define the ‘best website’?
Best websites are those that will be able to offer the buyers and sellers with all the information that they need. Not only will it be easy to navigate through the website for information, but the site will also offer the customers and sellers some very useful information on real estate.
The best websites will also have virtual tours for prospective buyers to have a look at the house within the comfort of their homes. They will be able to “see” each and every room in the house apart from the grounds, the neighborhood and the entire view from the house. There will also be intricate details about the house such as the taxes and local assessments, the association fees, the measurements of each room as well as the floor plans.
To know more about tycoon click here.

No comments:

Post a Comment