Real Estate in the Year 2037

September 6, 2017

 

For fun, let’s imagine what our industry might look like 20 years from now.  Chances are, at least some of you will still be in the business, so a trip to the future will be helpful!

Okay, we’ve set the dials to 2037.  Our time machine is revving up. Everything is spinning. And then, suddenly, we’re in the future.  Let’s take a look around and see what has changed — and what I believe will have definitely stayed the same, in our industry.

Artificial Intelligence

Machines are getting smarter.  There are even cars that are driving themselves, but here’s good news.  A recent article in Time Magazine, Find Out If A Robot Will Take Your Job, lists real estate agents as safer than 64.3% of jobs.  Real estate is fundamentally a people business, built on providing exceptional, personalized value to clients.  Robots may be able to do transaction paperwork, but they can’t negotiate deals or comfort an anxious seller.

Virtual Reality

Showing properties with virtual reality headsets was science fiction ten years ago. Now some agents are doing it.  As the technology improves, you can imagine being able to show a listing to an out-of-town client, conduct virtual home appraisals, and show what a property would look like with the client’s furniture.  One thing is for certain:  VR will be an important real estate tool.

Housing

According to Statistics Canada, the country’s population is expected to grow by 12 million people over the next 20 years.  Since population growth tends to focus in and around cities, we’re going to need to increase density.  That means more condos and micro-suites and fewer single family homes.  I suspect we’ll see more families in smaller spaces and a rise in the minimalist lifestyle.

Something else entirely

There’s always uncertainty when you try to predict the future.  Did you ever think you’d carry a computer in your pocket, let alone one that includes a phone, camera, audio-video player and more? There are likely changes coming just over the horizon that we can’t even fathom yet.

What’s NOT going to change

In traveling the world as a coach and speaker, I meet thousands of agents in a variety of marketplaces, and there is ONE constant that remains regardless of the time and place, it’s that Delivering exceptional value is still what matters most.

It’s fun to imagine, of course, what the future may hold. Always keep in mind that technology can be an opportunity or a nuisance, depending on how you leverage it.  No matter how our industry changes, there’s one thing that I believe will never change:  delivering value is and always will be what matters most.  Real estate professionals who thrive this year, next year and in 20 years, will be those committed to providing consistent value to clients and potential clients before, during and long after a sale has been made.

It’s a beautiful life. Make it count!

Rich

(courtesy of RRi)

[Statistics Canada source: http://www.statcan.gc.ca/pub/91-520-x/2010001/aftertoc-aprestdm1-eng.htm ]