In the era where Asia is currently booming, Australia isn’t lagging behind. It may actually be perfectly positioned for tourists and business professionals alike which is why it is likely that its real estate market may experience stable growth. That is if it continues to keep up with the changes in technology, demographics, and customer expectations.
It’s a good thing that the country has managed to handle the current virus situation. And as a result, it is being predicted that their housing market will recover by next year. But even so, it’s quite clear that real estate, along with other industries, will continue to move towards technologies that reduce close human contact. But even before the pandemic pushed the world in this direction, a drive towards digital tools, like Matterport 3D virtual tours and virtual meetings, was actually already happening and agents who have caught on early adapted to this change.
But aside from hoping the pandemic to ease up and the economy to do well, there are other ways to future-proof your business.
Know Your Potential Customers
This means, don’t just focus on the ones you currently deal with and the previous clients you’d had. You have to realize that the future may offer you different kinds of home buyers. Each generation behaves differently than the next or the last. So it would be wise to open up your perimeter and see how you can adapt your business to the new buyers and the changes that can bring to the market.
This is not just a matter of age too, there are other factors that you need to monitor so that you’re always in the know and are ready for the future.
Understand Smart Buildings
Properties nowadays are no longer just about walls and roofs. Considering how real estate marketing is becoming more digital, houses are expected to be more digital as well because of how fast technology is moving. This means, more properties are being equipped with internet-connected sensors, for access (digital locks instead of keys), security monitoring, energy management, safety, entertainment, and more.
It’s not just the younger generation that is loving this change, even seniors are looking at it favourably because it helps them continue to live independently at their own home instead of moving to an aged care facility. This opens up a potential new market of buyers for you if you understand the technology and can explain its benefits.
Get Onboard With The Changing Times
Whether you believe that the coronavirus is a threat or not, you cannot deny that the pandemic has catapulted the world into a new and different way to operate businesses. As a business person, you should have taken this as a cue to change course as well and accept change as a constant company.
Because of the travel restrictions and social distancing practices, people are speculating that this is going to be the start of a “new normal”. But if you don’t want your business to experience another plunge, you’d be wise to ride into this speculation. The current situation may or may not stay for good. It is not set on a stone. If anything, social distancing has made people realize the need to be flexible may it be in business or life.
Invest And Strengthen Your Online Presence
As mentioned above, the world and the real estate market is going digital. This is not to say that you should abandon offline marketing techniques that you have in place and are working for your company. But, it is also a necessity to build a strong online presence now.
Boosting social media presence is a necessity for businesses nowadays because people are online a lot and consume online content all the time. People rely on the internet and their phones and other gadgets heavier than most people think, which is why this doesn’t really come as a surprise. Aside from that, Matterport virtual tours are also hot in the market. According to Planet Home Study, 75% of buyers agree that a virtual home tour is a major deciding factor in whether they would buy a property or not. Customers find real estate virtual tours as useful and maximize the ability to research and compare property even before reaching out to a realtor.
The use of virtual tours in the real estate industry has become more prominent as the years go by, especially, this year 2020. And it will most likely continue to do so as well as in the related industries like builders and property managing.
Engage A Reverse Mentor
Years in the industry builds both expertise and confidence for agents as well as those who are running real estate companies. But that can also lead to arrogance in thinking that they’d continue to do well, so there’s nothing else to learn because they know what they’re doing.
But, with how fast-paced the technology and real estate industry is, younger people may know a few things that you don’t. This is where asking junior colleagues to mentor you can help. Differences in experience, expertise, and perspective of those younger than you, who studied and learned during this modern time, may teach you more things than you’d expect.