This article is written by Brian Malika, a Contributor Author at Startup Turkey.
The business world is changing at a very fast pace to the point of some entrepreneurs being left behind on new developments affecting their fields of interest.
It is already reported that the active life span for any successful business today does not exceed more than 5 years after which the market becomes volatile .
Even the real estate business which is as old as humans started seeking shelter is changing with new developments today.
Real estate industry has been the same for many years to the point that if you mastered the art of doing business in this field sometime back then chances are that you would have remained a relevant source of expertise for a very long time.
But today, the consumer demands and new technologies are not giving real estate stakeholders the favors of recycling information over time. If you are well informed about the real estate industry today doesn’t guarantee that your knowledge of real estate will be relevant in tomorrow’s market if you don’t keep up with the trending tabs on a continuous basis.
Four notable emerging trends in the Real Estate industry are :
Watch out for foreigners
With the concept of globalization taking over, people have been facilitated to further their business prospects outside their communities and borders due to favoring Global policies being adopted by countries. As such, there is an emerging trend of people looking for lucrative business deals in other countries that are viewed to be more affordable and welcoming to do business.
Therefore, if your an investor that is passionate about real estate development and feel that your local community is not an ideal for you to flourish then you need not lose hope but rather do your research on outside communities that have the potential for real estate development and where you can be well accommodated. Then go ahead and give it a try once you have all the calculations intact.
Additionally, entrepreneurs that think that the real estate development is a preserve for the super rich might have been left behind on the development of new trends within the real estate sphere. Actually, with the globalization aspect taking over, there is a growing demand for accurate and updated local information regarding the real estate opportunities by the incoming foreigners who want to invest in real estate projects across the globe. And you as an entrepreneur, you can scoop this opportunity by deciding to start blogs and other social media information platforms that could quench the thirst for local real estate knowledge among the global class of real estate developers.
Construction policies are not being left unturned
Well, if you’re careful you might have heard one or two policy changes facing the real estate industry that are being issued by the Ministry Of Housing in your various countries. Among the familiar policy changes affecting the housing sector on a global scale is the importance of erecting emergency exit doors in case of a fire or an attack, the need to repaint and repair every building after a some time and most importantly there is an insistence for buildings to meet the threshold of sustainable development whereby electricity is conserved, water is easily accessible and the environment is protected within the real estate development purview.
Therefore if you’re in the real estate business whether new or have been there for some time, it would be wise to have a look at the policies affecting the venture from time to time so as to avoid fines or even the possibility of having your complete real estate projects being demolished.
Real Estate Business is continuously opening up to everyone
As you all know, the real estate venture has been a preserve for a select set of careers for a very long time. Am talking of plumbers, masons, electricians, planners, engineers, and the interested investors.
However, things are changing and we are having new careers within the real estate development sphere like bloggers, content marketers, financial advisors, marketers and even software applications engineers coming into the scene of real estate development.
As we head into the future, we are bound to experience even further career entries within the real estate sphere based on the changes that will occur around consumer behavior and the discovery of new technologies.
Therefore, all real estate investors must be flexible to accommodate new emerging careers within this field even if it is on a trial basis.
The Digital revolution is sweeping clean the operational of the real estate business
Can you imagine we have places where houses have been bought already using the digital currencies? Yes, in China alone, more than one hundred thousand houses have already been transacted using the digital currencies and this mode of trade is being emulated even in Japan.
Additionally, we are seeing entrepreneurs coming up with software applications that make it easier for houses to be designed, estates to be planned and tenants data to be organized using the digital platform network.
To stay at par with the digital revolution that is promising to take over every sphere of professional engagement, the real estate investors have to be flexible and seek ways to partner with start-ups that offer digital solutions for the better of the real estate operations.
The Secret To Survive Is To Be Water
You know when you put water in a cup, the water will take the shape of that cup. If you put the same water in a basin, jug, bath tube or any other vessel the same water will still embrace the new shape of its ‘host’.
In the same tune, real estate investors and entrepreneurs must nurture the ability to embrace the changes that are taking shape in the real estate world. Be it police changes, digital changes or any other; Real estate stakeholders must be flexible in order to be relevant in the coming days.