The more things change, the more they stay the same. The real estate industry and housing market have changed a lot over the years. The industry will continue to advance, reshaped by innovation and technology. Real estate agent and tech CEO Mikael Hastrup discusses what the future of real estate might look like.
“Increased technology adoption is necessary and inevitable in pretty much every industry, including real estate,” notes Hastrup. “Technology has already changed the real estate industry in many ways and will likely have an even more profound impact in the future.”
Thirty years ago, newspapers played perhaps the most crucial role, as far as media is concerned, in home sales. Now, various websites and platforms have replaced newspapers. Tech platforms will help home sellers connect with more people. A wider audience may encourage quicker sales and higher prices.
Do real estate agents have a future? Studies suggest that 80 percent or more of jobs are at risk owing to automation and robots. Some speculate that real estate agents may eventually go the way of the dinosaur. However, this outcome is far from a given, and while real estate agents may evolve, they’re not likely to go extinct any time soon.
“Some people may move to sell their home without an agent,” says Mikael Hastrup, “although many people will find then selling a home is a complicated process and agents offer a lot of value. Real estate agents are likely to be around for a long time. That said, the nature of their job may change.”
With technology platforms making it easier to buy, inspect, and bid on homes and other properties over the World Wide Web, real estate agents may rely less on face-to-face selling. Instead, many agents may focus on leveraging technology tools and figuring out how to best represent and present properties online.
Renewable Energy
Technology will impact real estate in many other ways as well. Currently, increased sustainability is crucial not just in real estate but in essentially every industry. Demand for sustainable products and solutions is only likely to increase in the future and will almost certainly play a major role in the real estate market.
Many homeowners are opting to plug their houses into renewable energy systems. For now, renewable energy sources are somewhat new, and the folks plugging into them are still largely early adopters. However, in the not-so-distant future, renewable energy could become standard and expected.
“We’re not going to see every home unplug from traditional energy grids,” says Mikael Hastrup. “However, we will see more properties decreasing dependence on traditional energy grids and increasing the use of renewable energy sources.”
Homeowners now may want to consider renewable energy as the right solutions and platforms that could add value to a home. Renewable energy could reduce utility bills now while also ensuring that you get more for your home in the future.