- January 8, 2024
- Reading time about 5 minutes
We all know how competitive the real estate market is and how it has been undergoing rapid evolution & growth over the years. Staying updated with the latest trends and technologies is a must to meet the changing customer needs and market demands. With the evolution of technologies over the years, the real estate businesses have changed how they work and how the properties are marketed, sold, and brought.
As we welcome 2024, businesses in the real estate sector must make use of reliable Real Estate Auction Software that can help them unlock new opportunities & prepare themselves for the future. In this blog, we will check out some latest trends that will redefine the real estate sector in the coming years.
How to Make Your Real Estate Business Thrive with Latest Trends?
Here, we will explore the most effective real estate trends that are expected to grow in 2024 and how they can help transform the various aspects of the industry. Whether it’s about the new technologies, the emergence of secondary markets, multiple listing services, or more, the real estate sector has come a long way.
To make real estate businesses grow and uncover hidden opportunities, we need to simplify how agents and brokers access property data but also help connect with genuine home buyers and sellers with ease, ensuring faster property sales with less effort. Without wasting further time, here are some of the top real estate trends you need to be aware of to stay updated in the market for 2024.
– In the past year, the proptech sector faced many challenges and the current housing market’s conditions, with soaring prices and limited availability have added to these challenges. In 2024, proptech companies are likely to give more focus on monitoring their balance sheets with an emphasis on immediate-term profitability. Additionally, this year will unlock a tremendous shift in business models with the expansion of product offerings and investments in consumer education to navigate the housing market slowdown.
New technologies are set to emerge as an essential part of many real estate sectors like the rental segment where the evolution of online rental screening software will be witnessed to enhance efficiency, report rent payments and prevent fraudulent activities. Though there are uncertainties, there is still hope in the real estate industry as many companies are leveraging partnerships and keeping an eye on potentially lucrative IPOs in the future.
– New Technologies
As the real estate sector moves towards the new year, we are more likely to witness the use of new technologies. A few technologies that will have the biggest impact on the real estate sector in 2024 are
i. Data-driven property management solutions can help provide real-time insights for better decisions like property performance-based rents, maintenance schedules & tenant satisfaction.
ii. An increase in remote work culture will be witnessed as new technologies are used to create better freedom and flexibility.
iii. Use of Augmented Reality (AR) and Virtual Reality (VR) to enhance property viewing experiences along with virtual tours and other property visualization techniques.
iv. Artificial Intelligence (AI) and predictive analytics will transform the decision-making capability with data-driven insights, and predictive property values and unlock new investment opportunities by removing manual tasks.
v. Another technology is cybersecurity to help protect property-related sensitive investment data and financial data associated with digital real estate transactions.
– Secondary Market
More real estate agents in local markets are likely to think more nationally as compared to regionally in 2024, impacted by the increased migration of people. From RentSpree user statistics, a significant spread of rental applications across the nation has been showcased with around 17% of rental applicants seeking housing in other states as compared to 14% in 2020 and 12% in 2019.
This nationalization will grow more in the coming year based on many factors. The combination of high home prices and rapid increases in borrowing costs has forced individuals to explore housing options. The next factor is remote & hybrid work options, which are becoming the mix of the professional landscape. All these challenges of housing affordability and the changing nature of work have increased mitigation to secondary markets nationwide.
– Multiple Listing Services- Source of Truth for Rentals
The absence of rental listings on most MLSs will result in financial losses for both agents and tenants due to lower exposure. The support for standardized data for rental listings, diverse compensation for agents & the provision of timely information for renters will be key in 2024.
The inclusion of rentals in MLSs helps to streamline the rental process, lower delays, and boost efficiency. Additionally, there are benefits like increased agent commissions, stronger sales pipelines, and lower fraudulent activities.
– Fair Financial Future
As affordability is becoming a primary concern in 2024, tools intended to support better financial empowerment will continue to grow. Rent payment reporting is one such initiative that will play a huge role in delivering a fairer financial future for all participants in the real estate environment.
Big players in the mortgage industry have already initiated programs that incorporate rent payment into credit histories and this inclusion will not only influence loan approval but also help to address racial disparities prevalent in the housing market.
Despite many uncertainties in the real estate market, it will undergo significant updates in 2024 marked by a dynamic interaction of technological advancements, market dynamics, and socioeconomic influences. Ensure that you go through the trends stated above to stay updated and redefine a narrative of an industry undergoing constant change over the years.
If you want your real estate business to succeed in 2024, you must grab the opportunity to embrace change & capitalize on emerging opportunities. BidHom is an all-in-one Real Estate Online Auction Platform that enables brands across the globe to transform the way properties are managed with custom-made real estate solutions aligned with the latest trends. To know more, book a demo with BidHom and see how we can help you unlock new opportunities in your real estate business.