This Sponsored Content article was provided by EXIT Realty Corp.
EXIT Realty Corp. International’s co-chair, Tami Bonnell, is frequently asked to project ahead to the year 2030 and offer her opinion about the real estate landscape at that date. Barring another unpredictable disruptor, like the pandemic or a recession, here’s a glimpse inside her crystal ball.
Many disruptors entered the industry during the upward market swing following the last recession because they saw that real estate and related industries contributed a fifth of the value to the GDP. While they saw an opportunity to make money, they didn’t consider much other than technology, and they (and much of their leadership) don’t have real estate experience. So, when Bonnell projects ahead, some disruptors won’t be here in 2030 because at some point those businesses must turn a profit.
Among those that remain, Bonnell believes there is a significant difference between the brands that will simply survive and those that will thrive. “I believe the latter will offer opportunities for agents to have a vested interest,” she says. “It doesn’t have to be residual income like EXIT, although that makes sense, but agents need to feel like they’re truly part of something. They want to be tied to a cause and add value.”
As the year 2030 approaches, there will be a need for the industry, brands and agents alike to participate more in being the solution to the increasing challenges posed by housing affordability and climate change, among others. “For example, we’re already seeing properties that aren’t being insured in California because of the fires, and if you don’t have insurance, you can’t have a mortgage,” says Bonnell. “It will become more important than ever for real estate professionals to funnel their expertise through highly-personalized service to their clients’ special needs.”
Next year, the youngest baby boomers will turn 60 years old, so in 2030, they will be 67. This means a significant portion of the population is aging out. So, how can the next generation succeed? For the first time in years, millennials bought more than 50% of properties over this past year. “Because many bought in a panic, often sight unseen and waiving home inspections, we’re seeing incredible buyer’s remorse because they didn’t get enough information,” Bonnell says. “So that tells me, moving forward we will need well-educated professionals.” Savvy professionals now and in 2030 will leverage skill set with technology and offer the speed and transparency that the consumer expects. Skill set and personalization will trump technology alone.
The Metaverse is in the news, but conversations on Facebook or with an avatar are seldom as meaningful as those held face-to-face. While well-built tech can make one more effective, the experienced professional behind that tech is more important. “I think companies are pushing for more tech because there is a lot of money to be made, but I am optimistic that humans will win, and that the people and companies who put people first will be the ones who thrive in the next decade and beyond,” says Bonnell.
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