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Trends to Consider When Kickstarting Your New Real Estate Business

By
Home Stager with Freelancer

In the past years, there have been drastic changes in how businesses are run, and real estate is no exception. With the current shifts in the world, it has been a difficult road that is beginning to calm down. Real estate is recovering, and now is an excellent time to begin kickstarting your own real estate business. To ensure it is a success, you must understand the current trends that could affect how your real estate business is run. 

Generative AI

Artificial intelligence is slowly becoming one of the most popular business trends out there to date. It has the potential to boost various industries, including real estate.

Firstly, generative AI can create a more accurate representation of properties and recognize various types of buildings. AI can then take that information and turn it into an accurate description based on buyer feedback and market trends. 

AI also can automate document analysis and reviews and create a more personalized real estate listing from the data it pulls from social media. These automated capabilities can take a real estate professional's extensive to-do list and help take over specific tasks so they can focus on other critical assignments without putting off anything for later.

Although AI has many benefits for a real estate business, there are downsides. There is a chance for inaccuracies or bias. This is because AI uses algorithms to collect data, so if the data gathered does not have the correct information, is biased, or incomplete, then that will be the results the AI gives you. It is a pitfall to keep an eye on when using AI. 

Decarbonization

It is no secret that the real estate industry is one of the biggest causes of carbon emissions. This is due to the energy it takes to heat and cool buildings on top of how much electricity is needed to function. 

Now, more than ever, business and property owners aim to decarbonize real estate because it is beneficial for the environment and incredibly cost-saving. Being more conscious of a building's carbon footprint can lower energy bills and maintenance costs. Improving air quality can also lead to better working or living conditions. There is also the fact that more people are looking for more eco-friendly buildings to bring in more workers and tenants.

As you kickstart your real estate business, you will want to keep this in mind. Begin decarbonizing immediately to keep your costs down and make more people inclined to purchase various properties. Real estate-related climate technology is beginning to cover not just software but also hardware and material technologies which also can decarbonize the industry. As time passes, automation and smart-building technology with decarbonization will become more evident that it is an excellent asset and creates more sustainability in the real estate industry. 

Investments in Property Technology

Investing in property technology, or proptech, has been a roller-coaster in recent years. The trend has been going up in the past five years, though, despite everything. 

Proptech is beneficial for real estate because it gives a chance for an enhancement in job creation and growth in the economy. It helps make buying and selling properties easier, and the time proptech saved can be immediately put towards other economic activities, such as creating opportunities for people to reach their financial goals.

Each of these trends has the potential to change the real estate industry's direction and significantly change the consumer's lifestyle experience and financial stability. Real estate is considered one of the most significant assets in a person's life. The real estate industry is not going anywhere, so if you are starting your own company, keep these trends in mind to ensure it is successful. 

Comments (2)

John Pusa
Glendale, CA

Hello Dawn Castell these are very valuable educational list of trends for when kickstarting a new real estate business.

Apr 23, 2023 03:41 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Apr 24, 2023 04:39 AM