Where could the estate agency sector be in 10 years?
There is no way to come up with a completely accurate prediction in regards to any kind of sector and what can be expected of it in the next decade, but you can make some fair guesses that are based on certain factors that are taking place now and are predicted to occur in the next 10 years. In this article, we are going to give you some of the most important information that you should keep and all estate agents need to keep an eye out for the way things develop within the next few years.
Technology and estate agencies
Some people would say that politics and general shifts in the economy are going to play a major role in the uncertainty that we are experiencing in modern times, but technology is also going to be playing a huge role in this regard and it will shape the way in which people interact with agents.
There is no way to know how things are going to play out for estate agents, but technology is allowing for a home to be checked with a virtual tour that allows people interested in a property to get a view of an entire house or building without ever having to visit the location.
Other changes include the fact that we are now seeing a huge number of agents that are using these virtual tours on their websites and they are making thing much easier for people who are looking to purchase or rent a house. These trends are starting to be picked up by everyone from Bovis Homes to Rightmove.
The mobile phenomenon has made this even easier now because people can easily upload images of all areas of their homes and the virtual reality tours are going to be extremely common and easy to setup in the next 10 years. The birth of proper and affordable virtual reality methods is also showing huge promise and it’s quite likely that anyone will be able to take virtual tours from the comfort of their homes as virtual reality gear becomes more affordable for the general public.
The market could grow rapidly
There could be a sudden growth in the market and there are many things that could end up being beneficial or could negatively affect estate agents when this happens. The truth is that technology is creating a serious of changes in this industry and many industries that work in synergy and it can be hard to see how things will play out in 10 years, but estate agents need to be ready for anything and they need to update their knowledge base to meet modern standards.
Rentals will become a priority
Many studies suggest that people in the UK are more likely to start renting property than purchasing property in the next few years. This trend might be at an all-time high ten years from now and this could be a very critical change in the estate agency sector. Many factors are contributing to the lack of desire that people have in regards to purchasing a home, but the most important thing to keep in mind is that this also means that the pricing for rentals is going to change too and it’s a little too early to predict the outcome, but rentals will probably become a priority for the average citizen in the UK.
There are uncertain times ahead, but even without being able to predict how the economy will be in the next decade, we can get a pretty good idea of where things might be for the estate agency sector based on the factors that we have mentioned in this article.