The red-hot real estate market continues to sizzle, and this time, it’s affecting smaller tier cities. PwC research on emerging real estate trends shows that Nashville and Raleigh/Durham take the #1 and #2 slots of hot real estate markets. Part of their appeal lies in a lower cost of living than coastal hubs like San Francisco.
The report also shows people are starting to pay attention to environmental, social, and governance factors (ESG) in the places they live. These play into amenities like walkable communities and flexible rentals. From using drones in real estate photography so potential customers can appreciate a bird’s eye view of the property and neighborhood to rapid digital transformation, there’s fast-paced change afoot.
Three current real estate trends for 2022:
- Proptech solutions continue to grow
Successful real estate professionals choose the right proptech or “property technology” to simplify their business processes, save money, and keep their customers happy.
Some proptech tools collect data on demographics, consumer trends, and even historical data on specific buildings like HVAC systems. The latter can provide useful insight and ways to proactively handle preventive maintenance before there’s a crisis, which keeps tenants happy whilst saving money.
In the short term rental sector, vacation rental managers are relying on proptech like digital check-in, voice concierges, and property management systems (PMS) to run their businesses and communicate with guests.
Remote property viewings, construction tech, and a growing investment in real estate tech companies are only the beginning for the digitization of the property industry in 2022.
- The power of images to drive sales in real estate
The old adage, a picture is worth a thousand words is never truer when it comes to real estate. Whether people are looking to buy or rent their next home, their search often starts at Zillow, Trulia, or another online real estate website.
90% of future home buyers start online, making high-quality property photography a prime sales agent. After all, excellent real estate photography serves to entice potential buyers and renters.
72% of realtors agree, excellent visual content leads to more listings and, ultimately, more sales. Professional digital photography evokes emotion and helps future customers envision themselves in a physical setting.
- Rental flexibility
From baby boomers cashing in on strong house prices to remote workers seeking flexibility to millennials who can’t afford to buy real estate, there are many factors at play in today’s rental market.
Take the shift to smaller tier markets. With the ability to Zoom into meetings from anywhere, many employees have taken the opportunity to move to less crowded (and less expensive) areas. They may be returning to smaller home towns or fulfilling a long-held dream to live in another part of the country. Still, for many, even though rental prices continue to rise across the US, the desire for flexibility has never been more in demand.
Are these trends here to stay? Convenience, walkable communities, smart tech in homes and rentals, plus remote working show no signs of going anywhere just yet. Those in the real estate industry who focus on the right proptech and marketing will thrive in 2022.
What does the future of real estate look like? It’s tough to make predictions, yet, there’s no doubt excellent property photography and other visual content will always be the first impression that leads to conversions.
In summary, we live in a visual age. When your property photography can capture the attention of a prospective customer, you stand a greater chance of completing a sale or rental, whether it’s in the next neighborhood or across the country.
Interested in keeping your business up with the trends? Find out how we can help!