(Akiit.com) So many people out there work as a real estate broker, or dream to be one, because they see it as a way of living a luxury life. But the chances are, most of them will end up losing their jobs in the near future. This is because artificial intelligence is advancing so much that there will no longer be a need for humans, as they will replace most of the jobs. In the direction that technology is going, it is expected to radically transform the entire real estate profession. It isn’t just the real estate agents and brokers that have to worry, but the industry itself will need to start adapting and pushing forward to the future with how new technologies will shift the demographics of everything.
So brace yourselves, because the real estate industry is going to change in a way that we won’t recognize anymore.
Here are all the reasons why.
New ways of doing business.
There is now a thing out there called the sharing economy, and this is where people rent or borrow, as a pose to buying, selling and having full ownership of properties. This way of doing business will eat up revenues and all the usual market share that comes from the traditional way of doing real estate. The young people have often been great in the industry because they engage in using various sites and services that bring more popularity to them, but the older generation in societies will want to question the way we all think about real estate.
It’s important that we cater to everyone’s needs, not just the younger generation because it’s current, and so we need to think of new ideas for areas like assisted living and accessible facilities in order to create a healthy environment that tries to keep the elderly away from hospital beds for as long as possible. The problem is, consumers are becoming less and less predictable because there is so much variety available nowadays, so we are having to use psychographics to assess consumer personalities, their values, attitudes, opinions, interests, and lifestyles.
How money is dealt with.
There are always new types of investors and financial services that are coming in to transform real estate. There are companies like i-house.com who create a platform so that it offers a new way of transactions through the likes of a new technological world that deals in Bitcoins and many other cryptocurrencies. And so by getting rid of the middleman like the use of a bank, people are able to turn financial services into a more efficient and consumer-friendly deal as there are no more costs for keeping the middleman in check.
Online services that deal with investments all tend to charge a lot less money, if not half of the costs of the traditional broker. These web advisers deal with all different things, like fixed income securities, real estate assets, domestic equities, and even foreign equities. Because they are so catering to everyone needs, they will soon surge through the whole industry and take over, because no one will be relying on brokers anymore as they can not only do it themselves, but it’ll cost them an awful lot less of doing so too.
The jobs and skill sets.
Surveys are saying that in the current direction that we are going in, we can expect that within 50 years, artificial intelligence including robots and computers, will do most of the work that is currently being done by humans, not only because they’re capable, but because they are also faster at doing the job at hand. But having said that, the discussion is often one that gets rejected as most workers don’t see it being possible because the job that they do is so intricate, but these seem to merely be opinions bias answers. The reason that these jobs will most likely be taken over by AI, is because robotic devices are able to do tasks a lot more quickly, but also safely. Digital tech and economic will change the organizational structure and markets so that jobs in the future are more networked and connected. Real estate entrepreneurs will have to create their own job because others may not exist anymore, which means there needs to be a lot of creativity and skill involved. The older generation are being pushed out of jobs as the younger and more diverse age groups are coming in and performing better.
Location used to be everything
People used to rant on about how location was the key to selling, and regardless of how the property looked, as long as there was a good location with good surroundings in a good neighborhood, then it would sell, because anything can be altered within a property. But as the time moves forward, that no longer seems to mean as much anymore. The need for office space is what is first up on the list that everyone is looking for, because more and more companies talk about the disrupting factors of the traditional office space. All the impacts of the increasing interconnectivity, work flexibility, and of course mobility, all play a huge part in the prices of property nowadays.
Because of the live-work space integration that is currently happening, some solutions will reduce the space waste that was once a rather big issue, and this is done by totaling up all the land that is out there for mere parking spaces. It would be around 6,500 square miles of land, which is bigger than the state, Connecticut. If we did something with all of that wasted space, we could use it all a whole lot more efficiently and effectively. Not only that, but around half of the offices that exist, aren’t being used for the second half of the day, so if this space could be shared with a company that works nights, then the office would have a purpose all day, every day.
So now you see where the reasons lie, you may want to start thinking about how you can move with the change, as a pose to try and fight against it, because you will only end up getting left behind.
Staff Writer; Paul James