Real Estate Business: What’s Changing This Year
A wide variety of highly impactful changes could be coming to the real estate industry this year. Here are at least seven significant changes real estate business owners, entrepreneurs, and investors should be watching…
Realtor Commissions
Recent lawsuits have found that NAR has illegally colluded to artificially keep Realtor commissions high.
This will not only cause consumers to lose faith in Realtors, but also to put more downward pressure on their commissions.
TikTok to Tinder
This may be the year when advertisers finally realize that no one is really buying things on Tiktok. Marketing is everything, but ROI on marketing and labor is more important than ever. Some may find that they get better results on in person marketing offline or Tinder than wasting time on TikTok.
Employees Vs. Contractors
Strict new criteria is being rolled out for classifying employees versus independent contractors. Many real estate businesses may have to restructure how they hire and what they have team members do.
This comes right on the brink of the world’s largest freelancer platform Upwork looking like it will implode after a string of terrible decisions that have burned their best customers.
New rules around employees and contractors mean that few will want to or can afford to risk even hiring remote workers in places like California or New York.
The Real Jump In Inflation May Be Coming
Consumer prices are still astronomically high, and growing. Though, recent and current events from new regulations to conflicts in the Middle East, and interruptions of shipping paths could create a new round of hyper inflation that is even more significant than post-COVID. If shipping and import costs are quadrupling right now, what will that mean for consumer prices in the next couple months?
The Next Phase Of Migration
We recently experienced huge shifts in companies and residents from places like NY to NJ and FL. That is now triggering a new round of migration from these states to new destinations like AL, SC, and OH. Some media outlets have also posed that the new American Dream is now to leave America for better lifestyles elsewhere abroad.
We’ve also recently seen more than one proposal to open up the use and sale of public lands to foreign entities and migrants.
Property Prices
While some see inflation continuing to lift property prices, other investment industry veterans expect $1T in debt defaults, and prices to fall by 50% or more over the next year or two.
Small price cuts are no longer cutting it. It has to be a complete no brainer with an existing exit at a steal of a deal price to attract solid offers and buyers.
The Middle Class Is Gone
Inflation and a weakening job market leave only room for the highly paid tech elite or the welfare class on food stamps to survive. Consider how you can serve these groups in order to keep business flowing this year.
The bottom line is that real estate investors, entrepreneurs, and business owners will have to do things differently, find new groups to serve with new proposals, and price deals differently this year. Yet, this all means immense opportunity for those who are flexible and get ahead of the curve.
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