The global real estate industry is constantly evolving along with the rest of the world, with new trends emerging year after year. Real estate developers and their agents have a tough job keeping up with the times. They have to constantly adapt and cater to the changing preferences of their clients, preferably staying one step ahead.
Real estate trends for 2018 look to be dominated by tech and innovation in the home as well as in sales processes.
Here’s a look at 4 real estate trends to look out for in 2018.
1. Smart Home Automation
2018 will see a global uptick in the adoption of smart home automation by real estate developers. Mobile apps and ‘personal assistants’ powered by artificial intelligence will be commonplace in every property.
Sansiri is one of the pioneers in the industry when it comes to adopting smart home technologies in its projects. One example is San:Dee the delivery robot that can help deliver light goods such as general mail and parcels. Sansiri’s Home Service mobile application includes functionalities such as a voice-enabled smart assistant, as well as convenience in checking utility bills and repair statuses,even accessing different areas of the properties. This helps to reduce coordination times and increase notification efficiency.
2. After Sales Services
Handing over the keys to the client may not necessarily mean that the job is done. After-sales services are becoming just as important, if not more. End-to-end services, such as rental and tenant management are especially valuable to foreign investors who might not have the luxury of time to physically visit their properties for administrative reasons, such as maintenance and rental issues. Real estate developers are increasingly dedicating more time and resources to their after sales services, which signals a significant shift in the norms of the industry.
Sansiri’s sister company, Plus Property offers hassle-free property care and management solutions. Their after sales services include a wide range of features like evaluating maintenance issues, facilitating communication with tenants and the coordination of monthly rental payments.
3. Mobile-friendly Experience
The universal expansion of smartphone technology has changed the way consumers gather information, and the real estate industry is no exception. Websites are seeing an increase in the number of people accessing their pages from mobile phones, and the trend does not look to be slowing down. This phenomenon is seen in the real estate industry, with developers experiencing an increasing amount of sales offers and searches through smartphones and tablets. Players in the industry will need to pay more attention to their digital assets such as websites and apps to make them more mobile-friendly to appeal to potential buyers.
Sansiri’s real estate property app, ePropertyTrack for Sansiri ,developed jointly with PropertyGuru Group and DDProperty.com, aims to support easy and convenient project sales to foreign customers. Other features of the app include live unit availability and pricing, real-time reservations, interactive site plans, and a virtual tour.
4. Generation Z
People born between 1995 to 2001 are usually referred to as Generation Z. As they start graduating from their tertiary institutions over the span of the next few years, they will be entering the housing market with high levels of debt and equally high expectations. With their strong sense of individuality and natural disposition towards social media, players in the retail real estate industry will face increasing pressure to reposition themselves, by creating experiential stores with connectivity that responds and caters to individual preferences.
Sansiri’s developments fully embody their key motto “Constructing lives, not just buildings” by incorporating lifestyle elements that appeal to modern urbanites. OKA HAUS Sukhumvit 36, one of Sansiri’s newest properties, offers home owners a wholesome experience with their modern facilities, such as open-air leisure pools, green and nature-inspired co-playground and smart home technology integrated right into their homes.
With the global shift towards technology and consumer-focused innovation, the real estate industry as a whole will need to be on their toes to keep up so as to not get left behind.