The world is changing before our eyes. We are able to see how big technological improvements change lives every day. For example, in 2010 just 1.8 billion people had access to high-speed internet connections. By 2016 that number almost doubled. It seems that by the end of 2021, you'll be able to get WiFi pretty much anywhere on the globe.
Additionally, things like the coronavirus pandemic have only sped this process up as more and more people simply have to work from home. In the last few months, even we real estate agents got their square share of working from home. So, what can we expect to get out of it, and how exactly will working from home impact real estate? Well, we're here to find out.
Expensive work centers will become less desired
As we all know, the cost of real estate is very high in large cities like New York, San Francisco, and Los Angeles. We all dream about selling those and working in such a major employment hub. Some even succeed. However, with more and more people working remotely, not many people will have to live so close to their work.
Therefore, if you're looking for strategies to grow your real estate business in 2020, make sure to look further than these main hubs. Many companies move to places where the quality of life is high but job prospects low, and those are the ones you should focus on. We'll see the ascending values of the properties in the nicest vacation spots and some locations that are not that desirable now but will become more wanted. But that's just the first of many examples of how working from home will impact real estate.
Workers will stay out of downtown
Unfortunately, not everyone can afford or be able to work from home every day. Some employees want to see their teams together more often than others. However, recent studies have shown that almost 50% of Americans would like to work remotely at least some amount of time. And this newfound freedom will soon be widely available, so we can expect to see many more young professionals settling down in small towns, like Exeter.
People are willing to commute a little longer if they have to do it only a few times a week. In addition, they get a bigger home, a nicer car, better schools, and prettier neighborhoods. Simply put, a better quality of life. It's a no brainer, really.
Demand will develop for different specific housing features
Home offices are more important now than they have ever been. Nowadays, no one wants to work from their sofa or a Starbucks. Although it's easy to integrate the office space into a single-family home, with multifamily ones it's a little bit harder. Especially if we're talking about rentals.
However, there is one rising trend that some multifamily homeowners are adopting. Co-working spaces can be a major hit and success. Implementing some of the tech gadgets that can boost the value of your commercial property into these co-working rooms can be very beneficial. So, when picking the next houses to work on, be sure to remember this.
However, that does not mean the popularity of cities is going anywhere. Although it's predicted that many people will choose more affordable destinations, the demand for the downtown areas will stay pretty much the same.
There's a lot of restaurants, entertainment options, and cultural events there and that's not easy to replicate in the suburbs. So, although the type of people living downtown may change, there surely won't be a decrease in the number of residents in it.
Be at the right place at the right time
If there's one thing that we've learned from history is that in our world, succeeding in business is all about giving people what they want just when they need it. As our friends from Preferred Movers NH state, this is exactly what revolutionized the moving industry all those years ago. Flexible workspace and traditional office solutions were everything then, but the future will look a little bit different.
Your clients already have the option to choose a place to work from a thousand companies all over the world. This suits employers as well as now they have a global pit of talents to choose from. It's a win-win situation. But, where exactly do real estate agents fit in the whole story?
What to look for?
Big scores as we know them are gone. Traditional big office space rentals are behind us these days. Instead, think about working with satellite office spaces that are near residential areas. This way, the companies are paying for what they need and if you get in touch with lots of them, you can get yourself a nice commission.
Another way to go would be to work with international clients. A big number of large companies and corporations still need headquarters in the U.S., and that's where you step in. If you stay educated and in-sync with everything that's happening you can find your luck in this sphere also.
That's pretty much how working from home will impact real estate. The structure of people living downtown will change, suburbs will become even more popular, and many of us will migrate towards more affordable locations. When it comes to commercial space, flexibility is the key. Keep that in mind and you'll be perfectly fine.
Written by: Lisa Robert with US Home Experts