Some people still remember using the old dial-up internet connection. Sometimes, it would take as long as a minute to load a particular page. Back then, imagining doing any kind of serious work was a completely absurd thought. Fortunately, things are entirely different now. Today, most people have access to high-speed internet connections. And the majority of businesses use it, one way or another. The internet is one of the backbones of whole industries, and functioning without it now seems impossible.
As a result, working from home and even attending professional development courses from home have also become an ordinary thing, especially lately. However, that brings specific changes in how businesses operate and from where. Meanwhile, employees, employers, and real estate agents are starting to wonder about the impact of remote working on the housing market.
How significant is the impact of remote working on the housing market?
Given the recent changes forced upon the business world by inconvenient medical events, everyone is trying to adapt. Chances are, after all the adaption is complete, the remote working trend will remain for a while. Maybe even for good. Due to this new trend, the housing market will have to adjust accordingly.
Let's take a look at current and possible changes we might expect:
Some people will leave expensive cities
Besides those who really enjoy the city crowd, most of the workforce will probably leave large cities. Places like New York and San Francisco are costly, and most people who live there do so only because of their jobs. But, if you give them the opportunity to keep the job and live in a more affordable location, you can guess the outcome. Having a well-paid job without worrying about monthly bills is definitely a just goal. With this in mind, some of the residents are already calculating their moving budgets. As a real estate agent, you'll have to adapt and offer some tips to your clients. Looking in the long run, this will probably lower the demand in those expensive places. With lower demand, prices will undoubtedly go down. Eventually, it will balance the discrepancies that have lasted for quite some time now.
Remote working will affect the demand for specific housing options
With more people shifting toward remote working, a large percentage of those will work from home. With this in mind, many are already implementing a home office. Those who haven't, but plan to relocate, are now looking for different housing options. Because now they can afford a more spacious home, the home office has become one of the requirements. And not only that. Once you have the opportunity to customize your working space, the appetite rises. As they need to spend more time at home, they will need larger outdoors and even indoor gyms. People will ask for modern, tech-oriented features, like hi-tech appliances and energy-efficient solutions. Most older homes will have to go through the renovation stage to stay competitive on the market.
Even real estate is going remote.
Brokers will face difficult decisions if the remote work trend continues. There might be less and less demand for traditional apartments and similar housing options. They will eventually have to invest a lot to adapt all the property in their area. But, there is another option. They can change the way they work by following these remote trends. And this is precisely what some of them are already doing.
With a full embrace of technology, most aspects of the real estate job can be done remotely:
- There are already virtual tours instead of open houses.
- Modern communication apps allow easy interviews with tenants.
- All security checks are accomplished online.
- Digital certificates enable dealing with all the documentation.
- You can even schedule maintenance and renovation tasks with contractors over the internet.
And these are just some of the benefits the entire remote philosophy is bringing to the table.
Real estate agencies can expand to more distant locations
All the potential shifting happening in the housing market is fundamentally reshaping real estate. But not necessarily for worse. Fortunately, brokers will have the opportunity to benefit by expanding the business to more distant locations. With all the remote options we previously discussed, great possibilities are emerging. These newfound potentialities will make it viable to control and handle far markets. Basically, you won't have to focus on one area, you can expand to both suburbs and the more distant regions, and more far-away cities as well. With online payments being one of the primary ways of transferring money, it is only a matter of time when all the payment procedures will be completely automated.
This remote control and automation could lead to an increase in remote investment. Since real estate agencies will be expanding their influence to other areas, people will have an easier time investing in distant property. They will also help people manage their property online as well. With all the advancement in technology, and all the remote working trends going on, living near your investment will no longer be necessary. This principle pretty much already works fine in several other business areas.
Will the remote working trends and changes stay?
In all honesty, people are aware that investing in a constantly changing housing market can be tricky. Especially now when changes are still without firm foundations. Also, the percentage of remote workers themselves believe that these trends are only temporary. Many expect to be back in their offices once the crisis is over. On the other side, some claim that this was inevitable, a sort of long-expected business evolution. Also, some people just can't decide if they like offices or remote working more. And this can reflect on the housing markets in unpredictable ways.
But the key is to find a middle ground between all the sides. In general, some larger companies are already seriously considering solutions. Opening remote offices all around the globe could be the right move. It will allow companies to get cheaper offices and almost eliminate commuting for employees. Everyone could be working everywhere if the nature of the business allows.
Today, we realize that a remote worker is not a typical stereotype packed into a young freelancer working from the internet café. It's an average businessman earning his salary by dealing with all the business demands online. And those average businessmen have different concerns when it comes to their housing options. The impact of remote working on the housing market is significant and will probably have an even more considerable influence in the future. Maybe some of them will not permanently leave their offices for the sake of working from home. But, all signs are pointing at the fact that it's something inevitable we might expect in years to come.
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