The real estate is not all glitter. There are ups and downs that face the industry. In case you do want to become an agent in the future then it is better for you to know the troubles that will affect your work.
1. Aging Population
The aging of the population will broadly and dramatically affect the real estate markets from housing, retail sales, health care, and the myriad of factors that define success for different geographic areas. Aging will most directly affect the demand for real estate, but will have scores of less direct impacts such as potential capital impacts as the pensioners by the scores of millions move from being net contributors to net users of capital.
2. Funding of Public Employee Retirement Systems
Underfunding of state and local retirement systems in the trillions of dollars provides extreme challenges to the provision of basic local and state services critical to real estate properties and markets. Can we tap existing government assets for cash in a way that makes economic sense and does not shortchange future generations? Real winners and losers to emerge.
3. Student Debt Burdens
Student college debt averages more than $20,000 per student and its total exceeds consumer debt for the first time. How will such burdens change the patterns of spending, household formation, and growth of this generation of graduates?
Some problems occur out of inexperience. These are mistakes made by new realtors who do not know how things go in the market.
A leading violation that comes before state regulators, said Richard T. “Dick” Fryer, chairman of the Florida Real Estate Commission and president of IFREC real estate schools, is when sales agents dabble in property management, which isn’t allowed under their license.
Sharon Voss, president of Orlando Regional Realtors Association and an agent with Watson Realty Corp., cautioned against accepting verbal offers instead of written ones. She also said to guard against copying details from a dated house listing on the multiple listing service. Getting the most recent listing information reduces mistakes.
Kelly Price, broker of Winter Park-based Kelly Price & Company, which has about 35 agents, took issue with not taking the time to understand contracts and closing documents. It’s more than filling in the blanks. Each deal has its own personality.
There are smart minds that have come up with tech solutions to some real estate problems. These are solutions that ensure that any potential buyer can easily view the property.
Tech innovations that solve real estate problems
What it is: a company that allows you to copy and distribute keys securely without leaving your desk.
Who will use it: agents, brokers and anyone else who needs to provide daily access to multiple homes.
How it helps: Scan a key on your smartphone using KeyMe’s iPhone app. Upload the file to a secure database, and KeyMe will cut a new key and send it out to as many recipients as you designate within three to five business days. The technology also allows you to share the key file (again, securely) with other interested parties (think: agents and property managers) who can then place orders themselves.
What it is: a virtual program that allows the user to tour a space before it’s even built.
Who will use it: developers, agents and brokers representing or selling properties in the planning phase or under construction.
How it helps: Thanks to CAD, we’ve seen the future, and it looks pretty darn good. Thanks to Floored, we can walk around in it. Floored’s technology goes beyond a flat rendering, allowing the user to move through a home virtually — like a gamer in Minecraft, but with way better graphics. (Seriously: They’ll set you up with an Oculus Rift virtual headset, if you want one.)