For the most part, our industry has done an excellent job of absorbing rapid change. In real estate, while many professionals washed out, many others streamed in after being laid on from jobs in other industries. As a result, while the pie got cut in half, the number of people trying
to make a living in real estate stayed at near record levels.
To succeed, we need to have a keen understanding of how our environment will continue to evolve and what it will take to win in the years ahead. That’s why we’ve identified the 10 trends that we believe real estate industry professionals will need to watch carefully. We’ve got six of them here. No matter which strategy or business model you pursue, understanding these trends and what they will mean for your business will put you ahead of the game.
1. Changing Consumer Demographics Generational and cultural segments will matter more in the future than they have in the past. There are now Want to thrive? Find out where your focus should
be over the next five years. BY IAN MORRIS AND STEVE MURRAY rends Will Drive the Next
four generations of home buyers and sellers in the market: The Traditionals (ages 66 and older), the Boomers (ages 47-65), the Generation Xers (ages 35-46) and the Millennials/Gen Y (ages
34 and younger). This represents the first time in history when four distinct generational groups are engaged in the purchase and sale of homes.
Real estate professionals need to keep a watchful eye on the buying preferences of these demographic groups, and broker/owners need to be sure that they’re building teams of pro-
fessionals who can reach their target consumers. Why develop a sales force with expertise in suburban subdivisions if you’re in a market where most people want a condo that will allow
them to live, work, play and shop—all in the same neighborhood? Currently, the average real estate salesperson is older and of an ethnicity that is di
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