How Can Remote work Change the Future of the Real Estate Industry

13.03.22 06:40 AM Comment(s) By Assetsoft

The pandemic hit the real estate market in the USA from the onset. House viewings and closings all suffered huge losses. After 2020, the market learned to adapt to new trends. From the use of PropTech to handle business and taking the remote work culture seriously, real estate did it all. 

 

The economy is now going back to normal, with most of the US states lifting the mask mandates. But some real estate trends are here to stay and have affected sales for a long time. One of the key factors affecting real estate is the alarmingly low mortgage rates still laying at an average of 3.99% since the past few months. Some experts predict that it may rise, but the present rates have positively impacted sales. But that is not the only thing, many consumers are making a major shift to suburban locations, and real estate needs to pay attention to these trends as well. 

The Work From Home culture is here to stay 

Pew Research Center says that more than 71% of Americans are currently working from home. That is a big number out of office spaces, and these figures are sure to affect real estate. Among these workers, more than 51% insist that they want to keep working from home even when things go back to normal. 


When more people are exploring the idea of staying home to work, their housing demands are shifting. Globally more than 55% of big companies are starting to offer some amount of remote work option to keep up with the rising demands among workers. This eventually leads to commercial real estate taking a hit due to the low demand for office spaces. Global companies like LinkedIn and Twitter have even gone out declared complete work from home options for all their employees who chose to do so. If they are thinking about this, then as property managers and owners, you should too. 

Latest Real Estate Trends After the Pandemic

This two-year-long pandemic and the rise of remote work culture has given rise to many new real estate trends. What are these? Read this blog to know these trends in detail and incorporate them to plan your way forward.  


  • Suburban and rural properties are in demand 

 

As more and more companies are proposing complete remote work or hybrid work models, people are no longer worried about location preferences. Forbes says that thousands of remote workers are readily moving to rural and suburban areas to save money on rent. This also gives people enough space to get good properties at lower prices than they would have ever found in big cities like New York and San Francisco. Why? People believe that suburban homes will reduce their living costs by at least 43% and also help them better their savings.  


  • Urban property owners have new needs 

 

The change in work culture has shifted people's needs. People now want enough space even in their urban homes to make comfortable home offices. Yes, many people are turning to suburban areas for affordable housing, but the constant access to amenities at a stone's throw distance in urban areas will never lose its importance. So real estate owners and property managers need to provide comfortable workspaces in their apartments and multi-family homes to attract the urban crowd.  


  • People no longer care about living close to work 

 

More than 77%of employees now believe that their productivity increases when they work from home. And commute to work saves them vast amounts of money at the same time. People are now keener about finding better amenities inside their house than the location of their place. Staying far away from work does not bother them because hardly anyone has to travel to work. Providing great relaxing amenities to help people find leisure during labour at home is sure to attract more crowds to your properties. 


  • The real estate sale is becoming remote 

 

The use of technology in real estate has seen a significant boom due to the pandemic. When people can not travel to individual homes to see them, they have found new ways to do it. People have now become comfortable with these ideas, from virtual 3D home tours to signing digital contracts. Statistics say the millennial crowd is 130% times more likely to ask for a virtual tour at this present age before deciding to buy a home. This generation is tech-savvy, and in the age of the pandemic, they depend on such facilities to make life decisions.  


  • Remote rent collection portals 

 

Online rent collection and online tenant screening are now an everyday reality. It does not bother individual tenants with physical visits and notices; all reminders and work are automated. You are making life hassle-free for all parties involved. These processes can be smoothened out with the Yardi software solutions. All back office work can simply be put under one simple dashboard, and hectic paperwork can get automated without any chances for minor human errors. When you partner with Assetsoft, we will integrate this property management software into your system within days. The easy to use portal will take the tedious task load off your backs and help your staff focus on other matters of importance.  

Major takeaway 

Proptech is making its mark in real estate, and it is here to stay due to the advent of remote work culture. This is precisely why you need better technology selection in project management to help you reach the remote crowd right in their homes. 

 

Our IT outsourcing services will not let you fall behind on these latest market trends using the best technology solutions. Our team of expert consultants and technology solution partners will help you guide through the process of integrating this latest software into your existing system. The Assetsoft team can help you provide virtual property tours to robotic process automation of your human-led tasks like client interaction can be done with UiPath based RPA. Talk to us soon to know more about our resources at your disposal to help you scale new heights.  

 

Assetsoft

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