Marketing is an integral part of any business. For those in the Vancouver real estate business, marketing is dependent on various social and technological developments that affect how people in this area area buy and sell real estate. Here are some factors and trends that will emerge in 2019:
The Home as a Source of Revenue
It’s true that many people’s financial resources aren’t quite matching the costs of real estate. Average home prices have gone up in steeper rates than the income of most people. Perhaps this explains the ongoing trend of more people looking for a home that can generate income. Living space and work areas are now no longer sharply defined into separate locations.
More and more people are self-employed or work remotely at home. What this means is that there’s a greater demand for living space that can double as work areas for home owners. This is the kind of demand that requires real estate marketers to adopt a similar point of view. If a home can offer work spaces, then this must be emphasized in the advertising.
The popularity of websites such as Airbnb also emphasizes a need for homes that can be rented out as short-term rentals. In some cases, only particular spaces in the home can be rented out on a short term basis. This is different from the usual condo units rented out for long-term residents.
The self-employed will prefer spaces that resemble lofts, which can be more easily converted into work spaces. There will be less need to be closer to business areas. Potential Airbnb hosts look for open living spaces and common areas as well as smart security technology that can attract future guests. Its location should be peaceful and thus away from busy hubs, or near tourist attractions that guests will want to visit.
Various disruptive technologies have far-reaching effects on real estate. The advancement and integration of technologies like immersive virtual reality, machine learning and predictive analytics can help real estate businesses provide more creative customer experiences. VR is especially useful for remote viewing of properties, and it can eventually be used to enable homebuyers to help design their living spaces.
There are drones that can help with video marketing, and 3D printing that may enable home buyers to have a greater hand in the design of their home amenities. Even autonomous vehicles may influence home buyers to go for larger spaces in suburban areas.
Prices of course are always relevant factor in selling anything. But the real estate market in Vancouver and in all the major urban areas of Canada have shown a rather distinct lack of affordable housing options for an increasing number of people. In other words, prices for homes are skyrocketing. Add the tougher mortgage rules and the rising interest rates to the problem of affordability.
What these mean in practical terms is that in the real estate market the more affordable homes will be the bestsellers, and those will mainly be the condo units. That’s why numerous condo buildings continue to be built in the Vancouver area. The demand for these units is still high.
Of course, since the demand is high the prices do tend to increase for these units as well. Those who bought a few years ago may do very well in selling off now, because they’ve now become a lot more expensive. But many of these condo owners are not selling because of good reasons, such as the prospect of even higher prices in the future.
Besides, it’s Vancouver. It’s a great place to live in, and an increasing number of people realize this. This is probably the main reason why home prices are going up in Vancouver in the first place!