Change. It’s happening all around us, and it’s easy to be intimidated by the scope and scale of it, but if we can observe the trends and the shifts, then we don’t have to become victims of change but rather we can proactively respond. That’s what’s key. Having the confidence to move forward strategically and proactively, to embrace the trends rather than hide from them.
Earlier this year Mark McCrindle presented Understanding the Times, Shaping the Trends: A Snapshot of the Changes Transforming Real Estate at the Real Estate Institute of Victoria National 2016 Conference. Here are some of his thoughts on trends shaping the Real Estate Industry.
How are generational differences impacting the REAL Estate industry?
Generationally, it is more important than ever to understand the six generations that we have in Australia. While the younger generations might not be active clients in terms of real estate vendors, they do influence parental purchasing and decisions a lot.
We can sometimes pre-qualify people based on our perception of where they’re at in their life stage, but actually there are a lot of people in their late 70’s who are still active in property, perhaps downsizing to buy their next place. Then you’ve got someone in their early 20’s who’s maybe not buying their own place, but perhaps looking at an expensive home because they will be living in that home with their parents. We have to understand the diversity of the generations and all of them may well be active influencers in the buying decision.
Do you have any recommendations on how the Real Estate industry can engage their community?
Sometimes the best connections are actual connections, not just personal ones. The events, the openings, the events where we invite the community along and talk about the area and what’s happening. That brand experience, where people can come to meet and greet with free pizza or cocktails, that sort of thing is what works well, people are looking for that social interaction.
Any tips for those working in real estate?
Well I’d sum it up with the 4 R’s of Real Estate in the 21st Century:
Keep it real and authentic
To adjust and adapt
Keep it relational in terms of how we connect
We can’t just rely on yesterday’s wins, we have to adjust and adapt to remain responsive to the needs of today
ABOUT MARK MCCRINDLE
Mark is an award-winning social researcher, best-selling author, TedX speaker and influential thought leader, and is regularly commissioned to deliver strategy and advice to the boards and executive committees of some of Australia’s leading organisations.
Mark’s understanding of the key social trends as well as his engaging communication style places him in high demand in the press, on radio and on television shows, such as Sunrise, Today, The Morning Show, ABC News 24 and A Current Affair.
His research firm counts amongst its clients more than 100 of Australia’s largest companies and his highly valued reports and infographics have developed his regard as a data scientist, demographer, futurist and social commentator.