Saturday, October 31, 2009

Pinoy Real Estate Marketing Today & Tomorrow

Few Filipino agents and real estate brokers today have realized the the industry they have come to know & love for the past 5, 10 or even 20 years is about to undergo dramatic changes that will make the future of Philippine real estate marketing so unrecognizable by today's standards.

Pinoy real estate practitioners may like it or not, but there is no way to avoid change and change... is often said to be very disruptive.

Disruptive doesn't necessarily mean it is destructive. Disruption through innovation and better technologies is actually a powerful creative process. A lot of things we currently enjoy now in our daily lives are the results of introducing disruptive innovations & technologies. Of course, the old order and it's entrenched beneficiaries feel threatened with any kind of innovation that comes from an unexpected direction. It would be like Betamax or the VHS video formats, feeling threatened with the introduction of Video Compact Disks, a product that drove video cassettes to extinction (and VCDs in turn are about to be confined to history's dustbin when the first DVDs came along).

Such will be the case with Philippine real estate service in the coming years. New and disruptive innovations as well as new realities will shake up the present status quo and it's no surprise that the principal ingredient for these changes to occur are already in place. We can expect a lot more innovations to take root & slowly but surely alter the way agents, brokers, developers, buyers, sellers and as a whole the entire public view handle real estate transactions.

To be more specific, I would like to cite a few game-changing events, trends, innovations & realities that will surely bring about real change:

1. RESA - Real Estate Service Act of 2009 (or Republic Act 4696).
2. Widespread use of the internet and the information technology
3. The Global Financial Crisis that started with US housing crash
4. Worldwide changes in demographics and migration
5. Emergence of niche markets and marketers

I am certain that there are other events, innovations and realities that will dramatically affect how real estate agents, brokers, sellers & buyers in the Philippine transact or do business and I encourage readers of this post to contribute their views on the matter. For now, I will just focus on these 5 areas in my coming posts and give my insights on how & why these will really change the real estate game forever.