here. 6 ways the real estate game will be different in 2045 by REA , 26 JUN 2014 [caption id="attachment_13873" align="alignright" width="421"] If you view the current trends towards technology, private sales, and other disruptors as a threat, you are in the wrong frame of mind. Some people see a trend and consider it a threat. Innovators see the same trend and see an opportunity.[/caption] Close your eyes for a minute and just imagine how modern life, and modern real estate would look like to your old boss in 1985… (That is if you had a boss in the ‘80s, or were even born…) While this new world of connectivity makes perfect sense now, much of the way we live, and the way we buy things for example, would have seemed absurd back then. Considering we’re still living in an age of paper rental applications, the real estate industry is often a late adopter when it comes to new technology. Sure, we’ve made some fundamental reforms over the last decade, with agencies embracing online profiles, mobile apps, and online lead generation. However, the industry is expected to undergo some major shifts in coming years. The point is, agents need to be not only keeping up with tech trends but staying ahead of them. We speak to one of the world’s most famous futurists Jim Carroll and ask what the industry should expect over the next 30 years? Prepare to suspend your disbelief and your sense of what is possible… 1. Agents in jeopardy? When asked whether the role of the real estate agent was in jeopardy, Carroll remains non-committal. “Will more clients opt to use private means of purchasing and selling property? Maybe. Maybe not. It depends on the agent.” Adaptation is the name of the game, with Carroll saying: “If you view the current trends towards technology, private sales, and other disruptors as a threat, you are in the wrong frame of mind. Some people see a trend and consider it a threat. Innovators see the same trend and see an opportunity. Your frame of mind on how the business is changing will define how you will reinvent yourself to turn it into opportunity.” 2. Farms in the sky? The way future cities are developed (i.e. increasing urbanisation, higher density housing) will affect the real estate game, and Carroll brings up one of the major trends he perceives affecting real estate in the future: “Vertical Farming. My research tells me that 21st century farming infrastructure will involve towers – 25, 50, 100 storeys – that are dedicated to crop production. Why? Year-round crop production and increased productivity – 1 indoor acre is equivalent to 4-6 outdoor acres or more, there are no crop failures, and it adds energy back into the grid. Already there are 800 million practicing urban agriculture called ‘city-farmers’ according to UN statistics. So yes, cities are going to change. And real estate agents should be ready to sell farming listings in the middle of a city.” 3. Your patch of dirt? Carroll denies that property ownership will become an unaffordable fantasy for much of the middle class in 2045. “A patio, a cold beer, and kids: It’s a dream for everyone. It always will be. People aspire to space. The space may change, the method to buy it, but the fantasy won’t.” 4. Suburgatory? What will become of suburbs – will they continue to expand, or fall into slow decline, much like many shopping malls? “I heard this question 20 years ago. People change, design changes, and right now, there is some kid in a garage somewhere defining the suburb of the future. I have no idea what that kid is thinking, other than that her mind is wired unlike mine. She’s grown up in a world with Internet 24 hours a day. They will reshape the world – and their neighborhood – in their image.” 5. Senior housing? In residential real estate, Carroll argues senior housing will be “one of the dominant trends”. “People are living longer,” he says. “The typical baby born in western society today will live to be 100. Longevity for a part of the population is one of the challenges of our time. Society won’t be able to build all the seniors homes required; and so they will live at home. Technology will lead to “bio-connectivity. Hospitals going virtual – a doctor will be able to monitor non critical care senior patients from afar using connected medical devices.” 6. The constants? It’s easy to look around and wonder what elements of the business will disappear or lose relevance. Will open for inspections, auctions, or cold calling go the way of the fax machine? Carroll argues that while the minutiae of the business will undoubtedly change, the core elements will remain unchanged. In other words, “People matter. People will always matter. Trust, reliance, reputation. Keep that, and you’ve got what matters. But only if you are open to the future.”
Archives for October 2015
From GE Reports, October 28, 2015 (link)
Technological advances from the Industrial Internet to renewables are transforming the energy industry. Here are the key trends to watch over the next decade.Hyper-connectivity is transforming many industries — few more so than the energy sector. The expansion of the industrial Internet and power of Big Data analytics is enabling power companies to predict maintenance failures and approach zero downtime, while smartgrids and apps are empowering consumers to become producers.
At the 2010 PGA Annual meeting, I suggested that one day, we should have automatic webcams that would film your hole in one for social sharing later! One day it will be here!
The International Manufacturing Technology Show is one of the largest manufacturing conferences in the world. I was invited to lead a panel discussion focused on how the industry has reinvented itself through innovation. It’s a quick, short clip that puts into perspective why manufacturing is leading the way in innovation.
“I keep discovering things that I think world-class inno- vators do, such as focus on their speed and ability to change. They focus on understanding how their customers are chang- ing or changing their business model before they change it themselves”[/caption] Here’s a quick little article in which I’m asked a variety of questions around innovation. Get the PDF. A few key observations that I make:
- “I think people shouldn’t make the word [innovation] mysterious. They need to understand that it’s not just about the invention of new products or new services. It goes back to that fundamental issue of ‘how do I run my business better, grow my business and transform my business.’ I think if people get caught up on innovation as new product development, they miss a huge opportunity in terms of what they can do.”
- “One of my catchphrases, which I picked up from a big financial client, is: “Think big, start small, scale fast.” That can work for big organizations, but it can also work for a small company.
“Think big”—you’re small and obviously want to grow. You’ve got to have really big ideas and big goals in terms of what you might hope to accomplish, in terms of trying new ideas and exploring new things and doing things you haven’t done before.
“Start small”—play with a lot of new technologies, try a lot of new ideas, take risks. Do some projects in which you might succeed at some things and you might fail, but at least do things. So you start small, you try out a whole bunch of small things. This builds up your experience, and the more experience you have, the better position you’re in for success in the future.
“Scale fast”—learn how to scale it. How do you ensure you can keep doing these things as you grow?
In August, I had the pleasure of attended the WorldSkills 2015 competition in Sao Paolo Brazil, and opening the associated leadership forum with senior executives, educators and government officials from around the world.
WorldSkills? You haven’t heard of it? I came away convinced that it is one of the most important, and yet ‘under-the-radar’ global initiatives that provides future opportunity to the next generation of student, industries and nations. I will be blogging more on my observations in the weeks to come.
For now, read this article which summarized my keynote, and catch a clip where I spoke about the challenges that come from the acceleration of the knowledge required in the area of skilled trades.
Think Big, Start Small, Scale Fast: Futurist Jim Carroll Speaks At Worldskills Leaders Forum
(Article from the WorldSkills Web site)
On 13 August, at the WorldSkills Leaders Forum, as part of the WorldSkills Conference Programme, Jim Carroll, one of the world’s leading experts on international trends and innovation spoke on the rapid changes facing the world.
“65% of children in preschool today will work in a job that does not exist now,” announced Carroll to the approximately 450 international leaders of technical and vocational education within governments, industry, education, and unions gathered at WorldSkills São Paulo 2015 to build the global skills movement.
Carroll established that today is the era of major transformation and supremacy of big ideas. Organizations not only need to consider what their current competition will be doing in the future, but also need to assume that new entrants to their profession will reinvent the approach of businesses that operate as they have always done.
“Learning is what most adults will do for a living in the 21st century,” noted Carroll. Technology will change every element of our lives at such a rapid pace that half of what vocational students learn in their first year will be replaced with new technology knowledge in three years.
To be successful in a fast paced environment, Carroll recommended people “think big, start small, and scale fast.”
His advice to the WorldSkills community was to constantly question how the hyper connectivity offered by technology will impact the skilled careers. Carroll encouraged participants to look at the future with optimism not fear. Carroll is recognized as a thought-leader and author of “The Future Belongs to Those Who Are Fast” and “Ready, Set, Done: How to Innovate When Faster is the New Fast”.
The WorldSkills Leaders Forum is a global event on the most topical themes – based on input from WorldSkills Delegates and Members. The WorldSkills Leaders Forum event itself serves to kick-start dialogue among attendees – individuals and organizations striving to exploit and develop the power of the global network of WorldSkills to meet the needs of industry, commerce, and those who educate and train the next generation professional – to the mutual benefit of all concerned.