The Real Estate Sector in the United States dates back to 1862 when the government distributed 300 million acres of land to private landowners under the Homestead Act after the Revolutionary War. The next shift in real estate came with the Industrial Revolution which shifted the focus of society from agricultural to industrial. Banks and financial institutions became more liberal in lending mortgages to middle class. This gradually made home ownership common. With the development of cities, there was development in real estate also. Since then the graph of the real estate sector has majorly seen an upward trend barring mid-2000s, when there was a severe recession. However, it gained momentum again. In the current times, real estate is one of the major contributors of American economy. Traditionally real estate has been a powerful factor in bringing American economy out of recessions.
Contribution to American economy
The real estate sector is comprised of many attributes, majorly – residential, commercial, real estate as business, as investment and real estate construction. As per a published report, real estate construction alone contributed 6% to America’s GDP in 2016 thereby injecting 1.2 trillion USD to the national economic output. It also provides employment opportunities to a vast chunk of the American population.
Present state of affairs
Though the year-to-date comparison figures released in 2017 were down by 11% however, the increase in global capital for real estate is proving to be an advantagefor American real estate. Mega investment players are investing huge money and att the same time there are small players in the sector whoare playing a significant role. This is changing the shape of real estate sector drastically.
Future of real estate
By 2020, it is expected that there will be a huge swell in the cities with continuous relocation taking place. However, it is not just the huge expansion in cities which will shape up the future of real estate. There are other equally important contributing factors like unprecedented shifts in population, growth in emerging markets and further technology penetration like virtual reality, CRMs being introduced in real estate.
Role of Real Estate Managers and Transaction Managers
Due to the vast scale of operations in today’s real estate market, there are many specialists involved at various stages. Transaction coordinators are one among these professionals who help in streamlining administrative tasks for a real estate professional using their knowledge and experience in this field. With their proactiveness they help a real estate professional in closing a transaction smoothly and successfully. Real estate transaction coordination services like ProFile Transaction Management excel in their field by offering customized solutions to real estate professionals. Since every real estate transaction can have unique requirements hence, ProFile TM improvises the services according to the need. Transaction coordinators work strenuously on maintaining databases Thus, they are always a step ahead and keep the real estate professional informed about any deadline approaching. With transaction coordinator services like ProFile Transaction Management, a real estate professional can completely forget about paperwork, scheduling inspections, document inspection, communicating with client for required signatures and many other administrative worries. Real estate professionals that use a transaction coordinator can utilize valuable time on expanding and growing their real estate business when a professional has their back!