In an insightful discussion, hosts James Dwiggins and Keith Robinson were joined by special guest Robert Reardon. The trio dove into the looming commercial real estate collapse. The knowledge they shared, drawn from years of experience in the real estate industry, can serve as a compass for any real estate agent navigating these challenging times.
They began by shedding light on the current state of the real estate industry. As seasoned real estate brokers, James and Keith noted that despite the high real estate prices, cracks are beginning to show. They pointed to the swelling number of commercial properties popping up in real estate listings and observed a significant slowdown in real estate transactions.
Unavoidably, the conversation touched on the ramifications of the COVID-19 pandemic. The shift to remote work has substantially reduced the demand for commercial properties. This shift has resulted in a flood of commercial real estate for sale with fewer potential buyers, which, in turn, has slowed down the commercial real estate market.
From an investment perspective, the panelists acknowledged a reduction in available financing options. Banks have adopted a more conservative approach, affecting the realm of real estate financing. This more cautious stance, along with stricter real estate laws and increased real estate taxes, has made investing in real estate more challenging, especially for beginners. Yet, despite these challenges, the three remained optimistic.
Robert expressed his belief that this downturn is part of a cycle and recovery is on the horizon. He emphasized the need for real estate agents to be adaptable, keeping abreast of real estate trends, and continuously learning. He encourages agents and brokers to seek knowledge through reading real estate books, taking courses, and listening to real estate podcasts like this one.
Furthermore, they highlighted the potential of technology in reshaping the real estate industry. They spoke about how innovations like AI and machine learning can revolutionize how real estate brokers interact with clients and manage real estate listings.
Navigating the commercial real estate collapse demands adaptability, continuous learning, and leveraging the power of technology. Whether you’re a real estate agent seeking to stay informed, or you’re interested in real estate investing for beginners, podcasts like Real Estate Insiders Unfiltered can be an invaluable resource.
Stay tuned for more unfiltered insights from industry veterans, James Dwiggins and Keith Robinson so you can be prepared to ride the wave of the commercial real estate collapse with insights and tips from experts in the real estate industry.
