Real estate transparency is an essential ingredient of every functional society and their economy, therefore touching multiple aspects of our life. For a transparent real estate market many factors need to be joined together enabling long-term urban planning. Those factors are governments, public bodies, and the private sector, urban infrastructure etc.
Stakeholders that have already accessed the high-quality market data and performance, with certainty, consistency and rigorously enforced rules and regulations make a transparent real estate market.
Confusing and difficult to achieve
A large number of countries all over the world have seen their real estate transparency rise and slip through the years, because of issues around corporate governance and property rights.
The positive effect of transparency and accountability is placed under general assumption, where many studies have shown a precondition of these terms, making them confusing and difficult to achieve.
We are witnessing the great amount of pressure mounted on the real estate industry; from stepping up its climate change measures, increased look at the asset and city-level sustainability credentials, and making decisions about where to invest or to locate.
It has become increasingly challenging for many countries and cities to move up, and achieve the transparency needs, especially when so many factors have to collide. Many middle ranged markets consider it difficult to show and uphold real estate transparency.
Building a resilient and healthy environment
In the plans for the future, stands that the measuring of highly transparent markets in terms of healthy buildings and a resilient built environment will be even more fundamental. With metrics such as health-and-wellness certification systems, building-resilience, zero carbon building frameworks and water efficiency standards – the markets will be set apart.
Measuring the impact of buildings on human wellbeing, real estate transparency has already been underway as an evolution of green building standards as a result of COVID-19.
How to solve real estate transparency
It seems that real estate transparency is improving, but not fast enough. Ongoing crisis situations such as the current pandemic (but all the other in the future too) have shown the importance of real estate transparency in a brighter light of society’s demands for sustainable and ethically impeccable practices – especially in polluted, urban environments.
Green and sustainable upgrades play the key role in attracting new investments, boosting business efficiency, and raising employee wellbeing and productivity!
A real estate broker as a best friend
The full picture has many elements. For instance, consumers deserve to understand commissions and to know what they are going into! IPG Group’s real estate professionals guide buyers through the largest financial transactions of their lives, we know that the process can be overwhelming sometimes – especially for first-timers.
Complete clarity, fueled by real estate transparency in data, benefits everyone involved: the buyer, the seller, the agent and the brokerage!
Clarity builds trust! Buyers (as well as sellers) deserve an agent they can trust. They deserve to know that their agent is putting their best interests first, providing an honest, complete and informational service, in every step of the way.
Sustainability – an exemplary measure of real estate transparency
Increased focus on corporate and social responsibility, as well as acknowledging the need to create a more sustainable environment are bringing the idea of sustainability more and more “mainstream” and “normal”.
Getting in the Green building certification systems and understanding the energy efficiency standards is now widespread (The LEED Building Standard and Fitwel from the US, remain the two most valuable certification systems, applicable internationally).
Given that the COVID-19 pandemic has brought the health agenda to the first place, the pressure increases for the development of frameworks that can ensure healthy buildings.
Technology and transparency going hand in hand
Contemporary technology has yet to increase its role in the rising transparency improvements. The mass adoption of technology, with advancements in data availability and sensor technology, will accelerate this integration.
The real estate industry is now harnessing huge amounts of data, but we will need to ensure that privacy and security are protected by ethical behavior.
Measuring highly transparent markets in terms of maintaining healthy buildings and a resilient environment for humans, will be even more fundamental, especially referring to metrics such as health-and-wellness certification systems and water efficiency standards.
To stand out in the crowd of a transparent real estate, as a successful estate agent or seller is possible but this means building a foundation of trust for your clients, being quick to communicate and adopt new age ideas and standards – knowing exactly what to offer to the clients and telling exactly what they need to know.