PropMix @ Inman Connect NYC 2017
Millennials leading the way in the global real estate market
F. Jacob Cherian, CEO at SMC Global USA Curt Beardsley, VP Industry Development at Zillow Matt Kumar, CEO at Software Incubator Abhimany Anil Londhe, CEO at SMC & IM Capital
There are 2 major shifts happening in the real estate market currently – a large number of millennials are entering the market with a differentiated set of needs and dreams of a home and the real estate market is going global with foreign investment in the US real estate market. A study by Asia Society and Rosen Consulting Group showed that between 2010 and 2015, China alone invested over $93 Billion in the US residential real estate with a growth rate of 20%. India is the second Asian giant to pump over $8 billion into the US real estate market in 2015.
Given these major market shifts Curt provided an excerpt from the Zillow Group’s Research Reports on the influence millennials have in the housing market:
On the other hand the global nature of the real estate market is driving new technologies to create glocal data bridges to syndicate listings internationally and attract international buyers through the local brick and mortar brokers. SMC Global is one such establishment in India with over 2000 offices across the country to source and deliver buyer leads to agents in the US and vice versa. Non-resident Indians (NRIs) in the US are also investing in the growing Indian real estate market. Regulations in India has improved recently with the implementation of a universal citizen ID card and many property title and valuation specific controls. Online platforms such as Indunia – touted as the Zillow for India – help connect consumers and agents across the globe.
PropMix’s real estate data API platform provides an international listing connector to enable any US real estate portal to display international properties. Similarly the API platform also allows foreign listing portals to support US real estate listings. In addition, every foreign agent can now be an expert at the US real estate market with the PropMix cognitive fabric providing the automated guidance to the agents connecting their customers to the US market.