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Smart agents who embrace AI and sustainability now will have “massive opportunities” in the next 3-5 years, according to REIV President Jacob Caine.
Speaking on the Elevate Podcast with Samantha McLean, Jacob shares invaluable insights about emerging industry trends that will create competitive advantages for forward-thinking agents.
Most notably, in this episode, they kick off 2025 with a discussion about banks starting to factor energy efficiency into lending decisions, creating new opportunities for agents who can anticipate this shift.
“There’s a massive opportunity within the real estate space to be part of the change and to profit from it,” Caine explains, drawing on fresh insights from his time at COP29.
Jacob’s Blueprint to Thrive in ‘25
- Leverage AI to streamline operations – potentially multiplying your team’s efficiency.
- Get knowledgeable on energy efficiency ratings – they’re becoming increasingly important for both sales prices and rental returns.
- Start highlighting properties’ energy efficiency – it’s becoming a key factor in property values
- Lead the market with transparency – including clear price guides to build trust
Drawing on his unique background in opera, international relations, and real estate leadership, Jake offers a fresh and frank perspective on how agents can position themselves as trusted advisors in a changing market.
“The volume of data and the precision with which that data can be condensed into something immediately digestible… will transform how we work,” he says, highlighting how technology will enhance rather than replace the vital human elements of real estate.
Essential Insights
Revenue Opportunities
- From chaos to profit: How market challenges create opportunity (7-min)
- The Hidden Goldmine in energy ratings (14-min)
- Tech that pays: AI-powered property valuation (35-min)
Rental Market Mastery
- The real impact of Victoria’s rental regulations (8-min)
- Crisis = Opportunity: Solving the rental puzzle (10-min)
- Future-proof your PM division (41-min)
Build a Better Business
- Why registration = better bidding (30-min)
- The end of underquoting? (33-min)
- Trust = Transactions: Building your reputation (46-min)
Leadership Journey
- From performing arts to property: Lessons in adaptation (3-min)
Finally, don’t miss the game-changing tech discussion at 35:00.
This episode was brought to you by Connect Now.
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Detailed Episode Guide
The Victorian Real Estate Landscape
Mr Caine provides a comprehensive overview of Victoria’s current real estate market, noting the challenges of subdued sales activity and price stagnation. He emphasises how increased supply and regulatory changes have impacted both the sales and rental markets, particularly highlighting the unintended consequences of well-intentioned rental reforms.
Environmental Leadership in Real Estate
Fresh from COP 29, Mr Caine discusses the critical role real estate must play in sustainability. He emphasizes that beyond environmental and social imperatives, there’s a clear economic case for sustainable practices in real estate. “Put aside the environmental and social imperatives of improved sustainability, the economic imperative is so clear now,” Mr Caine said.
Technology and the Future of Real Estate
Mr Caine envisions a future where AI and technology transform traditional real estate practices. He suggests that while AI will revolutionise many aspects of the industry, human emotion in property decisions will remain a crucial factor that technology cannot fully replicate.
Ethics and Industry Standards
A significant portion of the discussion focuses on industry ethics, particularly addressing underquoting and the need for registered bidders at auctions. Mr Caine advocates for transparency and professionalism, arguing that ethical practices are not just moral imperatives but business advantages.
The Path Forward
Looking to the future, Mr Caine emphasises the importance of embracing technology while maintaining ethical standards. He suggests that success in real estate will increasingly depend on the ability to integrate AI, sustainability practices, and strong ethical frameworks.
FAQ
1. Who is Jacob Caine, and why is his perspective important?
Jacob Caine is the President of the Real Estate Institute of Victoria (REIV) and a leading voice in shaping the future of the real estate industry. With a diverse background in music, international relations, and business, Jacob brings a unique perspective on tackling challenges such as sustainability, ethics, and technology adoption in real estate.
2. What are the major challenges facing the Victorian real estate market?
Jacob highlighted the subdued property market, stagnant prices, and a rental crisis driven by regulatory and taxation policies that have discouraged landlords. He emphasised the need for government incentives to retain landlords and improve conditions for renters.
3. Why is sustainability important in real estate?
Jacob shared insights from COP29, underscoring the economic, social, and environmental imperatives of improving energy efficiency in properties. Sustainable upgrades not only increase property value but also position the real estate industry as a leader in addressing climate challenges.
4. What role will AI play in the future of real estate?
Jacob believes AI will revolutionise the industry by streamlining processes, enhancing data-driven decision-making, and enabling agents to provide better services with fewer resources. He predicts a future where property management could become largely automated.
5. How can agents differentiate themselves in a competitive market?
Jacob stressed the importance of building trust through ethical practices, such as transparency in pricing and eliminating underquoting. He also recommended focusing on sustainability and adopting cutting-edge technology to stay ahead in the industry.
6. What’s Jacob Caine’s biggest wish for the real estate industry?
Jacob wishes for real estate professionals to receive the respect they deserve for their role in helping people find homes, start businesses, and realise their dreams. He hopes the industry can rebuild trust through professionalism and a commitment to ethical practices.
