While planning this far out may seem, well, far out, it is highly important to managing a sustainable business. Even if you're staying in the same town to the end, knowing how it will change over time is paramount to your success. You need to find the right ways to evolve and stay relevant.
To start the process, it helps to have a general roadmap of where the population is going in the United States. The U.S. Census Bureau puts out an excellent report, last updated July 8, 2008 (Population Profile of the U.S.) Find data on your town or county for more specific planning.
The report contains some interesting projections which will affect Real Estate Professionals in the coming years. Here are some of the more notable ones.
While the U.S. population is growing, it is seriously aging and growth in the next 2-3 decades slowing, especially among the Non-Hispanic, White population. During the next six decades it is projected the rate of population growth will decrease by 50%. This is caused by aging. It's essentially, the exiting of the Baby Boomers.
How could you apply this to your business? It may mean in your town positioning as the condo and town home expert, or, it may mean homes nearer to the town center will be more desirable and those areas worth cultivating more. Could this also cause a general slow-down of building and expansion in your town? How will that affect your business? You can make many logical inferences from just this single scenario and apply them to your business planning.
We all also know the Hispanic population is growing in the U.S., as are other races. Then, for example, if you primarily work with younger families, your clientele will likely evolve to include a higher mix of these races. Just the Hispanic-origin population is expected to contribute 45% of the population growth from 2010 to 2030. You're strategies and services will need to be flexible and change.
You must also take into consideration the assimilation of these races into our society over the coming decades. Your strategies must evolve with them and not contain tired, stereo-typical communication behavior. Start designing your continued path to success today!
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