Caribbean Real Estate: Exploring the Future of Subscription-Based Communities
Today we are exploring a newer concept in the real estate industry, subscription-based communities. Also, we are going to dive into the future for real estate as well as examine some current trends across the US.
Every realtor has experienced a potential client with countless questions from wanting to know the purchasing process, taxes, etc…then the potential client disappears! Answering questions for people who found you on the internet or were referred to you by a friend can take up a lot of time, time you could be using creating value for your market and increasing your market share.
How do realtors cut out the “noise” from these people that say they are going to buy, or go on a Discovery Trip to ‘X Island’ in the month of ‘Whenever’ but somehow never make it down?
Let’s examine some recent trends in the United States and see what that means for the future, but also how these trends can be applied to Caribbean real estate.
Subscription Business Model
Late last year Americans streamed more select programs instead of watching cable TV. Abi Wolf of MarketScale writes “Nielsen’s numbers also show that streaming’s viewership growth isn’t being stunted by post-pandemic viewing habits. Streaming achieved an average viewership of 190.9 billion minutes of streamed content per week, far-and-away surpassing the sector’s own COVID-era highs of 169.9 billion minutes watched during the pandemic lockdown in April 2020.” More minutes now than in the pandemic, who would have ever thought?
If you didn’t catch a great read about this on LinkedIn, here it is.
Maybe you have heard of Web 3.0 recently? Web 3.0 is defines a new era for the internet, how people connect. Web 3.0 is a place of community, exclusive communities where each person can interact with like minded people people on a secure platform.
This article by Inery Blockchain which you can find on Medium is a great read as well. In this article they discuss decentralization and the owning of data by the community, DAO’s. Eventually people will be able to join DAO’s that suit their needs. This is where people will be investing their time and energy, private communities that offer substantial value across the board for the specific niche.
People are using streaming to watch specific shows and they will eventually join specific communities for information, insight and to learn the future of that specific niche.
The Caribbean is one of the most sought-after destinations for vacationers, retirees, and real estate investors alike. With its breathtaking natural beauty, warm weather, and vibrant culture, it’s no wonder that people from all over the world are drawn to the region. But what does the future hold for Caribbean real estate communities, and how will subscription-based models impact the market?
One of the biggest trends in real estate over the past few years has been the rise of subscription-based models. Instead of paying traditional commissions or fees, buyers and sellers are opting for monthly or annual subscriptions that provide access to a range of services, from property listings and market analysis to virtual tours and personalized support. This is one way realtors can cut out the “noise”.
For Caribbean real estate communities, this trend presents a unique opportunity to offer more value to buyers and sellers. By adopting a subscription-based model, real estate agents and brokers can provide a more personalized, tailored experience that meets the needs of their clients. This could include access to exclusive listings, personalized market reports, virtual home tours, and more.
Another potential benefit of subscription-based models for Caribbean real estate communities is the ability to attract and retain more clients. By offering ongoing support and value, agents and brokers can build long-term relationships with buyers and sellers, which can lead to more repeat business and referrals over time.
Of course, there are also some potential challenges associated with subscription-based models. For example, some buyers and sellers may be hesitant to pay ongoing fees for real estate services, especially if they’re used to paying traditional commissions. Additionally, there may be some confusion or skepticism around how subscription-based models work and what exactly they include.
Despite these challenges, the future looks bright for subscription-based Caribbean real estate communities. As more buyers and sellers become accustomed to the model and see the value it provides, it’s likely that subscription-based services will become even more common in the region.
Ultimately, the key to success for Caribbean real estate agents and brokers in a subscription-based world will be to provide exceptional value, personalized service, and a deep understanding of the local market. By doing so, they can help buyers and sellers navigate the complex world of Caribbean real estate and find the properties of their dreams.
Are you monetizing your knowledge and time in the industry or are you being taken advantage of by investors that use you for information then go to a different real estate agent?
Creating your own community where serious buyers can pay a small fee to have access to new projects, video showings, cultural insights, problems and solutions that others are facing on ‘X Island’, direct access to preferred lenders, have their questions answered in a timely manner, etc. is really the way to go. It cuts down on the “noise” from people who will never buy anyways and always have excuses as to why they didn’t make a Discovery Trip.
If you are a full-time real estate agent you don’t have time to be answering a bunch of questions from lukewarm potential buyers. Many people are running on emotional highs and are very emotionally impulsive when it comes to Caribbean real estate. They visit ‘X Island’ and want to live there, then start telling people they are going to buy a home on ‘X Island’. They end up back in their country of origin, call an agent, ask questions, take up time and never pursue purchasing property.
The potential investors get back into their normal swing of life and don’t really want to venture outside of their comfort zone. They realize getting a loan in certain islands is harder then others, decide to not spend the time and money on moving along with a whole host of other reasons.
Every Caribbean real estate agent need to develop their own vetting process so they can sift through what potential investor is serious and legit and what potential buyer is just riding an emotional high.
If you have any questions about setting up your own real estate community, or about purchasing real estate in the Caribbean you can always reach us here.
