What our property world looks like ten years from now
Scott Picken, CEO: Wealth Migrate, www.wealthmigrate.com
It’s 2029 and we want to review the landscape for property investors. It’s incredible to think that in 2019 (a mere ten years ago) only 12.9% of the world’s population had access to property and now this number is over 25%, empowering an incredible billion people and making significant progress towards reducing the wealth gap.
Technology has enabled this. Firstly, in countries like India and Africa more than 40% of the population are millennials and they are tech savvy and ‘only’ use their mobile phones to interact with the world. They have 100% connectivity and with access to real time training on e-learning platforms like the Wealth University, they can learn from the best around the world, with practical knowledge and they can ‘learn while doing’. This enables them to build their own skill sets, self-confidence, be part of like-minded groups and ultimately to invest. Artificial Intelligence (AI), VR, AR and gamification have completely changed the way they learn, making it an engaging experience and one which is far more personalized to their needs. Their access to such platforms will enable them to find their passion and purpose and together make a better life for all.
Then when it comes to investing, AI, Big Data and Algorithms are used to determine the best opportunities for someone and allow them to build both a local and global personalized portfolio. Having transaction listed on blockchain, this makes this safer to invest and crypto currency makes this completely scalable with limited friction costs. Basically anyone, anywhere can invest any amount in quality real estate, and it is as simple of a swipe of a finger.
Investors, from the novice to the experienced, use Collaborative SMART Investing with these systems to help them make the right personalized choices for themselves.
On the supply side, the property industry promotes projects on the Trusted Global Real Estate Marketplace. If it passes the initial due diligence (AI & big data) then it goes through community due diligence. This is a group of accredited members of the community who have proven they have the skill set and local market knowledge to do the due diligence on the project. This is no different from the encyclopedia which many years ago was the fact point of information. Today, it is Wikipedia which is managed by 19 million volunteers, who have been accredited. Property due diligence will be exactly the same. All the risks will be made clear on each project listed and together with using the GIDDS (Global Investment Due Diligence System) investors will be able to invest through Collaborative SMART Investing as it is a far simpler, safer, most cost effective and most importantly trustworthy and in a clear, transparent way.
The real estate industry will always be localized, but technology will provide a trusted framework which allows everyone to come together in a common marketplace. At first technology was heavily used for investors from emerging markets to invest in first world countries, however in the second half of the 2020’s there was a large movement of capital from first world countries into emerging world countries where they could now get higher growth but minimize the risks using technology. This is why by 2029, we’re seeing the Wealth Gap closing as both access to real time training from experts and trusted technology platforms having access to real estate become easier, simpler and safer with the swipe of a finger.