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By Forbes Council Contributor for Forbes | Read the original article here

According to the Global Wellness Institute, the international wellness market is worth $4.2 trillion (more than half of the world’s total health spending), having grown 12.8% between 2015 and 2017 alone. Among the ten most lucrative industry segments – including fitness, personal care and nutrition – wellness real estate is a large and growing market. Valued at $134 billion, the wellness real estate market comprises 1.5% of the world’s construction industry and about half of its green construction industry.

Wellness real estate developers are building homes and offices that are designed and constructed to optimize their occupants’ physical and mental health. By utilizing low toxicity materials, installing IoT appliances that facilitate healthy choices (smart refrigerators), and conceptualizing floor plans and rooms specifically designed for healthy activities (exercise, meal preparation, meditation), these spaces may drive measurable increases in both the quality and duration of people’s lives.

Forbes Real Estate Council member Kofi Nartey is the national director of the sports and entertainment division of Compass, a real estate technology company operating in 17 regions across the United States, including New York, Los Angeles, Washington, D.C., Miami, Seattle and Philadelphia. Overseeing a national team of luxury real estate agents serving distinguished clientele, Nartey is at the epicenter of the celebrity housing market. He says builders and developers who embrace wellness real estate will have an advantage in saturated markets.

A large part of Nartey’s success stems from constant immersion in new technology and trends. “I have to stay on top of what's next so I’m able to provide guidance to builders on everything from wellness rooms to circadian lighting. Even simple things, like secure food and product delivery areas on porches (with controlled access from smartphones), can bring more value to clients and greater profits to my developers,” he says.

Every wellness update counts. Recently, Nartey says, the installation of a smart refrigerator became the main selling point for a client’s new construction home. “The purchasers cited the refrigerator as a deciding factor, because they could order groceries and receive updates on items they needed from the refrigerator’s touch screen. More importantly, their kids could watch videos on that same screen while dinner was being prepped. That bit of calm for a parent is a game-changer,” he says.

By Forbes Real Estate Council for Forbes | Read the original article here

The market is always fluctuating in some way, but in order to be successful, you must be able to separate signals from noise when trying to understand developing trends. Doing this, however, can be a challenge—you need to know what to look for, as well as what sources you can trust, when you're doing your research.

In order to help shine some light on what you need to know, members of the Forbes Real Estate Council, below, discuss some ways they recommend staying on top of market trends and fluctuations, as well as discuss why those approaches can help. Here's what they said:

1. Focus On Your Specific Market

Most market fluctuations and trends that get reported are general and not specific to a particular market. Cities in a region are all micro markets. Even the street to street can yield different market stats. Make sure the information you are referencing or relying on is specific to your market and your goals. - Kofi Nartey, The Nartey Group - Compass

2. Find Experts And Bearish Cynics

In commercial real estate, there's a cacophony heralding opportunity zones articles every day. But, speak to a tax specialist and you learn that the rules aren't finalized. Talk to fund organizers and they're not yet buying. Want to separate the action from hype? Find experts and the bearish cynics, and if there's more talk about a "moment" than definitive action, that's your guidepost. - Kristin Geenty, The Geenty Group, Realtors

3. Watch The High-End

Markets are about money. When appreciating, the market moves from the bottom up. When money is available, the lower, mid and high-end are doing well. In a downturn, if the high-end is lagging, it's an indication that the cycle is in decline. A strong, low and mid-level price market is still possible while high-end is in decline, but it's a sign of an overall negative trend. - Thomas McCormack, Resources Real Estate

4. Listen To Your 'Boots On The Ground'

Real estate is a people business, so always remember teamwork makes the dream work. The people on the ground are the ones that are going to be your eyes and ears for a particular market. They are also going to be more of an asset compared to anything you read online. If you select the right market and people they can give you the inside scoop on a daily basis and more. - Engelo Rumora, List'n Sell Realty

5. Educate Yourself About The Economy

As investors and advisors, we need to understand the overall economy to determine what is actually a "signal" or indicator of where the market is headed versus what is just an anomaly or noise and inaccurate analysis. By continuously educating ourselves and looking beyond just the numbers and stats, we are able to add value for both our own portfolio and our clients' requirements. - Catherine Kuo, Elite Homes | Christie's International Real Estate

6. Trust In The Numbers

Cold, hard data never lies, and the market is always in flux. So, dig deeply into recent sales data, including comparable percent changes over a 6 to 12 month period, to reveal the real market trends that are impacting your potential opportunities. Focus on property type and micro-market data trends to find the real-deal information that will confidently guide you when setting your sale or purchase target. - Garratt Hasenstab, The Mountain Life Companies™

7. Check Your Sources For Credibility

Seek data from multiple sources, look for consistent conclusions supported by more than one data point and consider sources’ credibility. A research report or national news story should carry more weight than the views of an unknown blogger. All sources are not created equal, and we need to be cognizant of a source’s credibility to cut through today’s content-hungry, 24/7 news cycle. - Gary Beasley, Roofstock

8. Study Ratios

Data by itself is only partially useful. What's interesting is how they relate to each other. I like to look at the ratios, which combine several different market stats to really distill down what's going on. For instance, price per square foot is somewhat useful, but price per square foot per square foot will plot out how increased size will diminish the standard PPSF value. - Ari Afshar, Compass

9. Research Master Plan Documents

When I want to get up to date on market trends, I check in on material updates to master plan documents in metropolitan areas with the most population growth. Master plans are the guiding documents for community development and can usually be found on the planning and zoning or development websites for most cities or counties. Maricopa County was the fastest growing county in 2018, which is a good place to start. - Bryan McLaren, Zoned Properties, Inc.

By Forbes Real Estate Council for Forbes | Read the original article here

Understanding local housing trends can be crucial to the purchase or sale of a property — no one, for instance, wants to purchase a house, only for its value to drop tremendously a month or two later. However, knowing what to look for — and why — can be challenging. While real estate professionals have a specific set of metrics or signs they watch, people outside of the industry may not know what information is particularly important to consider when buying or selling a house, much less the best place to find that data.

So how can non-industry experts keep an eye on local housing trends in order to make better-informed decisions? Here are some approaches members of Forbes Real Estate Council advise trying:

1. Use A Data-Driven Approach
An average investor would do well to utilize a data-driven approach. Truliais a great resource which provides local housing trends and data such as listing prices, sales prices, sales volume and rental prices. The data is also provided in heat map and historical chart visualizations. - Yousif Abudra,BENA Capital, LLC

2. Track Everything Online
Keeping track of the housing market is easily done online by watching what price the neighborhood homes are actually closing for and what style of properties are most popular. Following along with neighborhood developments like local coffee shops opening up or new restaurants moving in will give you a good idea of what areas will become the most popular. - Beatrice de Jong, Open Listings (YC W15)

3. Read Blogs And Newsletters
Most good agents write periodic blogs or send out newsletters. If you're interested in a specific community or neighborhood, look for the agents with the most listings and sign up to receive market information. Some of the national portals such as Zillow or Realtor.com also offer market information. - Lisa Fettner, ReferralExchange

4. Follow Trends And Experts
Markets are often impacted by residential and commercial developments. Some people follow new construction permits. Some people follow Whole Foods into neighborhoods. Also, follow an agent in your area. Lots of agents post market updates or send out emails with market stats. Get on their distribution lists. Then, when it is time to pull the trigger, contact one of them. - Kofi Nartey, The Nartey Group - Compass

5. Use A Multiple Listing Search Engine
Ask a real estate broker friend to set up an auto-search in the Multiple Listing Service. It can be set for pricing, a specific area, age of home, new construction, size or bare land. The MLS will notify you of new listings, price reductions and back-on-the-market properties. You'll get a feel for price fluctuations, what's flying out the door, what isn't and the number of days on market. - Jessica Pankratz, Town & Country Realty

6. Align Yourself With A Pro
While there's an abundance of data and other info online, the smartest and most efficient way an average person can keep apprised of local market trends is to align themselves with a competent real estate pro. A great agent not only knows the pertinent numbers, but also the players in the market, understands trends from a first-hand perspective and can advise based on what's happening in real time. - Thomas McCormack, Resources Real Estate

7. Set Up Google Alerts
Set up Google alerts to get notified of local real estate news, trends and statistics in your email inbox. Be careful to balance reports, consider the source and their motivation, and look for the rawest and most impartial data possible. Keep a close eye out and ear to the ground in your neighborhood too. All real estate is local. Are rent and for sale signs sitting out longer? - Kent Clothier, Real Estate Worldwide

8. Study The Area
To get a handle on housing trends, read about everything else in the community or region. A growing arts district, expanding college or university, big employer coming in (or going out), are great indicators of incoming demand levels. Many in the real estate industry look at historical trends in sales but for future demand, look into drivers such as jobs, students or the area's rising profile. - Kristin Geenty, The Geenty Group, Realtors

9. Look For A Top Selling Agent
Every neighborhood has a "go-to" real estate agent who dominates the market. You see their "For Sale" signs everywhere. They know the local housing trends better than anyone because they typically work and live right there. And they not only have the best market data, but have inside knowledge you can't Google. Even if you're a seller thinking of going the iBuyer route, talk to that agent! - Lane Hornung, zavvie

10. Read The News
Real estate is excellent fodder for media that reflect the actual state of the market. Open your local paper and flip to the real estate section. Normally you'll see stories about emerging neighborhoods, prices, or new businesses coming to the area — all which can have an effect on your real estate needs. Of course, it's important to talk to a real estate agent before making any serious moves. - Elizabeth Ann Stribling-Kivlan, Stribling & Associates

11. Pay Attention To Detail
It’s important to frame each and every property within its own micro-market. Having the ability to showcase how a property compares to competing inventory, within its own micro-market, can provide invaluable insight to buyers. Property details can significantly increase or decrease the value of a property. - Cody Vichinsky, Bespoke Real Estate

By Forbes Real Estate Council for Forbes | Read the original article here

Like most industries, real estate has changed over the years. If new real estate developers want to be successful, they must not only get a feel for what the current market values, they must stay aware of — and plan for — future changes in what people look for in a property.

This might seem intimidating, but with the right guidance, people getting established in the industry can start off on the right foot and establish a name for themselves. So what do you need to watch for? Below, members of Forbes Real Estate Council share some essential tips that every first-time real estate developer should know.

1. Understand Discipline And Differentiation
Discipline and differentiation are key to success for developers. Discipline pertains to the numbers. They must be conservative in their projections for exit prices. The homes or condos they build, and finishes they use, can't outprice the market. The other key is differentiation. Bringing more character and story to the now popular contemporary and farmhouse styles will help them stand out. - Kofi Nartey, The Nartey Group - Compass

2. Get Your Hands On Good Data
There is so much better access to data today than ever before. Real estate developers don’t have to guess anymore. They can look at historical and real-time data, and make solid, informed decisions about the direction of the market, where specific acquisition opportunities are, and where the market is softening and could impact resale prices. - Kent Clothier, Real Estate Worldwide

3. Build Relationships First
Real estate is all about relationships and knowing people who can get access to deals at a discount, fix up portions of the house for a reasonable price should you need it, and who have experienced foreclosures and tenant evictions. Leverage the wealth in their experiences and connectivity. When I was a first-timer, these relationships were built on the ground. Today, these can be built online. - Sohin Shah, InstaLend

4. Be Creative
Partner with an owner rather than buying, or partner with a not-for-profit organization or educational/health institution who could use your expertise or proceeds from a sale. The current market is slow, so a lot of developers aren't starting new projects. But the market will turn around, hopefully just in time for your new project if you start it this quarter. - Deborah Rabbino Bhatt, Vesta New York

5. Create Your Dream Team
Development is truly a team sport. It's absolutely crucial to build an amazing team, starting with building relationships at your local planning department, local banks and local brokers to bounce ideas around and include in your plans. Next, you must seek out contractors that not only fit with your style of business but also work within a contracted budget. Always be building your dream team. - Garratt Hasenstab, The Mountain Life Companies™

6. Consider Alternative Housing Arrangements
With the legitimization of the sharing and gig economies, developers need to build residences that facilitate Accessory Dwelling Units and shared living arrangements. Homeowners want the option to monetize their home, have a better in-law living arrangement or host their college-aged son or daughter in a way that isn't available in conventional building models. - John Grafft, GRAFFT Real Estate

7. Look At Environments That Create A Good Experience
Fifteen years ago when I started in this industry, the large anchor tenants determined the success of a shopping center. Now, the success is dependent on the environment the developer and tenants create. People are no longer visiting stores because they need to buy something, rather because they are looking to do something. Dining and entertainment have become the key players. - Bethany Babcock, Foresite Commercial Real Estate

8. Know That Renters Are Savvier Than Ever
Developers focus on architecture, floor plans and amenities, but they don't always think about the resident experience from initial touch point to signed lease to living in the building. Today's renters expect a high level of service from two-day shipping to chatbots. How easy is it to make a maintenance request? How fast was it completed? Services are key to winning renters and retaining them. - Aaron Galvin, Luxury Living Chicago Realty

9. Know Your Rights Regarding Land, Air And Water
Building tech is the new perennial success factor, but few have noticed the impact that land rights and regulation have had on development. Zoning, allowed uses, ecological impact and other land use questions have had the single greatest impact on development, locally and globally. With time, we'll see more drones in the skies. Air rights will become a development question we've yet to understand. - Kristin Geenty, The Geenty Group, Realtors

10. Turn To Pre-Manufactured Materials
When I started my firm in 2013, there were tons of questions around how pre-manufactured/fabricated materials could be used for quicker build times, more predictable build costs and larger finish material options. This wasn't a complete reality at that time however, but now it is a complete reality. So much so that you can now pre-design your cabinetry and have it drop shipped for installation. - Ridaa Murad, BREAKFORM | RE

11. Implement Sustainable Development Goals
We did not have the sustainable development goals that developers do today, mostly because it was not as much of a global conversation as it is now. Sustainability, a nearly imperative aspect, along with energy efficiency have become ubiquitous in new construction, and developers both old and new face the pressure of “green” budget and competition with developers skilled in green construction. - Gary Beasley, Roofstock

12. Talk To Top Local Agents
Any real estate developer needs to talk to local top agents to gain insight. Do not assume you know. Each area and community has certain expectations and good agents will know how and where to point you! I work with flippers and smaller developers who move product quickly when they listen to where the niches are! - Nancy Kowalik, Nancy Kowalik Real Estate Group

13. Activate Common Spaces
Companies like WeWork have changed the paradigm for amenities, leveraging them for experiences. Activated spaces spark connection and infuse meaning into one’s work as a platform to support a person’s needs. This concept has exploded into every realm of real estate, particularly into multifamily. Such amenities are now viewed within the scope of a service and how it can best serve the resident. - Benjamin Pleat, Cobu (formerly known as Doorbell Communities)

14. Plan Ahead For Future Trends
Autonomous driving, for instance, might be our future. If so, there probably won't be a need for as much parking as we're used to. So, if you need to build a building today, build it for today with a plan for the future. Some developers are building parking garages that can easily be converted to more office space. Developers didn't think that way before, but the time is now to plan ahead. - Vinny DiMeglio, Jones Lang LaSalle