When state governments ordered residents to stay at home more than a month ago, it triggered a wave of temporary migration.
“We immediately saw a pickup in our rental market, especially a pickup in our high-end market,” with some renting sight unseen, said Tammy Felenstein, executive director of sales for Halstead Real Estate in Stamford, Conn., close to the New York state border, via Housing Wire.
Some in the Northeast flocked to Florida. Others, wary of germs easily spreading in high-rise building elevators and through dense city life, rented homes in the suburbs. Still others, particularly young single adults, packed bags and moved back in with their parents. And even for those staying in place – whether in their condo, apartment or house – the isolation made the walls feel closer.
As states plan to reopen their economies, what changes COVID-19 will have on the housing market remain to be seen. Demographers and Realtors alike predict this is a tipping point for people who’ve already been dreaming of backyards, private pools and more space. It will accelerate trends that were already happening, they said, and bring a new level of consideration – whether people upgrade their apartments and condos for larger units or move out of dense cities altogether.
As a licensed Realtor, are you ready, willing and able to jump in and assist?
Most agents focus on trying to generate activity where they live: farming their local subdivision, creating + sharing content about their own neighborhoods, and helping people who want to move locally.
Which is fine...but in times like these, in a COVID world, do you know where the business is coming from? Are you missing opportunities to help outside of your normal business plan?
Staying on top of “Response Trends” like this, and being able to act quickly in order to serve an unexpected need, is crucial to surviving in this business.
Luckily, there are so many tools, so much data, almost unlimited resources available to you as a Real Estate professional…but first, you need a plan.
Personally, I’m betting that we are going to see an even greater number of people looking to move into Middle America…places like Denver and Oklahoma City that are holding up as well as could be expected in this time of crisis are sure to be attractive to folks looking to move out of crowded buildings and cities, to have a backyard and miles of open space and trails to escape to, where it costs less to live and is easier to navigate - less need for public transportation, bigger homes for less money which will accommodate working from home…the list goes on, and you should know how to market to serve people with these needs + wants, if you are a person who wants to attract these future clients.
Here are 5 action items that I’d recommend starting on immediately:
1. Re-work your business plan and re-set your goals to include relocation business - how many people can you reasonably expect to help move into and out of your town instead of around it?
2. Choose 5 cities where you predict migration will be prevalent, both to and from. Do some research. Gather some data about the differences in Housing Prices, Cost of Living, Unemployment Numbers, Vacancy Rates, and Expected Stay-at-Home Orders for the next few months in each of those cities, including your own.
3. Craft a marketing message that will speak to your target demographic: the people who are suddenly very unhappy with their current living situation who will likely want to move within the next 6-18 months. What do they need to hear? How are you uniquely able to help them?
4. Create marketing collateral with that messaging, and a budget for distributing it. The most effective marketing mix includes both online and off, and statistics show that people will need to see that same message seven times for it to stick - so, that likely means that you will need a strategic combination of postcards, targeted facebook and instagram ads, blog content and landing pages - all reaching the same list - in order to have an effective return on your investment.
5. Research, connect with + nurture Real Estate agents who work like you do in each city. Again, you’re going to need to do some legwork here, but it’s going to be more important than ever to have referral partners that you like, know + trust in the places where you are going to help your future clients move in and out of. Add them to your CRM and create a plan for staying in touch with your fellow professionals.
If all of that sounds completely overwhelming, but you’re feeling it and want to figure it out…let me know. I would be happy to hear about your particular situation + goals and help you figure out how to get started!
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