Leveraging trends that boost relocation’s potential

The National Association of Realtors (NAR) highlights that migration patterns are namely influenced by job opportunities, affordability, and lifestyle preferences. These factors collectively shape the current relocation trends, reflecting broader economic, social, and technological shifts.

Several key factors are driving relocation trends in the real estate market in 2024:

Economic conditions and interest rates

High interest rates and economic uncertainty have led to capital scarcity, influencing where people can afford to live and invest in property.

Urbanization and demographic shifts

Shifts in demographics, such as aging populations and changing family structures, are altering housing preferences and leading to increased migration from urban to suburban or rural areas. This migration is often budget-driven, with people seeking affordable living options that still offer desirable property and neighborhood characteristics.

Affordability and cost of living

Housing affordability continues to be a major concern. Areas with lower costs of living are attracting more people, particularly as remote work remains prevalent.

Remote work flexibility

The rise in remote work allows people to move away from traditional job hubs, seeking more affordable housing options or desirable living conditions without being tied to a specific location.

Increasing emphasis on rentals

Renting is no longer a novelty in real estate. It has become an integral, verified component of the transition process for relocating homebuyers. Many transferees are renting first to learn about the area and determine if it’s right for them. As a result, more firms are offering search and rental services to relocating individuals.

Understanding relocating homebuyers’ unique needs

The relocation process opens up new possibilities for real estate agents to guide home seekers in their search. Getting to know the homebuyer’s needs and preferences allows you to provide them with relevant, in-depth insights about the local housing market and offer personalized recommendations to help them make more informed, confident decisions.

People are moving to accommodate lifestyle changes

The needs of homebuyers today are very different from years ago. People now have the chance to make lifestyle changes they always wanted to do. The desire for a better quality of life, including access to outdoor spaces and safer communities, is prompting many to relocate to regions that better suit their lifestyle preferences. This shift is not only prevalent among individuals, but also with families seeking better education and safer environments for their children.

Today, the search for a home goes beyond finding a property. Those seeking a home want one that fits their lifestyle. As an agent or broker, this means adapting your approach. Focusing solely on corporate relocations is no longer effective — find out what your clients’ lifestyle preferences are.

A tailored approach is necessary to uncover homebuyers’ unique needs

People don’t want to be overloaded with information. They have something specific in mind, and it’s up to you to figure out what that is. You have to listen and ask the right questions. What kind of research have they done? What have they looked at thus far? Once you’ve figured that out, you need to add context to show that you understand the market where they are moving to.

Ultimately, people’s desire to move is rooted in their own personal decisions, regardless of whether they are relocating for work or changing their lifestyle. Every person has their own set of unique reasons for moving to a new place — there is no one-size-fits-all approach to relocation. To tailor your services accordingly, you must find out what buyers value and why they are moving.

Understanding what homebuyers are truly looking for

Homebuyers are not looking for a specific neighborhood — they are looking for a neighborhood with a specific set of characteristics. They are searching for a neighborhood that checks all of their boxes. While they may have a specific neighborhood name in mind, they may not realize or be aware that there exist other comparable areas which meet their needs. Your job is to uncover those hidden opportunities for them.

Relocation allows realtors to cast a wider net when it comes to finding the perfect home for their clients. By understanding homebuyers’ motivations, you can suggest other neighborhoods that meet their requirements and that they might’ve not considered otherwise.

Take your clients’ statements with a grain of salt — dig deeper to discover what they’re truly looking for. Getting to know your clients’ needs and desires is essential for becoming their key point of contact. Your role is to provide them with the right neighborhood information, even if they are just shopping around, so that when the time does come for them to move, you are at the top of their minds.

Most people who inquire about relocation already feel anxious about it. You’ll have a better chance of winning their business if you position yourself as a local expert who can provide the neighborhood data they need to be more confident in their buying decisions.

Using tools and services to best support relocation

Neighborhood insights with context

By the time most homebuyers reach out to an agent, they have already done their own research — but they are still missing key local context.

Traditionally, people consider factors such as rates, square footage, bedrooms and bathrooms, climate, demographics, and neighborhood safety when looking for their next home.

Now, property searches are increasingly focused on lifestyle amenities, such as transit access, fitness facilities, and coffee shops. There is a difference in how people search for information beyond the four walls. And these changing search behaviors require new, adaptable solutions.

To adapt to the shift in consumer search, brokers need to become local experts. To better support clients who are moving to a new city and better understand available options, you need tools that make it possible to showcase the neighborhood remotely without physically being there. Location insights, such as those offered by Local Logic, support this new lifestyle-focused way of searching for homes by giving a more comprehensive and concrete picture of neighborhoods, including nearby amenities that are conducive to certain lifestyles.

Fill knowledge gaps with content that speaks to buyers

Brokerages need to rethink the type of information that they provide to clients. Try putting yourself in the shoes of someone relocating to a particular market. Is there anything that draws people there? Are they looking for something in particular? The data and content on your website should reflect that. This is how you capture search intent.

To identify gaps in your content, Mike Minard, CEO at Delta Media Group, suggests you input “ “relocation to” + one of your big cities” as your search terms in Google to see if you appear on the first five pages of the search results. As you go through that exercise, you’ll find topics and questions that you might not have considered yet, and can then create content that addresses those gaps. Blog posts about communities, for example, are now more important than they were five years ago.

Active listening creates customers for life

One of the most powerful tools an agent can use is their ability to empathize with a client.

Denise Talboy, Vice President, Relocation & Corporate Services at The Keyes Company, emphasizes the importance of building good relationships based on active listening. Agents must understand and anticipate their clients’ needs. When relocating, people want to feel taken care of. They want someone on their side, advocating for them.

Keyes caters to their international pool of transferees by matching the right realtor with their clients. The company ensures that realtors have extensive local knowledge, solid connections, and relevant past experience in helping those relocating to a new neighborhood settle in as quickly as possible.

As a relocating agent, your job doesn’t end when your clients move in. You have to check in with them, recommend places (such as nearby schools and services), and suggest tradespeople — basically, you want them to feel comfortable and happy in their new home. Relocation specialists help people not only find the right place, but also adapt to their new environment.

About 20-25% of clients return to their first realtor after a transaction. The best realtors stay in touch with their customers post-transaction, not just to close another deal, but also to build relationships and ensure their clients are adjusting to their new community. Set your client up for success, and you’ll have a lifetime customer.

Adapting to the unique needs of relocating homebuyers requires a nuanced understanding of current trends and a personalized approach to client service. As economic conditions, urbanization patterns, affordability concerns, and  remote work reshape the real estate landscape, agents must be agile and empathetic. By actively listening to clients’ desires and leveraging local insights, realtors can provide valuable guidance and ensure a smooth transition for homebuyers. Ultimately, the key to success lies in building strong, lasting relationships by offering tailored support that addresses both the practical and emotional aspects of relocation.