The Real Estate Market and the Great Migration

Larry Kendall is back again to join Matt and Garrett on today's episode. In addition to his many, many achievements, Larry, as most of you will already know, is the creator of Ninja Selling, so you can be certain that he has a massive amount of experience, knowledge, and advice to share. This time around, he and our hosts explore great migrations of the past and present as well as their impact upon the world of real estate.

Larry starts by discussing great migrations throughout the years all the way up to the most recent one where COVID and lockdowns have triggered early retirements, cultural shifts, and people moving from the city to smaller communities, and vice versa. He also emphasizes the importance of your database, the power of realtor referrals, and the adjustments that home builders are making these days. Larry finishes up by delving into how kids’ education has been diminished by COVID, identifying what drives the real estate market, and reminding everyone that helping people make good decisions is part of our responsibility. Each and every time that Larry joins the podcast there is just so much wisdom to soak up, and, as you will hear, today's episode is no exception.

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Episode Highlights: 

•       The First Great Migration in the United States.
•       The Second Great Migration from farms to cities.
•       How COVID has triggered the Third Great Migration.
•       The move from the city to smaller communities.
•       How resort communities are being overwhelmed by the move. 
•       The broader economic impact of the move.
•       The Migrations impact on commercial real estate. 
•       The effectiveness of remote working.
•       The importance of your database. 
•       What people should consider when looking for a place to live.
•       An employee’s income and their cost of living.
•       The adjustments home builders are making to floor plans.
•       The importance of the buyer interview. 
•       How the quality of education has been diminished by COVID.
•       What drives the real estate market. 

Quotes:

“A lot of people are deciding and realizing 'I can work anywhere. If I can work anywhere, then where would I want to live? I used to have to go to work. Now work comes to me, and I can live anywhere.'”

“The research that I've read on remote work is that, depending upon the type of work that you're doing, there is less productivity, anywhere from 20 to 30%, less productivity. When people work at home, they get distracted.”

“If your work was in a big city and you had an hour commute each way, two hours a day, you can make up for that loss of productivity by working more.”

“63% of the people who were on a Zoom call, even if they have the camera on, they are shopping online.”

“You need to be more in tune with where your people are migrating to. Are they migrating across town or are they leaving the community? And if they are, you need to set up a referral for them. You also need to replace them in your database.”

“People are analyzing now more than they've ever analyzed.”

“Millennials have spent seven years longer in apartments than previous generations before they came out to buy houses. And many of them are in luxury apartments.”

“We always say the buyers are the smartest people in the market, and when it comes to the product available in a new market, they are smart on the product, but they are not knowledgeable on how that location works for them.”

“We work with a lot of builders and help them design neighborhoods and houses. We try to keep our finger on the research, and the number one amenity that people want is access to a good place to walk, a walking trail. They would rather have that than just about anything.” 

“We're watching people make a move and realize that it's a little bit different. Their evaluation of this new environment that they're in is happening very quick and it didn't quite fix their pain, and need something a little bit different to make that work. And all of a sudden, two years, one year, they're picking up and moving.”

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