Understanding clients’ motivations, needs and desires is a best practice in any industry. But agents and brokers who seek more in-depth information about their clients’ reasons for selling and buying are poised to provide better service while also expanding their geographic reach.

 

Look deeply into sellers’ reasons for moving and buyers’ reasons for coming to the market. In the process, you’ll connect at new levels with clients and discover ways to branch out into other cities or states.

 

 

For starters, prelisting meetings often reveal why sellers are selling and where they are headed. 

 

Among people who are moving out of California, the states of Texas, Arizona, Nevada, Washington, Oregon, Florida, Colorado, and Idaho remain among the most popular destinations, according to data analyzed by the nonprofit think tank Bay Area Council Economic Institute.

 

But while talk of a California exodus may make headlines, most people who are leaving the Bay Area are chosen to stay in California. 

 

Data from a 2021 poll from Joint Venture Silicon Valley shows that the most popular destinations are the Monterey area, Greater Sacramento, San Joaquin Valley, and Southern California. The indicators come from a public opinion survey operated by the Silicon Valley Institute for Regional Studies in partnership with the Bay Area News Group.

 

Consider any of the many ways that local agents and brokers can benefit from understanding markets where Bay Area residents are moving.

 

Start with the “Why”

 

The best initial source of information is the clients who are moving. Sellers who have explored and embarked on moves to other regions or states may be excited to share all sorts of detail about why they chose their future hometown or home state.

 

Embrace conversations with sellers to get to know them and the driving forces behind their planned moves. From schools, commutes and the economy to new-construction active adult communities and lifestyle amenities, learn what they love about their future hometown or home state. 

 

Learn if sellers plan to purchase a home in their new destination right away or if they want to develop more familiarity with the area first. 

 

 

Familiarize Yourself with New Markets

 

Better to become an expert in some select markets than to spread yourself thin and try to learn every top destination. 

 

Developing strong familiarity with even a few of these areas can provide an agent an edge when forming relationships with prospective clients who intend to sell. 

 

After some online research, trips to select areas should include in-person meetings with agents, brokers, and other industry counterparts. 

 

Schedule introductory meetings with agents you have come to know through your brokerage, professional networks, or research. These relationships can lead to trust that results in co-brokerage arrangements, mutually lucrative referrals, and better business for everyone. 

 

Plan to visit or meet with local chambers of commerce or downtown associations. 

 

And remember to stay in touch with your sellers so you can offer to take them for lunch or bring a housewarming gift to them when you’re in their new town.

 

Become a Resource to Other Sellers

 

Relationships with realtors, mortgage professionals and new-home builders in the destination markets will become assets to you and to your prospective sellers. 

 

Build trust with marketing qualified leads you meet through digital marketing. 

 

Those who are not yet ready to move prospective sellers will learn that you offer them much more than local market sales expertise.  When you’re not only an expert listing agent but a source of information about the markets your sellers are moving to, your value as a client partner increases.  

 

Understand License Reciprocity

 

Should your plans include helping sellers purchase real estate on the other end of their move — or even to show properties in another state — it’s best to regularly monitor state-to-state real estate license reciprocity laws.

 

The list of states allowing full, partial or no reciprocity changes often. In many states, agents who are licensed in another state only need apply for a license and take the exam, with little requirement for coursework. 

 

Other states allow agents to transfer their valid license from another state. And others the require full coursework and examination to earn a license in the state. 

 

Another alternative, co-brokerage arrangements, can ease the transition while determining whether you need another license. To do this, a licensed agent partners with a brokerage in the desired state; that gains privileges to conduct real estate business such as showing properties and participating in many, if not all, types of transactions.

 

 

Maximize Social Media

 

Follow and engage with community pages in the markets where you want to develop a presence. Share posts from pages you follow in other markets that provide valuable information for people in your local market. Showcase both your sales expertise and your out-of-market knowledge by tailoring the content in your social media advertising campaigns.

 

From school rankings, dining, arts and professional or college sports, to economic development, parks and recreation and new-home construction, post useful and interesting material about out-of-state communities of interest.

 

Take Up Real Estate Tourism

 

If your schedule allows, make a hobby of real estate tourism. While your excursions may be limited to occasional Mondays and Tuesdays, given your need to service clients at home, a well-planned itinerary can help you gain significant knowledge of each market. 

 

Plan your itinerary — including stops at local attractions and meetings with partners and other businesses — long in advance of each trip.

 

Visits to other markets don’t have to require overnight stays; many sellers’ destinations are within a 1-5 hour drive of the Bay Area.