As the world increasingly moves towards remote work and online work opportunities, especially in the wake of the COVID-19 pandemic, “zoom towns” have become more and more popular. But what are zoom towns? The phrase is a play on “boom towns”, which describes the sudden increase in people moving into suburban neighborhoods amidst a rise in the oil industry. Similarly, today, as workplaces adapt to life in a pandemic, they’ve come to recognize the convenience and efficiency of working from home. This is why many companies have shifted to remote work indefinitely.
Because of this shift, people are increasingly leaving their expensive, urban apartments and moving into suburbs. This is true especially for people in their 30s, who have stable jobs and are looking to settle down.
According to a recent study by Zillow, about 2 million renters in the US are moving out of urban areas. That’s a huge market of people looking for places in zoom towns and as a realtor, you should be cashing in on this opportunity to sell to these people.
Here are some more reasons why zoom towns are the next big thing in real estate:
Without the need to commute to work daily, there’s really no reason for people to be living in tiny, expensive apartments in the middle of the city. As more and more people work from home, especially in jobs that require minimal on-field presence, living away from the city in a bigger, nice home that’s far cheaper than an urban apartment, just seems like the ideal and most affordable option.
Most people who work through their 20s in big cities are looking to eventually make enough money to settle down in a quiet suburb. COVID-19 has simply sped up this process. With no real need to go to the office, people can afford to rent places in pretty, suburban areas that have a better sense of community and less air and noise pollution.
Most people choose to live in crowded, noisy cities and cramped apartments because of work. When work is done mainly from home, they can choose to live in dream neighborhoods. Because of this increasing demand for houses in zoom towns, you’ll be able to sell a lot more units as more and more people are looking for their dream houses.
One might assume that the popularity of zoom towns will decrease once offices open up and everything goes back to normal. However, the reality is that work from home has proven to be very convenient not just for employees, but for employers too. Businesses have seen tremendous profits while saving up on rent for office space, electricity bills, and other office-based expenses.
This is exactly why most companies aren’t in any real rush to go back to working from the office. Many have settled into their new conditions, and for companies that deal with clients and employees primarily online, work from home has proven to be a godsend. Therefore, if you’re worried that investing in zoom towns might be a useless endeavor, don’t worry. Zoom towns are here to stay, and the sooner you take advantage of this increasing demand, the more profit you’ll be able to make.
A study by Pew Research Center shows that about 1 in 20 adults has moved houses as a result of the COVID-19 pandemic. Most of these adults are between the ages of 25 and 35, essentially millennials who are most likely to want to settle down for the long term. In many ways, COVID-19 accelerated the shift from fast-paced urban living to a quieter suburban lifestyle that many millennials would have made anyway.
Moreover, the fact that big companies like Facebook and Twitter have also announced long term remote work plans shows that a big aspect of the new normal is working from home.
Hence, as a realtor, now is the time to start selling people the idea of comfortable and sustainable living in zoom towns. Prices in these areas have already skyrocketed, which means that with the right kind of marketing, you’ll be able to make a hefty profit should you choose to focus on zoom towns.
To get potential clients’ attention, you need to start your marketing immediately. Do your research, pick out areas of interest, and tap into the right markets. Then, reach out to customers using online and offline tools like social media and flyer distribution. You can create a professional flyer or social media graphic in minutes through PosterMyWall. Check out their real estate flyers, pick something you like, and customize it in minutes to start advertising your business today.
Remember that zoom towns are the next big thing and they will be for a very long time. So the sooner you start shifting your real estate business towards them, the better it will be.