The Covid-19 pandemic could cause a major shift in where many people live. This week I had a conversation with a friend who lives and works in the San Francisco Bay area, he is one of the estimated 400,000 high-tech workers living in the Bay area. Our discussion turned to coming to Florida and working remotely and getting a 3-hour head start on his coworkers due to time change, this made me to start thinking about possible opportunities. I have two family members that have worked from home since March with both living in major metropolitan areas and have expenses commutes, again thinking of other opportunities. If I can live anywhere and work remotely where do I want to live? Why wait until I retire to locate to my dream home?
I remembered years ago my son was looking at moving from the Washington D.C. to Tampa, Florida, I found Bankrate.com which has a “Cost of Living Calculator”. Together we looked at what he would need to make in Tampa to support the same standard of living as living in a suburb of D.C. Tampa has a 37% lower cost of living which if you made $100,000 in D.C. in Tampa $62,400 has same buying power.
Back to my friend in San Francisco he expects many tech based companies will be allowing working remotely permanently in the near future, he also expects companies will adjust pay which would make sense not needing to live in one of the most expensive areas of the country. Just for the fun of it I compared cost of living in San Francisco to Central Florida, my neighborhood. How about 44% lower cost of living and the same $100,000 in San Francisco you would only need to make in the Orlando area $55,670 for an equal standard of living.
I am not sure what this new business model will be called, Uber or one of the successful network marketing companies that depend on folks working from home are examples of having large numbers of people and not needing brick and mortar. Regardless of the name of the model, regardless of what adjustments companies make as far as income based on where you live, the real estate industry needs to get ready for dealing with buyers who have in some cases have a very high level of technology and many a certain character trait, no patience for those that don’t!
Let me help you with a word you should never speak again especially to these high-tech workers, Fax! In my past I have had consulting contracts with tech startup companies so been exposed to high-tech personalities, not saying all the same but many speak a different geek language and have different work habits with no patience.
Back in the early 2000’s I read a survey and wish I could find it, I have it on an old slide I used at the time. 70% of consumers working with real estate professionals believed the consumer had a higher level of technology than the real estate professional. Ouch! I believe we have been playing catch up for almost two decades and now with young homebuyers with an above average income and very high tech skills here we go again! I plan on helping with ways to communicate with this group of average 29 year olds making $250,000 a year at leading social media platforms.
Dick Betts
REALTOR® The Villages, FL
717-860-3107 Cell
Dick@TheVillagesFL.info
Touchstone Real Estate
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