The term "WFH" (or working from home) has become commonplace since March 2020 due to the COVID-19 pandemic. Many companies, including large corporations, have extended their remote work policies or even decided to make it a permanent part of their operations. Taking it one step further, REI announced a distributed work model and is shedding itself of its corporate headquarters.
Employees seem to be loving these new models, too. A whopping 86% of North American workers surveyed by Global Workplace Analytics say they are as productive in their pajamas and on Zoom as they are in the office.
This all has massive implications for the residential real estate market.
If you're looking to market with the WFH homebuyer in mind, there are a few things you can do. First, stay on top of trends. Know which cities and neighborhoods are trending. Forge strategic relationships with brokers and agents in other areas, so you can service them wherever they move.
As you stage homes for sale, think about the WFH buyer and what features they may want in a new home. Separate office and study areas will be especially appealing to professionals and families.
Take advantage of price drops in urban areas and encourage buyers to invest while the market is hot. Closings are down more than 50% in some parts of New York City, but scrappy and savvy brokers will seek out consumers looking to buy and hold and see these deals as an opportunity.
Above all, know your market on a deep level. Staying on top of trends and quickly and efficiently accessing data will enable you to locate, evaluate and market to highly motivated WFH buyers and sellers — who are clearly here to stay.