As recently reported by Providence Business News, a study of the Northeast conducted by commercial real estate blog CommercialCafe ranked Providence as the second-most-popular metro area in New England for relocating buyers. The blog determined the top 10 metropolitan areas by examining the relocation of residents through metro-to-metro migration. Sourcing U.S. Census Bureau data, CommercialCafe found that Providence gains 7,039 residents yearly from other metros.
With a reputation as a top college town and its city office spaces seeing growing demand, Rhode Island’s capital has become a nationwide draw for buyers seeking urban amenities, culture, experiences, and community. In addition, its educational institutions help ensure that Providence enjoys a steadily replenished supply of educated young professionals. The robust workforce demand in local healthcare, biomedicine, and tech industries continues to make the city an attractive option. CommercialCafe cites Boston as the primary source of the influx, with New York City and Worcester also providing people seeking a cosmopolitan lifestyle with greater affordability, even in a competitive hot market.
Living – and working – the dream
This demographic trend throughout the Northeast in recent years has allowed Providence to surge in the evolving landscape of working and living. As the city continues to win new residents, RPL’s award-winning Relocation department has adapted to meet the changing demands of the modern buyer.
RPL’s Elizabeth Messier, Vice President, Corporate and Relocation Services has been with Residential Properties Ltd. since 1995. With the recent influx of buyers to the area, Liz and her team have had the tremendous task of meeting clients where they are today while still providing RPL’s well-established, end-to-end relocation services.
“Rhode Island seems to be a popular spot where those who are able to work from anywhere are putting down roots,” Messier said. “This is good news for Rhode Island and keeps our Relocation division busy. The demand, however, far outweighs the supply at the moment.”
Traditional relocation services assisting individuals moved by companies for business have drastically reduced in the current era. The rise of remote work has allowed many employees to move to areas suiting their lifestyles more than their work locations or commutes.
“Most employers are still striving to find the right mix of ‘at home’ and ‘in office,’ and due to the ongoing pandemic, many employers are allowing employees to work from home,” Messier noted. “In addition, production in most cases has remained stable or increased with work at home, so the question is open for many employers as to when and whether in-office, five days a week will become the norm once again.”
Ripe for relocation
With a high-tech, high-touch approach, Residential Properties has been able to show and sell homes throughout the past two years, maintaining safety standards without a loss in sales. The number of buyers searching for homes online has dramatically increased, necessitating key partnerships with various online sites to ensure the continuity of the client experience. RPL has been able to carry on providing its clients top-notch services, assisting any company locally, nationally, and internationally with full-service relocation. As a member of Leading Real Estate Companies of the World, they are able to offer complete departure and destination services, including home sale, home purchase, rentals, household goods, international settling in services, and more.
“We know our agents well, and prior to selecting an agent, one of our relocation counselors completes a needs assessment with the buyer,” Messier added. “Based on the conversation, we learn where they want to buy, what they're looking for in a home, what's important in terms of their living experience, and any expressed preferences. We then select an agent from our Relocation team that we feel is a good match.”
In addition to the personal needs of buyers, many requiring homes with more living area and office space, the need for connection and community has increasingly become a priority. During a time of unprecedented constraints to daily life, clients are seeking new experiences, and Providence is well positioned to deliver.
“As one of the oldest cities in the U.S., Providence is rich in architecture, has a vibrant food and art scene, and offers many cultural attractions,” RPL Sales Associate Barbara Dacey said. “It is a very walkable city, and the commuter rail makes for an easy trip to NYC and Boston.”
“What many of my clients from larger cities are saying is that they get much more space here and a much more comfortable lifestyle,” RPL Sales Associate Ramiro Encizo said. “As far as the home itself, natural light has been a huge factor that was not as important before. Many clients are looking for home offices or versatile spaces that are bright throughout the day. So many are working from home these days, and they want a cheerful space to do so. Yards are also increasingly important – I’ve noticed more clients adopting or planning to adopt fur babies too!”
“Providence has so much to offer,” RPL Broker Associate Joe Roch added. “Historically, and very broadly speaking, people moved to our state for work, which usually meant to Providence for the colleges or Quonset and Newport for the naval and airbases. Over the past few years, however, swaths of consumers have chosen to relocate to RI because they appreciate our quality of life and everything that our beautiful state has to offer. Incredibly, a great number of recent buyer-clients have been moving to Rhode Island without ever having stepped foot in our state! For a Realtor®, this requires a great deal of education on neighborhoods and sub-markets and the ability to navigate house hunting remotely.”
Virtual Realty
Real estate has discovered its own new hybrid of virtual and in-person services. Through it all, the company has conducted transactions with technological speed, utmost safety, and targeted marketing to capture savvy buyers.
“Agents at Residential Properties are avid technology users, which has been extremely helpful during the pandemic, allowing us to showcase our listings through video, photography, and Matterport tours,” Dacey said. “Being creative and using all the tools available at RPL keeps me one step ahead of the competition. Listening to my clients’ needs, being flexible, patient, and always available have been essential in this increasingly competitive market.”
“For me, the key is to start with a thorough client consult,” Roch noted. “If you begin with a solid foundation and talk through the nuances of the current market, the actual transaction becomes incredibly simplified. As far as the pandemic, we're all hopefully now more comfortable communicating our boundaries and advocating for safe, realistic work practices that protect Realtor® and consumer alike.”
“I have mastered the FaceTime home tour!” Encizo added. “My clients on the other side of the screen need to feel comfortable relying on my guidance and attention to detail. These are usually large purchases without stepping foot in the door until the closing day or relocation day. Recently, I successfully relocated a medical resident from the Midwest with the purchase of her first single-family home, a young couple from Georgia with the purchase of their three-family home in Historic Elmwood, and an investor client from Chicago who did not see his purchase until after the e-closing. The trust instilled in me by these and all of my clients is a huge responsibility that I take very seriously.”
Messier and her team of Relocation Specialists have entered the new age with poise and focus. Her dedication to helping clients through the process has allowed the company to continue its renowned services seamlessly. To that end, she is quick to recommend the valuable insight, experience, and advice of Residential Properties colleagues to potential buyers.
“You'll have a better experience if you work with a specialist who knows the state of Rhode Island and can help you find the living experience you're looking for.” Messier said, “Selecting the right community should always be the priority. Our specialists know our communities and are trained to tour throughout the state and bordering Massachusetts so you can find just the right fit. And then, as experienced Realtors®, they can help you win the deal to secure the home you want.”
Sources:
https://pbn.com/providence-ranked-2nd-most-popular-metro-area-for-relocation-in-northeast/
https://www.commercialcafe.com/blog/northeast-metro-to-metro-migration/
