The Effect of COVID-19 on the Land Brokerage Industry
Many of us are wondering what the impact of the Coronavirus will be on the global economy and our communities. We can only guess if this will be a phenomenon that has a lasting impact or will pass us by in a matter of weeks.
We are seeing some interesting anecdotal effects on the land brokerage industry. The buzzword in articles I read this morning on coronavirus is “social distancing.” In speaking with Fay Ranches agents located coast to coast in the United States over the past few days, each has remarked that their land investor clients are contemplating moving their families to their land to insulate themselves, to socially distance themselves. We have an uptick in activity at Fay Ranches with several of the potential land investors we’re working with citing the need to have a place to “hide.”
It will be interesting to see if this is an increasing trend. Will people begin leaving the more densely populated urban areas of the United States to achieve “social distancing”? It’s too early to tell at this point if this is just a passing consideration or the beginning of a population shift. We’ll keep an eye on it and report back in a few weeks as the coronavirus pandemic evolves. In the meantime, stay safe and stay healthy. And if you own land, it probably wouldn’t hurt if you spent a little extra time on it over the next few weeks.
I encourage you to reach out to a Fay agent in your area for an update on the economic effect on the land industry in your community.
Greg Fay is a pioneer in the land brokerage industry. When Greg founded Fay Ranches in 1992, it was initially called Fay Fly Fishing Properties. Greg was the first to assign value to the recreational amenities of large agricultural ranches. He began marketing ranches on a national and international basis to a new audience, anticipating that there would be buyers who shared his recognition of placing value on the quality of the trout fishing or elk hunting on a given ranch—a paradigm shift in the market. Prior to Greg’s new approach, the value of a ranch in Montana was based primarily on its agricultural production.
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