Did you know that Texas has surpassed California in job and population growth?
This has lead to a consistent stream of both residential and commercial development and real estate opportunities throughout the Lone Star state.
It’s never been a better time to put your broker license to good use and open-up shop in Texas.
Here’s why Texas is one of the most promising places to start a brokerage.
Texas is Still One of the Best States to Buy and Investment In Property
Texas’ biggest and most solid metro areas are expected to continue to grow consistently in 2020. But new, smaller markets are also emerging as promising markets to invest in both residential and commercial real estate.
Austin, for example, has experienced an almost eight percent increase in home values, with a rental yield reaching just above five percent. While in Houston, flooded properties have lead to affordability and nearly seven percent cap rates. Lubbock, Texas is one of the most affordable cities in Texas with moderate to low cap rates at nearly seven percent cap rates.
Texas Cities Are Ranked Among The Fastest Growing in the US Right Now
Of Forbe’s 11 fastest growing cities in America, four Texas cities made the list. Austin ranked number one, while Dallas came in second. Houston came in at fourth and San Antonio at number nine. Across all of these cities, populations are expected to increase an average of two percent.
With a projected economic growth of six percent in cities like Austin and Houston. An influx of people and a positive economic forecast equals opportunity for real estate brokers in both the residential and commercial realms.
Texas Is One of The Best Places to Find A Job and Get Your Broker License
One of the factors fueling population growth in Texas is the promise of quality, high paying jobs. With eyes across the country seeking out work in Texas, successful brokerages will have their pick of some of the best talent for hire.
Wallet Hub ranked Austin and Plano, Texas specifically as two of the top 20 cities for finding work in 2018. While this is promising for new businesses, it also means that recruiting talent will become more competitive. So the faster you get moving on this, the better.
More Companies Are Setting Up Shop in Texas
Business leaders in Texas have created full-blown campaigns to entice big, California corporations to ditch their West Coast headquarters for bigger opportunities in Texas.
Toyota, McKesson, Jamba Juice, Pegasus Foods, and Apple are some of the big businesses that have moved to Texas in the past few years.
In 2019, even more, businesses are expected to make the switch. For example, technology companies are sprouting across Austin, which is slowly transforming the famous music city into a tech hub.
All of this action equates to promising real estate opportunities from office, to industrial, retail and residential real estate.
More Californians Are Heading to Texas
With more California companies moving to Texas, more Californians are making the move too. Many Californians are particularly attracted to the lower-tax markets in Texas.
Based on a report by Redfin, the top destinations for San Francisco residents searching for new out-of-state residencies in Austin, Texas. While people living in Los Angeles are seeking to relocate primarily to Dallas.
This influx of middle to high-income residents is great news for brokerages across Texas. These insights are especially helpful to the marketing and sales strategies for brokerages. Understanding this unique demographic and how and where to target it, can make a huge difference in the number of clients for brokerages.
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