Jake Breen and Spencer Janke – UtahPhysicianHomes.com

Jake Breen and Spencer Janke, real estate advisors with Prudential Utah Real Estate specialize in providing real estate and market advice to physicians who are relocating to the Salt Lake City, Utah area. These guys know Salt Lake City and the needs of physicians and they talked to us about:

  • Where the Salt Lake market has been, where we are right now, as well as where the market is heading
  • How they have mapped out drive times to the hospitals, recreational areas and restaurants in the area and why that is so important to residents relocating here
  • The five things that make them uniquely qualified and experienced to serve physicians in Salt Lake City
  • What the relocation package includes that they have teamed up with us to offer to relocating physicians, and how it can make your home search much more enjoyable and less stressful

Josh Mettle: Hello and welcome to the Physician Financial Success Podcast. My name is Josh Mettle, and this is the podcast dedicated to advising physicians how to avoid financial landmines. Today, we’ll be talking with Jake Breen and Spencer Janke, real estate advisors with Prudential Utah Real Estate. Jake and Spencer specialize in providing real estate and market advice to physicians who are relocating to the Salt Lake City, Utah area. Jake, Spencer, how are you guys doing today this morning.

Jake Breen: We’re doing great. Thanks for having us.

Josh Mettle: My pleasure, man. I’m glad we got a chance to connect, and I think we’re going to be able to uncork some great information about relocation. With the season coming along, I know it’s going to be needed and enjoyed, so thanks for your time this morning.

Jake Breen: Yeah, happy to be here.

Spencer Janke: Absolutely.

Josh Mettle: Let’s maybe start off guys by talking about how you got started serving physicians and maybe what you think uniquely enables you guys to advice physicians better than most in your profession.

Jake Breen: Sure. Well, let me first tackle why we got started. After a decade of serving all types of clientele, we wised up to the fact that there really are different needs within certain niche markets for‑

Josh Mettle: Yeah.

Jake Breen: And we know the time classic statement, “Real estate is all location, location, location,” but those location need ended up being different for different subsets of clients, right?

Josh Mettle: Right.

Jake Breen: After doing this for a decade, we realized that physicians have different needs that were different from the average buyer, so we decided to tailor to them and really give them what they need, not just when they get there to Utah or wherever they’re relocating, but specifically when they start their educational process online. We decided that we give them what they needed, and it was tailored to what most questions physicians ask us, then we could tailor services to them. That’s what got the ball rolling and got us to thinking about that niche market.

Some of the things that uniquely set us apart, you know, I would think compared to other professionals in the industry, there’s a few things. First, it’s probably the simple fact that what I just mentioned to you that we were in the business long enough, and we’ve done enough transactions, we realized that not all buyers are lumped into the same mundane type of search and transaction‑

Josh Mettle: Yeah.

Jake Breen: And that physicians specifically had unique needs and desires. That’s probably the first, although it sounds odd, the first thing that sets us apart is the fact that we realized that, right?

Josh Mettle: I think that’s exactly right. There’s more challenges and they’re relocating not across the street or across the city, but across the country. So, I’m with you.

Jake Breen: Yeah, absolutely. I would say the second thing is really experience in production. In fact, we noticed and we noticed this with you, Josh, as we’ve done this for about five years now, a lot of our competitors are starting similar microsites. I think they think that if our team is having success, which for 2013 is currently in the group of four finalists for the Large Sales Team of the Year, so I think colleagues look it up and say, “Oh, hey, if they’re moving doctors, I can move doctors, and physicians, and if I pop up a website, these people will come to me.”

Josh Mettle: Sure.

Jake Breen: And so, I would say the second thing that sets us apart from those colleagues or competitors is really once you’ve sold over a certain amount of real estate. You know, let’s say $500 million in 700 plus homes closed over a certain period of time, at least in our Salt Lake market, which I like to call still a big small city.

Josh Mettle: [laughter] Yeah.

Jake Breen: You’ve really experience every area and every spot that our market has to offer, okay. So, you’ve really wrapped your head around what every little submarket our market has to offer.

Josh Mettle: Right.

Jake Breen: And then, once you’ve represented enough subsets of buyers, you’ve done enough physicians or you’ve moved a lot of attorneys, you’re starting to have tailored experiences that educate you on the needs of these individuals.

Josh Mettle: Right.

Jake Breen: You start to learn their habits, not that you can lump all physicians into the same pool, but you start to learn what kind of needs their families have and what’s unique to their type of business as you start to learn their business models.

Josh Mettle: Yeah.

Jake Breen: But that’s probably the second thing that sets us apart is production and experience. To not be too long-winded, I’ll give you another thing I was thinking about here. It goes hand in hand with what I was just saying in experience and production, is simply the fact that we’ve now relocated more medical professionals I believe than any other team that competes with us over the past you know four and a half years. Of course, that wasn’t the case when we began tailoring to physicians, and this was a new idea. But now, as many as we moved and the unique experience we’ve had, you know, we’ve had the opportunity to dive into their lives and their businesses in this – in fact, in 2012, we won a little award. I have the glass trophy sit on my windowsill here, and it read the Excellence and Service Award to the Medical Community awarded by the MD Preferred Physician Services company. So, if awards mean anything to you, we’ve got little ones sitting here our windowsill [laughter].

Josh Mettle: I love it. I love it, all right. Well, I think you guys nailed it. I think that puts us right into the next question that I wanted to ask you, which is tell me why a relocating physician family needs more real estate advice, guidance, and expertise than the typical family moving across town because I don’t know that most relocating families understand there’s as many moving pieces as there are‑

Jake Breen: Correct.

Josh Mettle: And the additional complexities with relocating across the country and then starting a high-demand job, you know whether it’s a residency or attending physician immediately thereafter. So, kind of just walk us through those complexities and where you see your expertise and guidance playing a role.

Jake Breen: Yeah, sure. Good question. First of all, any one physician or not moving to a new state, if they don’t know, it’s a big deal. There is a lot of moving pieces to the transaction. Sometimes, they’re working with relocation companies that have a say in what’s happening. Sometimes, they’re not. It depends on who the new job is under here when they go to the state of Utah, so rely on all these relocation companies. If I was to drill it down and not even mention all the normal things a family goes through and simply just talk about things that are perhaps even more important for a physician. I’ll give you a few things. I would say drive time.

Josh Mettle: Yeah.

Jake Breen: Lendability, and community and culture, which are a big deal to everyone, but perhaps even larger to physicians, play a big role in the advice and guidance we can give. Let me go more specific on these few topics. Again, not that these things are not important to every buyer, but when we drill down to physician families, I would say these four things have ended up being the biggest concerns we’ve seen when we’ve helped them buy real estate in Utah.

Josh Mettle: Yeah.

Jake Breen: So, drive time. Many physicians need to be close to certain hospitals or clinics, and Utah is still unique. You know, I said when you asked that first question, I mentioned the phrase, I call us a small big city. Salt Lake City specifically has grown so rapidly in the last few decades, but still has commute times that people resonate with small cities. So, we see a lot of physicians. I talk to a lot of them on the phone. They haven’t come to Utah yet, and they’re shopping online like everyone does before they get here, but they don’t have local tacit knowledge that you kind of have to have from being here in Utah.

Josh Mettle: Right.

Jake Breen: And so, they’ll calculate things like how far the hospital is mileage wise, and how long a commute might take in rush hour traffic. But, once they get here and we show them and we marry drive times with communities we think they want to be in, I honestly don’t think yet in years of doing this, I found that physicians that nailed it online and ended up coming here and doing exactly what they have researched online.

Josh Mettle: Right.

Jake Breen: So, in Utah, we’re still being the small big city, there might be 20-mile drives that take only 20 minutes, and there might be 20-mile drives that take over an hour at certain times.

Josh Mettle: Right.

Jake Breen: And this becomes such a factor for physician families. We’ve written articles on our website that time out drive times from many major hospitals to our most desired physician neighborhoods. It becomes a bigger deal for them.

The second thing I mentioned was lendability. Many physicians, you know, they’ve signed a new job commitment letter, especially younger physicians that are relocating here, and they’re technically not lendable until they physically get here to Utah and begin their jobs or within 30 days of that. We know that you, Josh, the trusty lender gets that all ironed out for these buyers, but on the real estate side of the transaction, that can cause a lot of problems. Those listings, they might ask, okay, why? What have we run into? Well, we have to negotiate differently for you. Many physicians want to start looking and making offers on houses prior to physically getting here and starting their job and they don’t necessarily want to come to Utah, rent for a little while, you know, move from another state, get here and rent, and then move once again when they actually find a house.

Josh Mettle: Right.

Jake Breen: We’re often tasked with finding out-of-the-box ways that we can help them purchase before they are technically lendable. Now, you’re probably even asking further, “Jake, what are you saying? How is this even possible?” But, I can tell you in the past, we’ve done everything from lease options, rent backs, seller financing deals with a really short balloon, so we can make the physician’s move seamless, so they don’t have to go through that wait time while they’re starting a new job.

Josh Mettle: Yeah, I was thinking about a situation where we had where, you wanted to write the offer early because we wanted to make sure they’ve secured a home for their family. You constructed the offer such that I think the close time was 60 or 70 days or something like that, and it stepped up the earnest money so that you know the buyer was secured, and had time for their due diligence. The seller was secured that the buyer was serious, but you know when you’ve got many 90 days between when you’re writing an offer and you’re going to be here or 60 days, it gets touchy. You got to really construct that offer in a way where the buyer and seller are both protected, but they both know that they’re – at least the seller – is not wasting their time accepting an offer that long, so.

Jake Breen: Yeah, it’s true, and when I’ve found, and most buyers, not just physicians, when they start shopping online, statistics show that this happens a year in advance of the move. You know, it’s easy to be sitting at home on my computer, surfing the web and checking out houses when you know in a year or so, you’ll be moving. But with the transactional time that a real estate move takes, I’ve found that most people will physically if they know they’re moving to Utah, they’ll physically come here in 90 to 120 days in advance of when their physical move is going to happen.

Josh Mettle: Right.

Jake Breen: And that’s great. I’m a fan of planning and having you pick out and know what you want and get here and be excited, but as you stated, the typical escrow for a real estate transaction in our state is usually about 30 days. And so, people often get here and especially in an appreciating market like we saw in 2013 where median price went up 17 percent in one year, was oftentimes on their first time to come in here and just looking around. Buyers will go, “Wow. I found the right house, and if I wait another 90 days, it’s for sure going to sell, and anything that I find comfortable is going to be perhaps 3 percent or 5 percent more expensive.”

And we’re talking thousands of dollars at this point, Josh, so we do do things where in a competitive market, we’ll negotiate with that seller to do anything we can to secure up the property for our clients. We are oftentimes doing out of the box things that aren’t traditionally done in real estate, upping earnest money as you mentioned, doing rent backs or lease options, or balloons, or other negotiation tactics to help these transactions happen.

Josh Mettle: Yeah, and I think you guys do a great job on that. Well, I think that leads us kind of into the next question here, and you touched on it a little bit in regards to appreciation, and Jake, have I moved too quickly? I’m sorry, did you have – I think you had another point to make under that last question. If I cut you off, I apologize.

Jake Breen: Oh, no. You’re fine. Yeah, there is actually, looking back at that question, there’s one more piece of advice I want to give to everybody. I mentioned when you first asked this question drive time and lendability, which we went over, and community and culture is important. So I didn’t say anything about community culture yet. You know obviously again, this is community and culture are something that is important to every buyer, but oftentimes, physicians have unique hours, and I’ve found them to be very, very passionate people. They have certain hobbies. In fact, a lot of them come to Utah or decide to practice here because of the recreation that Utah offers. We’ve also found – not necessarily unique, but something that’s very in common in physicians is how precious their time is to them. Ironically, many of them end up choosing Utah so they can use that time wisely and recreate quickly in their spare time, right?

Josh Mettle: Yeah.

Jake Breen: So, we started to kind of tailor – when physicians get here, we learn quickly that after shopping online, they kind of know the general things about Salt Lake. They know the general statistics. They know what kind of activities are offered here. We try not to bore them with, “Oh, it’s your first time to Utah. Do you know about skiing here?” You know, but when we try to offer tis the tacit knowledge that you wouldn’t necessarily know unless you’ve been a local for a very long time. Some of these things include, you know, what are the neighborhoods you can live in where you can walk out your front door and go on a trail run?

Josh Mettle: Yeah.

Jake Breen: Which ones are walkable, or what communities are walkable to restaurants and local restaurants? What areas have lots of kids and what areas are better for empty nesters? Where do local food connoisseurs want to be? I was asked once by a physician, “Okay, if I’m going to ski every weekday that I have off, what’s the best community to live in for commute time to the resorts and to the U of U Hospital?”

Josh Mettle: Right.

Jake Breen: The point is there is isn’t one neighborhood that fits for all physicians obviously, but there are excellent areas, depending on where you work and what your passions are, and if you could share those with us, we can make what we think are the best recommendations for you.

Josh Mettle: Awesome. Yeah, that was great. I’m glad we touched on that. I think it’s important and also you know  the elephant in the room is every time you tell somebody you’re from Salt Lake City, Utah, they have questions or often misguided beliefs or understandings about the Mormon religion, and so that has to be tackled too, right? What neighborhoods are more heavily LDS and family-related, which are not? So, I think that’s another really good piece of advice that you guys tackle well with clients and advice them well.

Jake Breen: Yeah, I‘m glad you brought that up. We have gotten that and I would say you nailed the question because that’s probably asked 70 percent of the time when we either meet somebody in an airport or the morning after they spent their first night here.

Josh Mettle: Right.

Jake Breen: And they usually dance around it lightly because they’re just meeting us. And they say, “It’s also about this church culture.” or something like that to be exact. Or they’re staying downtown, and they see the LDS or the Mormon Temple if you will, and oftentimes they’ve walked around those grounds because they’re really pretty and it’s a centerpiece of our city. You to just touch on that briefly,  my experience is within 5 minutes of kind of discussing that culture with people, they’re enlightened, and it’s not as big as a worry or a deal to them ‑

Josh Mettle: I agree.

Jake Breen: And Salt Lake is like any other progressive city. Most people, once we start that religion talk, they kind of quickly look around and this is going to sound funny, but I experienced this a couple of times. I’ll be driving in a car and they start asking me about culture and religion, and then, they’ll kind of look outside. It’s almost like they’re looking for maybe certain types of people that are in these supposed religion all dressed up or something.

And then, they quickly comment about how clean the city is and how nice and friendly people seem to be. A lot of it has to do with our local culture, but some of it is brought on by the religious sense that’s here. So, most people end up finding out it’s a clean community. It’s a community based on values, and it’s very family friendly.

Josh Mettle: Totally.

Jake Breen: Once they learn those things, I mean they love Utah. I have yet to have a call from a physician or better yet a relocating client that I’ve sold their home and they moved on to the next place, that says, “Man, we’re glad to get out of Utah.” I mean seriously in over a decade that has not happened once.

Josh Mettle: Yeah. I mean if you are into providing a safe place to raise kids and do lots of fun stuff outdoors, then you’re in the right city. So, I totally agree.

Jake Breen: You got it.

Josh Mettle: All right. Let’s talk about what’s going in the Utah real estate market over the last couple of years as has the country – values have all been the place. So, let’s talk about what’s happened to average values and appreciation over the last couple of years here.

Jake Breen: Okay, you got it. So, this is my favorite topic. I’ll try to make it precise for you guys and not get long-winded. This is Jake talking specifically, and I’ll tell you a little bit real quick about my background, so I’m qualified to speak to answer this for you. I am paid corporately by Prudential. Our team does a lot of sales, and that’s what we’re talking to you about today, but we’re also one of the largest brokerages in the state of Utah. We have 18 offices, and I’m paid corporately to train and teach agents on market statistics and trends and education as to where the market is going.

I’m also one of the board of directors on the Salt Lake Board of Realtors. There are 16 of us, and specifically there for two and a half years. My role was to talk to the media whenever questions were asked about market trends, where the market is going, or close out statistics for certain quarters. So, hopefully I’m the right guy to give you the answer here, and I kind of have this is my elevator pitch. I get the question you’re asking me, Josh, I probably get at least once a day and it comes in the form of how is the market?

Josh Mettle: Right.

Jake Breen: So, here’s the quick pitch on how the market is that I got to give you little history to get to where it is now. Salt Lake for about four decades had not seen a declining market, and I’m going to define declining market by a decrease in median price.

Josh Mettle: Right.

Jake Breen: With the exception of one time for four decades. I mean, we’re talking from 1964 to 2008.

Josh Mettle: Wow.

Jake Breen: And that one decline was in the ‘80s during a recession of that period, and it was very slight. So, you have this long history of just watching the market go up fairly drastically in certain years, be relatively steady Eddy in certain years, and getting close to flat-lining, but for decades upon decades being consistent and increasing, and that brings us to 2006. In 2005, we’d already seen other national markets boom. Vegas had boomed. California had been booming for 18 months. Lots of markets there, and Salt Lake hadn’t quite started appreciating rapidly but about a year after those markets in 2006, we really started raising prices and raising prices drastically. A lot of things created that, but I won’t get into as to why it was booming, because perhaps what’s more recent on people’s minds is when it busted.

Josh Mettle: Right.

Jake Breen: Salt Lake kind as it peaked out in summer of 2007, it achieved a median price of $251,000. That was the highest median price ever achieved in our market. At that time in Salt Lake, we had just started seeing some other markets downturn. We just started seeing Vegas not necessarily crash but downturn. We’re just seeing areas of Arizona ‑ Scottsdale, Phoenix ‑ downturn, and we often follow those markets, but lagged them 12 months, it’s been said, in Salt Lake. So, as we started seeing those markets decline, most locals back at this time in 2007 said, “Oh, we didn’t go up that much. We’re not going to crash.”

In fact, in the early days, I was sometimes guilty of saying that same thing. We’d only gone from a median price of $170,000 to $251,000 in two years without that crash. But ultimately, the calamities that were happening, happening nationally, that we couldn’t stop did affect Salt Lake’s market, and I’m going to give you the Salt Lake number. When I give you these numbers, we’re talking Salt Lake, not Utah as a whole, but we did start to downturn, and we did in fact have a crash.

And so, starting in 2008, we really came to a halt in November of 2008 when all across Salt Lake County, which is the entire city, only 444 units of real estate sold during that month, and pricing was still at an all-time peak. We haven’t screeched yet, but most experts, most economists said at that point, “Oh, oh, we only sold 444 homes and we should have sold about a thousand. Buyers are putting the brakes on, and uhoh, over the next 90 days, the inventory doubled itself.”

Josh Mettle: Yeah.

Jake Breen: I don’t have to go too deep into what happened, but the downturn thereafter ended up being four years long in our market. It started in 2008 and went all the way through winter of 2012. The highlights of that downturn are simply this: during that timeframe, inventory quadrupled itself. It didn’t get close to as ridiculous as these other leader markets I mentioned, Vegas, Phoenix, and areas of California, but we got down to 10,000 homes on the market, and we were selling in the down winter months 500 to 700 homes. Salt Lake had never seen it that bad, and over that four-year period, we went from a median price of single-family homes of $251,000 down to $190,000, okay. Now, that you have the history, if you wanted a blanket statement, Salt Lake, you could say the crash affected us to the tune of about 34 percent.

Josh Mettle: Yeah.

Jake Breen: Most people lost a third of what their house was worth in that four-year period, but now you have a history. The most fascinating part to me is actually what happened the last 18 months‑

Josh Mettle: Yeah.

Jake Breen: You know, and I’ll give you that briefly. Over 18 months and this is shocking, in fact, I’m staring at the graph as I talk to you. Winter of 2012, first quarter of 2012, median price in Salt Lake County $190,000, then, the third quarter 2013, so seven quarters later, median price single-family homes back up to $254,000.

Josh Mettle: That’s amazing.

Jake Breen: Isn’t that drastic?

Josh Mettle: It’s amazing.

Jake Breen: So, I have a lot of clients, most people have caught on now, but I’ve been interviewed by local radio stations. I’ve been on a few television programs in the last six months. The question I get is how is the market? When I get to this data, people are shocked because consumers say thing like, “Oh, I heard it was picking back up.” Or, “Yeah, I heard the market turned around. It’s now a good time to buy or sell.”

When I show them this graph and I say, “Well, it turned around. It didn’t just turn around. We have completely erased the entire downturn we saw in four years. We erased it in 18 months.” And so, where does that bring us to right now? Does that mean we’ve created another bubble? Does that mean the market is going to continue up, and continue to outpace people’s income, so that people can’t afford housing? I would tell you this. If you’re looking at our local Salt Lake market, number one the rebound is over. We’re back to where we were before the entire bust happened. Number two, we’re still in a relatively hot and competitive market from an inventory standpoint.

Economists define you know, a buyer and seller’s market by absorption periods, and if you have four months or less of inventory on the market, you’re in a really hot seller’s market. If you have four to six months of inventory, they call it an equilibrium market, and if you have over six months, they call it a real buyer’s market. There’s a lot of houses sitting on the market. We’ve been in an extreme seller’s market, believe it or not, for about 18 months since this rebound existed, and we’re just, just now, just this early, early spring entering into the first phase of an equilibrium.

If I have to give you a quick prediction for 2014, here’s what to expect, and this is not what people thought a year ago. A year ago, people thought, “Oh, you just wait and see how hot 2014 and ’15 will be.” A lot of that rebound was early, early on in 2013, late 2012, we’ve seen that rebound. What to expect for 2014? Sales will continue to be hot. We’re still seeing multiple offers. Building is happening all over Salt Lake. If you just drive around you get a sense of it.  But inventory is coming in check, so I do not believe we’ll see rapid appreciation like we did in 2013, which for median price in Salt Lake was 17 percent. That was our third most appreciating year ever on record in the history of Salt Lake.

I believe 2014 we’ll see between 6 percent and 8 percent, which is still a better than average year as far as appreciation goes. I believe 2014 sales, number of sales, will outpace 2013, which was a phenomenally hot year, but that’s because of the continued pent-up demand we had from the downturn, and that will flesh itself out this year. If you’re still in the days of waiting for a bank repo, or a short sale, or a real steal of a deal to come along, I got to blunt here and tell you those days have passed you up. So, that’s a fire hose of information, but hopefully that explains the market for you.

Josh Mettle: I think you did a good job, and I think last year was particularly challenging for the physicians that were relocating because they’ve got a very narrow window of opportunity, and when there is, it is such as a seller’s market, and as you mentioned very low inventory. It gets very challenging for you to do your job and frustrating for relocating physician families, so I think this is more stable, more consistent. We’re definitely moving back towards equilibrium, and I think that it is going to actually be an easier and more enjoyable market for a physician to relocate and find a home in.

Jake Breen: Yeah.

Josh Mettle: So, let’s talk about Match Day. Match Day is coming up in just over a couple of weeks on March 21st, and we’re going to have a large number of residents relocating to Salt Lake City. So, what can the average resident expect to find here within their price range?

Spencer Janke: Josh, this is Spencer. I think I’ll answer this one today.

Josh Mettle: Please.

Spencer Janke: First thing, first is let’s talk about Match Day. Something that we’ve experienced in the past in prior Match Days is that we definitely understand that this is a very stressful time in a new resident’s life‑

Josh Mettle: Yeah.

Spencer Janke: And their family, a lot is going on in a very, very short time period.

Josh Mettle: That’s right.

Spencer Janke: So, the first thing that we always like to deal with a lot of these residents coming in after they are matched here in Salt Lake is, obviously going over the Valley, talking about the areas that are important for them. Obviously, it comes down to price. I think last year, majority of the residents that came into Salt Lake ended up spending between $225,000 and $400,000.

Josh Mettle: Yeah.

Spencer Janke: Most people who are coming in, thinking they’ll be able to find a home for around $199,000, again most ended up spending a little bit more than that. However, something that we’re definitely like confident in, is that we will definitely be able to find a home that fits the needs of the specific resident coming into Salt Lake. Salt Lake is a great city in regards to the location of all the major hospitals. There’s plenty of housing. We do have affordable housing that can work for anybody, but we do have a wide range of possibilities, I should put it that way.

Josh Mettle: Yeah. I agree with you. I think those price points were right about what I was seeing and just depending on where they are, if they are closer to the $200,000 or closer to the $300,000, there really are a great number of neighborhoods, whether it’s you know Sugar House or any of the areas a little west of there that are still very close in proximity to the U, or to the IHC, or wherever the residency programs are.

Spencer Janke: Yeah, absolutely.

Jake Breen: I want to add a little quick note here, Josh. Spencer touched on the pricing and hopefully this makes sense to some of the listeners, and if you are coming to Utah and you’ve already done this online, you’re going to find out that I pegged you before we’ve even meet. This is a bit funny, but I’ve found and we’ve found as we’ve done this, when people shop online because Utah is so commuter friendly, they’ll tend to see the best prices in the newer homes in communities that are in the south far west end of our valley‑

Josh Mettle: Yeah.

Jake Breen: Which are great communities, but they are also the furthest away from a lot of the hospitals we found these moving residents are going to attend and work at.

Josh Mettle: Right.

Jake Breen: I’ll tell you what. I would say 90 percent of the time when they first get here, their shopping list from online is these communities.

Josh Mettle: Yeah.

Jake Breen: And once we’ve physically drive with them out there, and they see the times that it takes, and perhaps the new residential developments sometimes with a lack of commercial development and restaurants and recreation they plan to come here to Utah for, doesn’t quite exist in these areas yet or it’s soon to be, they find themselves going, “Okay. You guys, we did most of online research, but you guys tell us where you think we’re gonna want to live.” And then, we take them to a very sustainable, walkable community that’s really close to mountain biking trails or running trails, has great restaurants, and yes, is usually a little more pricey, but more established. Oftentimes, not everyone, but oftentimes, especially the residents that are still in either young married couples or single life, they end up choosing the areas, the communities that we turned them on to that they didn’t even research online.

Josh Mettle: Yeah, absolutely.

Jake Breen: This is coming from a guy who is also younger. When I go to buy something, I do most of my research online, so I get it. Once you get here, you’ll find, you know, if you got a good agent that really knows you and knows what you need and want, you may end up changing your mind form all the research you’ve done online.

Josh Mettle: Yeah, absolutely. Well said. So, let’s talk about those different communities, and you guys have a website, a great website, utahphysicianhomes.com, and homes is plural. Just tell us a little bit about that. I know that you’ve detailed some of the major hospitals and the commute times and that kind of stuff.

Spencer Janke: Yeah, we found that it was really important for us to actually explain the areas around surrounding these specific hospitals for some of these residents coming in. Oftentimes on Match Day, you know a resident that’s living in Kentucky or is back in school in New York or wherever and they get matched to Salt Lake City, Utah, oftentimes, they’ve never even been to Salt Lake. There’s a lot of questions that they have. So, we try to break down on the website all the major hospitals. that from our experience people are getting placed with, and then detailing the specific locations and neighborhoods around those hospitals, detailing out the drive times for the resident. Kind of like what Jake was mentioning about shopping online. We all do it. We all jump online. We pull up houses like, “Oh, this is a great home.”

The problem with that with people that are out of the state is they don’t quite understand the location. They can’t look at the map or an aerial view on Goggle Maps and realize, “Okay. This property or this home at this price will be, you know, a 25-minute commute time.” Something we’ve really learned with these residents coming in is I think it’s the number one profession where drive time is so important.

Josh Mettle: I agree.

Spencer Janke: You know, we sell to attorneys. We sell to, even airline pilots, right. I mean, all these different careers people have, but the number one career that is time sensitive on proximity to their workplace is physicians. So, that is very, very important. I think that’s probably the number one question that I continue to get. I’ll get emails from residents coming in after Match Day. They’ll send a home that Jake and I sent to them in a neighborhood that we recommend, and the first question they’ll ask is, “Spencer, from this home‑”

Josh Mettle: Yeah.

Spencer Janke: “And the doorstep, in my car, how long will it take me to be at the hospital, like inside the hospital?”

Josh Mettle: Yeah.

Spencer Janke: You know, they want to be specific. Is it 10 minutes? Is it 12 minutes? Is it 15 minutes? So, we try to break that down on our website, and I think we did a very good job on doing that. We also broke down some of the recreation areas. Some of these residents, I mean they work so many hours, that when they do have time off, they want to know where they can go. They want to know what they can do, and I think the website does a really good job of doing that.

There’s five things on the website, that I think make us stand out, that I think it’s important that we try to emphasize for some of these residents. One is that our experience in this specific niche market, physicians, residents coming in, the reason why we tailored our website and everything to them is because they have certain needs that need to be met. We’re experienced in those needs. We understand what they are. Oftentimes, we’re giving them answers to questions they haven’t asked us because we’ve gone through this before. We know what Match Day is about. We know like what they need to – you know, they need to get their questions answered here coming to Salt Lake.

Josh Mettle: Yeah.

Spencer Janke: Our knowledge, based on the market, as you can tell from Jake’s explanation of what’s going on, we’re very knowledgeable in the market here in Salt Lake City, Utah. Our experience and our production, we’re one of the top real estate sales teams in the Salt Lake Valley. We’ve done a lot of relocation for residents, physicians coming into Utah. We’ve gone through this. We sympathize with what they’re going through, and then of course, we’re definitely, we’re professionals. We love what we do, and we’re going to make sure that our clients are happy with us. I think all of those five things are what you’ll find on our website, along with a lot of knowledge about the locations.

Josh Mettle: Yeah, that’s beautiful. Let’s wrap up with this because I think one more thing that you didn’t mention but we could throw in there is we’ve collaborated this year on creating a relocation package. Do you want to kind of just touch on what’s included in that package?

Spencer Janke: Yeah, absolutely. I mean I think we like to kind of bill ourselves, as cheesy as it may sound, kind of the one-stop shop. I think you know combined with Josh’s expertise with the loan side and the financing and ours with the real estate, these physicians coming in can feel confident that we’ll be able to get their job done. Having said that, some of these physicians, it’s been really interesting when these residents come into Salt Lake, I’m shocked on how little time and energy they have to put towards actually figuring out where they’re going to live.

Josh Mettle: Yes.

Spencer Janke: I mean usually what I end up doing is I ended up handling everything for them down to your inspections, down to your appraisals, down to, you know, coordinating things with Josh, coordinating things with you know their families, you know. They come in. They see a property once or twice, and then, they’re out. They’re back East packing up. They’ve got to be out here, you know, within a couple of months. We can tailor that to as far as picking people up from the airport.

We have discount places to stay in local hotels that we can help provide for some of these residents coming in. Again, keeping in mind that we understand that this is a time crunch, and they don’t have the luxury of, you know planning out this wonderful big trip to come look at houses because oftentimes, it’s I fly in, you know 5:00 PM on Friday night. I got to be out of here Sunday morning.

Josh Mettle: That’s right.

Spencer Janke: That’s what we have found, so we can coordinate all that for them if need be.

Jake Breen: We had a doctor, Ben Williams, Josh, last summer who’s a hand surgeon. He had some tacit knowledge about Utah. His wife was from here years ago, but they’ve moved around for 14 years like he has been schooling and knew ultimately that they wanted to end up back here. So, as he came back one day just by himself without the family, and he had three children, as well. He emailed me, and we’ve gone back and forth to the houses and neighborhoods and lined up the houses to see, and then he said, “Jake, here’s my flight itinerary. Can you pick me up at the airport?”

I said, “Sure, Ben. We do this often.”

And then, he goes, “Okay. Here’s my work itinerary and the few meetings I’ve got at the hospital while I’m there, and then I fly out back at night.”

I was joking, and I emailed him back, and I said, “Wait. You flying in in the morning, and you fly back out that night, and you’ve got two meetings, and we need to see all these houses?”

Then he says, “Yeah, can we make that happen?”

I said, “You got it.” And I kid you not, that was a quick Friday, but I picked him up at the airport, we looked at houses, I drove him to the hospital where the meeting was. We were both really hungry, so he went into the meeting. I went out and got us lunch. When he got back out, I had his sandwich ready for him in the car, and we ate in the car as we drove to the next houses, did another meeting that afternoon at another location, and then took him back out to the airport.

Josh Mettle: I love it.

Jake Breen: And in that one day, we found the house he was going to buy. We then contracted it, all online with him back East, and got it all wrapped up and contracted. And then, it was probably three weeks later, his wife flew out for an entire weekend and brought the kids, and they went and saw the house that dad contracted here while he spent one day in Salt Lake.

Josh Mettle: Man, I think that is a perfect, perfect picture of the additional complexities and stresses that a relocating physician family brings to the table and what a great job in illustrating how you handled it. So, guys, thanks. I appreciate your time. I think that you’ve uncapped a lot of good information, and I’m sure that some of our listeners are going to want to know how to reach out to you. So, what’s the best way for them to get a hold of you? Obviously, utahphysicianhomes.com, but how else can they reach out to you?

Spencer Janke: Yeah, utahphysicianhomes.com is definitely like our physician’s website. We also have our main website, utahcribs.com. All of our information is on both sites. You can call us, email us anytime. Text us, you know this the day of communications, so reach out. You’ll be able to find us. We’re on Facebook, wherever you need to be, whatever’s convenient, we’ll make it happen.

Josh Mettle: Great. We’ll make sure to put the best contact information here for you here with the podcast. Again, I just want to thank you guys for your time, and I appreciate the opportunity to connect with you.

Jake Breen: You’re welcome. Thanks for talking.

Spencer Janke: Thank you.