Acquisitions Three Strong Financial Points for Investing in Land in Florida and Texas

As the US population has become increasingly concentrated in urban centers, rural communities have, at times, been an afterthought. This dynamic has allowed a number of myths to take hold, such as that rural America is “facing an irreversible decline.”₁ However, this narrative bears little resemblance to reality: Areas outside of urban centers are actually growing₂ and benefiting from both more diverse populations and economies.

Rural American communities are important contributors to the broader economy. In all, rural areas account for one-seventh of the total US population and approximately $2.7 trillion of US GDP (close to 10 percent).₃ A better understanding of rural America could help create opportunities for people living in these communities and further unlock impact for the country overall. McKinsey and its Institute for Black Economic Mobility are doubling down on their commitment to accelerate action on economic mobility. Building on this initial success and recognizing the important needs in other communities, we are expanding on our efforts. In recent years, we’ve supported research on Latino and rural populations—amplifying the realities of millions of Americans who face significant barriers to economic mobility.

We are increasing our resources and capacity to more aggressively support economic mobility for these groups while further investing to accelerate our efforts on Black economic mobility. Today, we are honored to announce the expansion of our economic mobility agenda with the establishment of the McKinsey Institute for Economic Mobility, which will continue its focus on Black populations while advancing our efforts on Latino and rural populations in the United States.

Our inaugural flagship report on rural economic mobility will be published in the coming months. Meanwhile, this advance look at our research reinforces the too-often overlooked potential of rural America.

Nailing down the right definition of ‘rural’

One of the first hurdles we encountered in our research was the lack of a widely accepted definition of “rural America.” Settling on the right one was a critical first step. Across the US federal government, five agencies use five distinct definitions for “rural” communities (see sidebar, “Definitions of ‘rural areas’ by US government agencies”). This lack of clarity has had a profound and lasting impact on rural communities and the individuals who live there. The debate is not academic; government stakeholders’ use of different definitions can lead to inconsistent policies, obstacles to interagency coordination, and greater difficulty in effectively allocating and distributing resources. For example, the variance among federal agencies’ definitions results in a population range of 45 million to 50 million for rural America, a 10 percent difference that nonetheless represents a substantial portion of the US population. The US Department of Agriculture (USDA), the US Census Bureau, and the Office of Management and Budget classify 1,570 counties (about 49 percent of all counties across US states and territories) as rural. However, up to 846 counties (26 percent) may be categorized as rural or urban depending on a specific agency’s criteria, a fluctuation especially common in certain eastern US regions.₄ That leaves county leaders to determine their eligibility under different definitions and navigate processes for multiple agencies. They could even be unaware of available resources and programs from relevant agencies. For this research, we selected the USDA’s definition of rural. Its rural-urban continuum codes comprehensively segment rural counties, assessing them based on population size, degree of urbanization, and proximity to metropolitan statistical areas (MSAs). According to this classification, 61 percent of US counties (1,981) are considered rural communities.

₁ David Swenson, “Why America’s rural areas are facing an irreversible decline,” World Economic Forum, May 10, 2019.

₂ Lindsay Spell and Marc Perry, “More exurban communities now among nation’s fastest growing places,” US Census Bureau, May 16, 2024.

₃ Olugbenga Ajilore and Caius Z. Willingham, “Redefining rural America,” Center for American Progress, July 17, 2019.

₄ McKinsey analysis.
Who is

Customer Care and Services Document

Introduction

This document outlines the fundamental customer service principles and support practices for our business services. Our commitment is to provide exceptional service, ensuring our clients have a positive experience throughout their property journey.

Communication Guidelines

1. Preferred Channels

• Phone: Available during business hours (Monday-Friday, 8:30 AM - 6:00 PM EST) for immediate assistance.

• Email: Responses within 24 hours for inquiries.

• Electronic Meetings: Scheduled appointments for personalized consultations (Zoom, Google Meet, Microsoft Teams).

• In-Person Meetings: Scheduled upon written request and acceptance by all parties, specifying date, time, and location.

Response Times

• Initial inquiries: Within 2 hours during business hours.

• Complex inquiries: Acknowledgment of receipt within 24 hours, with a follow-up within 48 hours.

2. Customer Service Standards

Professionalism

• Maintain a courteous, respectful, and professional demeanor in all client interactions.

• Use clear, jargon-free language that clients can easily understand.

Empathy

• Actively listen to clients’ needs and concerns.

• Acknowledge and validate their feelings and experiences.

3. Issue Resolution Process

Step-by-Step Resolution

1. Identify the Issue: Gather all relevant information from the client.

2. Assess the Situation: Determine if the issue requires immediate attention or escalation.

3. Provide Solutions: Offer feasible options to resolve the issue.

4. Follow-Up: Ensure the issue is resolved to the client's satisfaction and solicit feedback.

Escalation Protocols

• Establish clear escalation paths for complex or unresolved issues, including escalation to a designated manager.

4. Customer Feedback Mechanism

Gathering Feedback

• Send post-transaction surveys to clients to assess their satisfaction and gather suggestions.

• Encourage clients to provide reviews on online platforms or direct feedback via email or phone.

Implementing Improvements

• Regularly review feedback and implement changes to enhance services based on customer suggestions.

5. Empowerment and Autonomy

• Empower internal partners with the authority to make decisions that benefit clients, such as negotiating fees or offering additional services, to enhance the client experience.

6. Personalization Strategies

• Utilize pre-approved customer data to personalize interactions—remember clients' names, previous properties of interest, and their specific needs.

• Tailor communication based on clients’ preferred methods and types of properties.

7. Crisis Management Plan

Handling Complaints

• Acknowledge complaints promptly and assure clients that their concerns are being taken seriously.

• Clearly communicate the steps being taken to address the issue and provide regular updates until resolution.

8. Response Timeline Goals

Timelines

• Initial response to inquiries: 2-3 hours.

• Resolution of minor issues: 72 hours.

• Resolution of major issues: Within 30 days.

9. Consistent Updates

Keeping Clients Informed

• Regularly update clients on market conditions, new listings, and changes to policies that may affect them.

• Communicate proactively about progress in transactions and any potential delays.

Conclusion

This customer services and support document serves as a foundational guide to achieving excellence in client interactions within our real estate services entity. By adhering to these principles and practices, we are committed to building strong, lasting relationships with our clients based on trust and satisfaction.