Are you looking to dabble in more areas of real estate? What about just looking to do more with your knowledge? Several successful real estate agents end up in a specific niche. Another handful of successful agents do it all. Either way, if you're interested in buying and selling vacation homes, there's some things you need to know.
Educate and Assist Your Sellers
Most people who are looking to sell a vacation home are aware of the "risks". By risks, we mean capital gains, of course. Also, it's worth noting that depending on market conditions and income - many who sell a home and don't immediately buy another, find that getting back into ownership seems impossible.
As an agent, it's your job to educate and assist your sellers so that they can keep as much money in their pockets as possible. Make sure you advise them on what to do with their listing when it comes to timing, price, and marketing. This is even more important than the typical listing. Why? Because vacation homes are being marketed to a specific market of buyers.
There IS Buyer Interest - Even If Some Say There Isn't
In 2021, we saw record highs of vacation homes being bought. This proves that there is buyer interest, even if the overall percentage is small. Of course it's small, many Americans have a hard time buying their first home. This isn't helped by rising interest rates, inflation, and high costs of living.
This is a reason why people do buy vacation homes, actually. Many who can purchase a second home do so in an area with a lower cost of living. This offers a nice break from the rat race. Also, many choose to rent our their vacation homes to get another stream of "passive income"
Many agents love working with second time buyers who are buying a home for more leisurely purposes. These buyers tend to know what they're getting into, financing is often a non-issue, and they're ready to make it happen.
Buyers are looking for specifics when it comes to vacation homes, which is both a blessing and a curse. As the agent, you won't need to waste time but it might be hard to find exactly what your buyer wants. Amenities and location are usually a huge "need" when it comes to vacation rentals so keep that in mind as your search and preview for your clients.
Buying and selling vacation homes can be a great niche for agents to break into or a great way to serve other clients than their usual. Either way, keep building your business and looking at various ways to support all types of clients!
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