Buyers seeking a second home often have very different needs compared to those buying their first property. One of the biggest reasons why Homesale Realty is preferred for second homes is our knowledge on this topic.

Here are some of the ways second home buyers might be distinct from others:

• They tend to have more disposable income and can make competitive offers on more properties

• They have clearer long-term plans for properties they buy: investment, income, or inheritance

• Their first and second homes may be separated by hundreds or even thousands of miles

With all that in mind, second home buyers may have very clear ideas about what they want, but not know how to get there. An experienced real estate agent can step in to help them navigate the complexities of the market and reach their goals faster. That makes your buyers more likely to use you again in the future.

Here's how to position these clients for success:

• Start by Understanding their Immediate Goals
  There are two things to find out right away from your second home buyers: How often they plan to use the property and how they imagine spending their time there. This will let you know if you need to find properties with specific amenities right in the middle of the action or if something secluded and private works best.
  
  
• Next, Try to Map Out their Long-Term Goals
  As above, there are two elements here, too: How long they wish to hold onto the property and whether it will be used for income. If a home is being used long-term, then maintenance matters like the age of the roof are extra relevant. If it will be part of an income strategy, it must be located to appeal to potential tenants.
  
  
• Get Acclimated to Second Home Financing
  Some second-home buyers are affluent and will be able to make a "cash in hand" offer on the right property. However, many start by leveraging the equity in their current home. To serve them better, connect with lenders in advance and get familiar with the financing options they are prepared to provide for second home buys.
  
  
• Expand Your Network for Specialized Services
  Many agents like to create a one-stop-shop, but that isn't always possible for second-home buyers. It's a wise idea to reach out to other local businesses and expand your professional network instead. You may be called on to give referrals to property management companies, movers, and lawn care firms, among others.
  
  
• Stay Attuned to Property Trends in Your Area
  In 2021, demand for vacation homes is greatly outpacing supply in many areas. Be aware of trends that add to the asking price and whether they will improve the value your buyer gets. For example, it may not be necessary for second homes to have "COVID-friendly" features like separate spaces for a home office or for kids to study.
  
  
• Involve Everyone in the Buying Process
  Some second home buyers will be purchasing on behalf of someone else. It might be a starter home for a young professional or an elder's retirement villa. Whatever the case, aim to represent that person's needs and desires. This will help ensure that everyone walks away happy with the property selection and the process.

Some second-home buys aren't much more complicated than getting a first home. Others may have lots of moving parts for the real estate agent to keep track of. By following these tips, you'll end up with satisfied customers, faster transactions, and more referral business.

Contact BHHS Homesale Realty to discover more or join our team.