Second Home or Condo???

Knowing which type of second or vacation property is a huge decision for a buyer.  For example, are they they type of buyer that likes to put around in the yard and tend flowers, or the the type that likes to go out on the deck and read a book while listening to the wildlife.  How about the type of buyer that wants to be in the middle of all the action and likes to socialize, or come to a maintenance free place to relax.

The above examples are just a small portion of what you need to know to help your clients make the correct decision in their purchase of a second or vacation home.

 One of the first things I ask, is what type of lifestyle do they enjoy while on vacation, not necessarily they type of lifestyle they have at home.  This is a very important step in the process as it will eliminate a number of listings that would be wasting yours and your clients time and help you to show your clients properties they will like.

 Another important item for alot of second & vacation property buyers these days, is the ability to rent out their place when they are not using it.  This can make or break a sale and it is something that should be on a Realtors Top 5 questions when researching a listing.  Being able to rent out a property can give the buyer income to off set high non homestead taxes that second & vacation home buyers face here in Michigan.  Having a property as a rental will also help the Realtor for future leads if rented with the correct leasing company.

My leasing company Watermark & Network Leasing will place the agent that sold the home to the buyer personal information in the rental home (with the home owners permission) so that when renters stay, they have a quick and easy reference for a local Realtor.  It makes a great lead generator and for long term business contacts.

Finally, price point of a second & vacation property is very important, if the client is looking at their first one and their plan is to eventually move up to another more expensive but closer to a desired attraction, then try and find them a property that will fit their budget and not strap them in the long term.  Finding properties that straps your buyer for cash only scares them off or worst yet, puts them in financial trouble and thus they could loose their dream home.  Instead look for something that fits their budget with room to breath and then set up a time line with them to follow so that they can move up within a set time period and thu you get a new listing, a new buyers side and you have the rentals from the first home that most likely will stay with you from the new buyer and new rentals from the new property they purchase.  Not to mention, you might actually get the buyer for the selling property and you could actually have the new property listed that your buyer is looking to move up to.

All in all, this scenario could give you 6 sides of the transactions as well as countless rentals in between.  Also, renters usually stay every year and within a few years want a place of their own and voila, you have a new buyer client to start the process all over again.

If I can be of any assistance to you for real estate sales, leasing and development, please contact me directly at 269-214-0636 mobile phone, 1-800497-7510 Toll Free, Info@CallRyan.com E-Mail and www.CallRyan.com Web