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Tapping into the second-home zone
While purchasing a home is an emotional decision, buying a second home for weekend getaways or family vacations can carry an even greater emotional draw. Here are some tips for encouraging your existing customers and cultivating new clients to consider the second-home niche.
Second that emotion - Share your second-home memories with your clients and ask them to recall their own. Then, show them a great spot for their family.
Friends don’t fly free - If customers are interested but concerned about affording second-home payments, point out they don’t necessarily have to rent to strangers. Associates from work, church, and school as well as friends often will fill unused weeks and are more than willing to pay their way.
Swap the rental - If your clients own rentals in the city, encourage a trade via a 1031 exchange for another property that they also can enjoy for vacations.
Change the status - If your clients have a second home they are not using, suggest that they rent it out, then exchange it for another property that better suits their needs.
The “old college try” - If college expenses take priority over a vacation getaway, suggest they buy a second home in their kid’s college town as an alternative to a dormitory. Upon the student’s graduation, the home could be traded for an eventual vacation or retirement home.
Photos © Corbis & Brand X Pictures.
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