1 in 30 homes home in the United States is a second home according to the US Census. That’s 3% of the 115,904,641 homes in the United States. In some states however this number jumps as high as 15.6% of homes. How many homes are in your area and of them how many get rented out? Imagine the potential business that you have yet to reach out to. These homes are investment or vacation properties in most cases, and sales are only expected to rise. This video by Cotton & Company gives some insight into current market speculations.
Knowing this, your company needs a plan to move forward and take advantage of the industry. Some simple ways to do this is to make sure someone in the company has their realtors’ license. Often, renters become property owners based on the love that they develop for a place they continually vacation. By being able to reach out to those that were previously on the fence about making a purchase, you are now liable to make a sale and gain another property, increasing your inventory.
The biggest thing to consider is how to appeal to these owners. People who purchase a home for investment reasons are looking for different things than someone purchasing a home for personal use. Your company needs to know the difference and be able to speak their language. An investment property owner will want to head what you can do to help his investment maximize on returns where a personal user wants to know the property is taken care of. Make sure that your company knows how to handle each prospective owner this coming season, call Barefoot if you have any questions on the industry.
Statistics courtesy of: http://www.census.gov/hhes/www/housing/census/historic/vacation.html