MIAMI – Feb. 18, 2015 – Second-home purchases are again on an upswing, and a poll by HomeAway Inc. indicates that nearly eight in 10 buyers factor potential rental income into their decision to such property.
As a result, real estate agents targeting vacation-rental buyers should embrace a different mentality. There are rewards in catering to customers who tend to be repeat buyers and make referrals, but it isn't always as simple as first-time or move-up buyers.
Practitioners should be prepared to spend as long as two years cultivating leads, for example – and they must be understand everything from patterns and trends in inbound tourism to current zoning laws governing rental properties and potential future changes to those regulations.
Agents should also expect to refer vacation homeowners to local property management companies, and know what local vacation-home renters look for in a property.
It's also helpful to know a little accounting math in order to help buyers calculate profit-and-loss and cash flow projections that gauge a vacation-home's income potential.
Source: Inman News (02/17/15) Bayer, Heather
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