Minnesota Vacation Homes Are in High Demand - Grab Your Piece of the Pie
As the COVID-19 pandemic continues to shape much of the world around us, countless Americans are seeking a getaway. Many are headed for the Midwest, Minnesota in particular, and putting down roots to boot. Second-home purchases are up 46% nationwide as more and more people seek a home-away-from-home with pandemic-era amenities, and Minnesota tops their lists. In fact, Brainerd, Minnesota ranked third for top surprising places people are purchasing vacation homes just last month. If you’re looking to break into the vacation home industry this year, here’s how to make a splash.
Hone Your Marketing Strategy
Before you take to the streets, you’ll want to determine your niche. Do you mostly market to high-profile clients looking for a luxurious third property? Or, do you help long-time locals find the perfect hunting cabin? Knowing your client base will determine which audience might respond to your marketing campaigns, how best to reach them, and which messages you should send.
Once you’ve determined your audience, work on lead generation. Explore the cost of a TV ad, drop flyers and brochures at the places that your target audience frequents, or even look into renting a billboard, perhaps near the airport. Referrals can also be a lucrative element in marketing vacation real estate. Reach out to clients with whom you’ve recently worked and had a connection. Perhaps they have family and friends in town looking for a second home. Or, maybe they’re ready for a second mortgage themselves. Whatever marketing approach you take, ensure you’re targeting the right group of future vacation homeowners.
Ensure Proper Fit
Taking on a vacation home isn’t for everyone. Before you spend valuable time and resources working with new clients, ensure they’re serious about purchasing another property and this isn’t just a whim. Buyer’s remorse can be pervasive when it comes to vacation homes, and great agents want buyers to find the right home — not just any home.
A strong client-agent relationship is also crucial. Reciprocal respect, care, and connection are just a few of the qualities that go into an effective relationship. Ensure any new clients are a fit and encourage them to evaluate you in the same way.
Particularly if a client is currently visiting, they may not be ready to purchase a new home immediately. Because their vacation may feel like a dream upon returning home, be sure to exchange contact information and keep in touch. Give them your card, but make a point to take theirs as well. Determine and make a note of their preferred method of contact, and try to set a specific date and time for further communication.
Then, follow up. Depending on the client’s preferences, give them a call, send a text, or otherwise contact them on the agreed-upon date. Be available to answer any lingering questions and check in every so often. Connectivity and availability can land the client, and convince one more person to make the dream of that second property a reality.
Grow Your Business
If you really want to think outside the box, don’t limit yourself to just the Land of 10,000 Lakes. Plenty of Minnesota residents, appropriately dubbed Snowbirds, choose to migrate south for the winters and purchase second properties in warmer states like Florida. If you’re looking to expand your reach, stand out from the competition, and maintain your current clients, consider getting your Florida Sales Associate License with The CE Shop’s state-approved curriculum.