Look to investment and second home properties as a way for your agents to maintain income and grow their businesses – especially in a changing market.
Here are some tips to help you get started:
Find opportunities in your market
Review the types of properties in your local market to identify the housing available and which ones investors might be interested in taking advantage of.
Take a look at the activities, companies, and organizations as well. Is there a military base where families might want a place to stay when they attend a graduation or a university where off-campus housing is popular?
Educate your agents
Be sure your agents understand how to manage the investment property process — both from a selling and maintenance aspect. Host webinars and coaching sessions from specialists.
Partner with a local property management firm or start your own
Property management is a core component of a successful investment property business. If you’re just getting started, you might want to partner with a local company. If your office is selling a significant number of investment properties, you might want to bring it in-house.
Offer investor and second-home marketing
Marketing investors and second home properties require a different type of marketing. You need to help your agents create marketing materials that show your agents are qualified to not only handle these types of properties but to market them as well. Whether it’s a listing presentation update or a new postcard, be sure to have those versions available.
Utilize your current staff
Adding investment and second-home business doesn’t necessarily require more staff. Provide education and identify in-house experts who might already be doing this type of business and have them help bring others up to speed.
Investment properties and second homes are a great way to help you and your agents think outside the box and diversify their business and protect themselves in a changing market.
By Amy Corr and Kevin Van Eck
Source: https://www.inman.com
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