Getting Started in this new market

Have you had a chance to visit NAR's resort group web page? There are many resources for REALTORS who want to or do specialize in the resort or second-home area. There is a networking reception being held at the REALTORS® Conference & Expo in Orlando. Are you familiar with the Resort and Second-Home Property Specialist Certification? Earning the certification is a great way to learn more about the resort market and become part of a growing certification.
http://www.realtor.org/resorts

I have worked in a second home market since I started 20+ years ago and moved to another state in the last 2 years. It is a different ball game when your buyers and sellers do not have their primary residence where you sell. Communication is a key point to success. I use a intense direct mail system to go after those wishing to sell. I hardly ever meet them prior to them hiring me to sell their homes. If I do, most have already based on what I did send them, have selected me to list.

Most do not have the time to interview several agents when they do come to their second home, as most are there for a very short visit. Marketing properties that entice buyers to call you will bring buyers to you. The use of an IVR system on all your listings in print and on signs will get you calls through a call capture program, instantly. Mailings to homeowners on a consistent basis will also bring new buyers to the market. These are just a few of the things I do that work for me.

"It is a different ball game when your buyers and sellers do not have their primary residence where you sell. Communication is a key point to success."

I'm in a ski resort area in Michigan - same situation with buyers and sellers not being local.

I have a different scenario though that I just don't know how to handle: high priced listing on Lake Superior - lots of land, but home needs quite a bit of updating. Seller cannot/will not do anything to improve. Owned the property for 30+ yrs - you get the picture... This is not a property that anyone local would buy (we're a low income community, 2nd home buyers "are rich out of towners!") I put together a brochure and sent it to about 100 real estate offices (snail mail and email) out of our MLS area but would have buyers within a reasonable distance to consider this property, saying if you're not licensed in MI, send them my way for the referral fee. I had maybe 2 casual calls from that. The solicitation brochure idea pretty much has gotten slammed in different threads on RealTalk, so I'm at a loss on how to market this property any further. Any suggestions?

A good title company is critical in helping to develop buyer and seller leads in a resort community. A title company can get you the names and addresses of out of town owners that you may wish to contact when you are going after listings. Send out a mailer inviting them to subscribe to an email based newsletter. Most out of area owners would love to be kept informed on what is happening in the area where they own their second home.

A title company with offices in another state can be quite useful as well. For instance, I sell real estate in Coeur d'Alene Idaho. Most of our 2nd home buyers come from California. A title company that I use gives me a mailing list of upper income households in California that I in turn send postcards to. I usually do it by County. It's a relatively cost effective way to reach your target market.