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Ten Ways to Sell Your Vacation Home Faster
Tips for selling your vacation rental home in the cooling housing market.
| A cooling off in the housing market this year may affect sales of second homes as well. The National Association of Realtors® projects that sales of existing homes will decline by 4.7% from last year's record level. If you're thinking of selling your vacation home, or your home isn't selling as quickly as you'd like, use these tips to help speed the sale and get top dollar. |
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- Sell your home fully furnished – If you are not selling your property fully furnished, you may be at a disadvantage. Many buyers like to buy a vacation home “turn-key,” with sheets on the beds, silverware in the drawer, and artwork on the walls.
- Stage your vacation home – Sellers often overlook the importance of staging their second homes to look like a cozy retreat. Buyers are turned off by clutter, outdated decor and old furnishings. A fresh coat of paint, a new comforter on the bed and some nice accessories can cost less than $1,000. And, take care of any repairs or maintenance; vacation home buyers don't want the hassle.
- Post lots of photos – Because vacation homes are often purchased from a distance, buyers usually shop on the Internet prior to visiting the area. Some properties are even bought sight unseen. To attract buyers, provide as many good quality photographs of your property as possible.
- Write a great description – Vacation home descriptions differ from those of primary homes. Your description should emphasize the “get away from it all” nature of the vacation home, using words like private, peaceful, quiet and escape. Be sure to list amenities such as swimming pools, tennis courts, close to the beach, near bike trail, etc.
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Quote your past rental income – If you have rented your property, have your real estate agent quote your rental revenue. Many buyers seek vacation homes that they can rent out for part of the year, to defray expenses. Buyers may even pay more for a property with proven rental income.
- Offer a trial run – Vacation home buyers often stay in a hotel while they're looking for a property to purchase. Tell your real estate agent that potential buyers can stay in your vacation home for a nominal fee. What better way for a buyer to fall in love with your property than to stay there for a weekend?
- Share your resources – For many vacation home buyers, the thought of finding service providers in an unfamiliar area is daunting. Mention in your sales flyer that you have housekeepers, maintenance workers, or property managers lined up.
- Make sure you have the right agent – Does your agent understand the differences between selling second homes and primary residences? Real estate firms that also do property management can sometimes generate interest from their rental clients or attract investors. Also, look for Realtors® with the new "Resort and Second-Home Property Specialist" certification.
- Be patient – Vacation homes sometimes take twice as long to sell as primary homes. However, demand for second homes and retirement homes by aging baby boomers should keep the vacation home market strong for some time to come.
- If it's not selling, consider renting it – Renting out your house by the night or by the week while it's on the market can help cover your expenses until the house sells. It's easy, inexpensive and effective to market your home through vacation rental web sites such as www.HomeAway.com. “Renting out a vacation home in a desirable area is not difficult, but be sure to think through the details such as how to get keys to the renters and who will clean the house and do the laundry between renters,” says Christine Karpinski, author of How to Rent Vacation Properties by Owner. “If you're able to generate enough rental income, you may discover that you can afford to keep your second home, rather than selling it.”
© Christine Karpinski 2006
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