Selling Beachfront Property
In this article, we offer some practical advice when dealing with beachfront buyers. Here you will find tips from an on-the-frontline agent in coastal North America, Diane from Keyes.com, to glean some insights on being an agent during this unique time.
It’s a dream for many people to own beachfront property and it is the busiest season when it comes to selling or leasing real estate along the water.
COVID-19 concerns have made living that dream a bit complicated and virtually impossible to travel, stay or enjoy the carefree lifestyle that a beach house offers. Grrr – Life is indeed, a B#@ch for many frustrated buyers, vacationers and investors.
But what separates you from your competitors?
What Separates You From Your Competition?
An agent should be ready to describe why they are best suited for the job when approached by a lead in this market. Most consumers say they're looking for agents that are honest, trustworthy, assertive, and excellent negotiators. But you also need to be available to your client, communicate well, and maintain a sense of humor.
If you are not on-line, you might as well not exist
About this subject, Diane from Keyes.com, told us interesting things. She says leads want to feel like they know all about you, so she share's her information and knowledge about the real estate market on the internet.
Today’s buyers expect Realtors to have a credible online presence. Their first impressions are formed by how your website looks, how often you appear in searches and by your presence on social media platforms, she adds.
So, having profiles on Facebook, Instagram, Twitter, LinkedIn, YouTube, Google Business, and Linktree, plus a blog and individual listing landing pages is important.
I post relevant content and I present it in a way that is easy to understand. If a buyer were to look me up by name, they would find out everything about me, including my degrees, designations and certifications (and the fact that I, too, am Canadian!!) … it would then be up to them to decide if I am the right agent for them, before they ever meet me and even if they never do! As we all know, the “new normal” in real estate is to sell a home to a buyer you have never met, she says.
Beachfront properties: location and usage is important
When it comes to beachfront properties, you may think that they would sell themselves. But, it is the idea of living on the water that gives buyers the initial urge to take the plunge in this market.
Real estate professionals know about the real issues of this market beyond the lounge chairs, barbecue and dock-walk and are a special kind of ninja in a suit jacket. Shoreline homes can face considerable competition, which means you are going to have to bring your A-game for a successful sale and a happy client.
Know which property best suits your client
Understanding the buyer persona is an essential aspect of marketing to this particular audience. Only certain kinds of buyers are interested in these kinds of homes (as no one ‘needs’ to own a beach house) so clearly identify your customer persona to help produce optimal results for both of you.
Either way, what you, as the agent, must know and ask is:
- Is the property going to serve as a vacation home?
- Will they rent it out when they’re not there?
- Will this be a full-time residence?
Note that it is sometimes difficult to distinguish between a second-home purchased as an investment or as a vacation home. In general, vacation home buyers intend to use their homes for personal/family use and a few intend to rent out their properties. Conversely, most investors buy with the intention of renting the property for income and few intend to use it for personal/family use.
Diane is right when she says that determining your lead’s intentions about the use of the property allows you to educate them so they can avoid expensive mistakes. It will serve both of you well, to review both the positives and negatives of renting this type of property.
Look into the local regulations
Since the governing rules change from municipality to municipality, agents should look into the local regulations, governing ordinances, building, condo and board rules and regulations particular to the listing and advise their client accordingly. Timeshares, fractional ownership and destination clubs are all popular beachfront property ownership options.
Beachfront properties can be purchased by an individual client or shared through a co-ownership structure, whereby each owns a specific share and co-borrows on the loan. Although most buyers of beachfront property are not actively searching for an investment property, they should be told that the possibility exists.
If they live at any distance from the property, they should be reminded that it is an investment, and needs protection. That way they won’t overlook insurance, maintenance and security needs when they are not around.
The Home Search Process
People buying a waterfront home will conduct research about the property. For 44% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale. Their research often includes an in-depth understanding of the market and what these types of properties are fetching. Smart consumers will interview several potential real estate agents before they settle on which one they want to work with and good agents are selective about their clients, too!
Buy at the Right Time
Many beach properties are located in areas where they are only at a peak during part of the year. Investopedia offers some solid advice for your client about the Economics of Buying a Beach House. About this time each year, people begin listing seaside properties.
In fact, during the spring and summer, you are more likely to find more available properties near the sea than at any other time of year. But, real estate prices within beach towns tend to drop in early fall. Start lining up your leads this month and expect to get busy this fall since, despite the current global concerns, beachfront property remains a profitable piece of real estate that will yield high returns long after purchase.
Online Marketing
While you may not know exactly which type of beachfront scenario is the fit for each specific buyer you may encounter, you can create a general sales plan that captures commonalities of clients in this market.
ListGlobally will be sure to get your listing and its promise of paradise, in front of COVID-frustrated online search enthusiasts across the globe. We publish your listings on 100+ portals in 60+ countries.
Tips to market a beachfront home to potential buyers
In collaboration with Diane from Keyes.com, here are a list of tips to help you market a beachfront house.
Sell a lifestyle: Determine what that lifestyle is, and market to it. Determine what stage of life the surrounding community is in and market accordingly.
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- Will the property work for an investor?
- Run the numbers and market to investors. Emphasize outdoor and cultural activities, shopping and dining options.
- Proximity to transportation is important and a good selling point.
- Many second-home buyers must fly in and some will have long drives. Is there a major airport and a major highway nearby? Is there more than one route in and out?
Depending on which side of the coin you flip – you can either mutter or rejoice, “Life is a Beach!”
Figure out what the home’s niche market is then offer it to the people who fit it best because beach buyers aren’t just looking for a pretty house. Sure, they want a scenic view, a cozy niche, a warm and inviting kitchen, space for the grand-kids to play, or room for a nursery.
But they also want to be surrounded by the things they like to do, the places they want to go, the people they want to socialize with, the stores they want to shop in and food they like to eat.
ListGlobally is your Partner
To stay in the forefront of real estate, you need to be working with a foreign audience. Make use of the best tools available on the market to optimize your presence in the market. Activate your MyListGlobally account to capture your full potential.
ListGlobally is the world’s largest network of property portals (+100 portals in +60 countries). One click and your property is promoted all over the globe reaching an international audience. We offer real estate agents international exposure and we translate their listings details into 25 languages.
More about Diane@Keyes
Diane is a dedicated, full-time, professional Realtor® whose prior legal, paralegal and property management experience in the real estate industry makes her well qualified to guide you through the process of buying or selling your home.
