How New Types of Second Home Buyers Have Changed Marketing Strategies
Owning a second home has been gaining in popularity for years. And, in more recent years, interest in owning a second home has rapidly increased as fueled by the pandemic, low interest rates, and adoption of virtual capabilities across many industries. Consequently, the second home buying market has opened up to many who may not have thought it was possible before, also opening up opportunities for you to expand on or grow your business in this market.
According to a report from the National Association of REALTORS® (NAR), the percentage of vacation home sales accounted for was 8% of existing home sales, up from an average of about 5% from previous years. Not only are vacation home sales more popular than before, but real estate investing is as well – about 22% of home sales in 2022 were to investors, up from about 15% in 2021.
Keep reading to learn more about the new types of second home buyers and discover some of our digital marketing strategies to target second home buyers.
Who are the new types of second home buyers?
As mentioned previously, the second home buying market has expanded in recent years to include a wider variety of buyers. Some second home buyers include:
- People looking for distance from major cities.
- International buyers who are able to view and tour properties virtually.
- People who are nearing retirement and want to buy a property in advance.
- Investors looking to rent out the property full-time or rent it out seasonally.
- People with children who are about to be in college or in college, as well as people who are looking to house other family members such as parents or grandparents.
- Those looking for a permanent vacation home or second home to split their time.
- People who want to have “commuter properties.” These properties are for those who want to have a second home in an area in which they work but don’t want to live there full time.
It’s important to note that because second home buyers vary so widely, one strategy might not speak to all second home buyers – honing in on each type will help you create the most effective strategy.
7 digital strategies to attract second home buyers
- Advertise a variety of property types
- Utilize email marketing to stay top of mind
- Create detailed listing descriptions
- Highlight ancillary services
- Incorporate images and videos
- Showcase local knowledge
- Optimize your website for second home buyers
Advertise a variety of property types
Online advertising continues to be one of the most effective ways to attract prospective leads. And, advertising allows you to dial in on your goals and reach your customers with copy and imagery that speaks to them best. Also, leveraging omnichannel marketing extends your reach even further to target prospective leads on social media, search engines, and other websites.
For second home buyers, knowing their motivation is key for an effective strategy – are they looking to invest in a property and rent it out? Or are they looking for a permanent vacation home? By utilizing advertising for second home buyers, you can target several different types of buyers with messaging that resonates with them the most. For example, if you live in an area with waterfront homes for sale, you could create ads that demonstrate what it would be like to vacation there. Or, if you service an area that has properties with a lot of land, hightlight how spacious and peaceful the area is for those looking to get out of major cities.
Plus, if you have access to analytics (or work with someone who can help!) you can determine exactly where people are searching from and serve ads to people in specific places who are more likely to be interested in your area. Finally, you can advertise specific property types for second home buyers like townhomes, apartments, rental properties, condos, waterfront homes, single-family homes, or anything else your customers are searching for.
Utilize email marketing to stay top of mind
Email marketing in the real estate industry continues to be an effective method of staying top of mind for potential leads and past clients. By tapping into your sphere of influence through email marketing, you can earn repeat business for those looking to buy a second home. Some content marketing ideas for real estate emails include guides, how-to’s, investment strategies, events happening not only in your area but your entire state, how to prep your home if you’re going to be gone for long periods of time, and more.
Create detailed listing descriptions
In the real estate industry, the more details the better for buyers looking at properties. By crafting detailed descriptions of the properties available, you can highlight why it makes a great second home. In the description, you can also provide details about the surrounding area such as ski resorts close by, country clubs, lakes, and more. The listing description can be used to highlight the many uses for the property, such as having multiple units, pool house, mother-in-law-suit, etc. Use the descriptions to paint the picture of what it would be like to own that property, beyond what is on the MLS.
Highlight ancillary services
With second home buyers, they might want to invest and rent out their property. As a result, they might be looking for property management companies, landscaping, maintenance, etc. By highlighting your ancillary services, you can position yourself as a go-to resource for everything real estate and beyond from start to finish. Or, for those looking for a vacation home, they might be located further away – even internationally – and could need moving or relocation services.
However, if you don’t offer any ancillary services, create a landing page with your connections and recommendations to drive traffic to your website and you might even get linked from that company’s website, too.
Incorporate images and videos
Often, the second home buyers who are looking for a vacation home or place to get away are looking for a specific lifestyle. Including not only high-quality images and videos of the property is essential, but also of the lifestyle that comes with the property. Have a property near a ski resort? Create a video that shows the slopes or the best restaurant to grab a meal after a long day on the mountain. You can upload the video to your YouTube channel and share it across your other social media channels for real estate.
Showcase local knowledge
Similarly, demonstrating that you’re an expert in the area is a major draw for potential second home buyers. Create content that highlights the things to do in the area like golfing, skiing, swimming in the ocean, hiking, restaurants, breweries, etc. Depending on your properties available, consider what a second home buyer would want from the property – do they want a private getaway in nature? Or do they want to be downtown and close to the action? By blogging and sharing on social media, you can get in front of more second home buyers who are looking for a specific lifestyle.
Or, for second home buyers looking to invest and rent out, sharing local market reports or statistics can help them make an informed decision on whether there are income opportunities available with the property.
Optimize your website for second home buyers
A real estate website that’s optimized, user-friendly, and mobile-friendly is key to attracting a variety of leads. For second home buyers specifically, create landing pages that demonstrate your expertise in helping people buy a second home with case studies or testimonials. And, you can also incorporate relevant keywords and recommended searches that appeal to second home buyers such as “investment property in [your area]” or “waterfront homes for sale in [your area]” or “properties with in-law suites in [your area]” and more. Furthermore, create pages with high quality content such as second home buying frequently asked questions, area information links, and property management resources, to drive more traffic to your site by giving your SEO a boost.
With the rise in new second home buyers, there are plenty of opportunities to grow your real estate business. By keeping in mind what a second home buyer’s needs are and your goals, you can craft an effective digital marketing strategy for second home buyers.
Want to elevate your digital marketing for real estate? Connect with us today for specific recommendations to grow your business.