A new era for second homes: Record demand offers opportunity for every agent

There’s no denying it: Increasingly challenging economic conditions this year have deterred many buyers from purchasing a primary home — let alone a second home. The luxury tier of the second home market declined quarter-over-quarter in Q3, according to Pacaso’s recent Q3 Second Home Analysis.

The same report, however, also found that the demand for luxury homes remains robust, at 152% above pre-pandemic levels due to remote work.

So how can agents get in the game? With the uncertainty of the market and the upcoming downtime of the holidays, you need to think about your business plans for next year and how they can tap into this persistent demand for luxury second homes. This is where continued education comes in so you can expand your second home knowledge and close more deals.

Here are three innovative ways to continue your education.

1. Obtain new badges and certifications

As an agent looking to grow your business in the second home sector, a certification can help build trust, solidify your credibility and improve your chances of reaching new second home buyers and growing your business.

Agents and brokers can look into certifications exclusively designed for second homes. The new Pacaso Second Home Specialist certification can give you a competitive edge in sharing new models like co-ownership. The simple, five-step certification process includes learning about co-ownership, getting up to speed with industry trends, and discovering tips for effectively referring clients to co-ownership. As a certified expert, you can unlock benefits for you and your clients — on top of earning a 3% referral commission.

With Pacaso, you can bring buyers for any of its 40 destination communities. Pacaso makes you a second home specialist, a luxury agent and a global agent all at once, an opportunity for substantial business growth.

2. Take special courses on second homes

All real estate agents are required to meet the continuing education (CE) requirement in the state(s) where they hold a license. To stay competitive, you’ll want to identify courses that cover the latest real estate models. Pacaso’s CE COURSE, “Second Home Ownership: Trends, Options and Opportunities,” enables agents to expand their second home knowledge, learn the logistics of owning a second home, and understand how to meet the varying needs and preferences of buyers. By setting your clients up on the right path to ownership, they can secure their longed-for retreat, which is a win-win for them and for your business.

3. Attend major industry events

Networking with both peers and thought leaders is a valuable way to learn the latest industry trends, especially for the second home market. Events like Inman Connect New York — where over 4,000 of the industry’s top performers and decision-makers gather — provide the perfect opportunity for you to adopt new strategies, expand your toolkit and discover tactics to differentiate your business with second home sales.

Continuing education is key to growth

As the real estate market continues to ebb and flow, continuing education ensures you remain at the cutting-edge of the latest developments and opportunities in the industry. This enables you to better serve your clients, expand on your business model and, ultimately, position yourself for growth, especially as buyers continue to explore new ways to purchase homes.

This article was written by Pacaso from Inman News and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to [email protected].